Shiba Inu (SHIB) the top meme coin is showing strong bullish potential with a confirmed double-bottom pattern and rising open interest. Shiba Inu (SHIB) Price Prediction for February 23 After a notable price drop following Bybit's $1.4 billion crypto heist, the overall cryptocurrency market appears to be recovering.

A single transaction totaling 13,046,414 SHIB has recently caught the attention of the Shiba Inu community.

In the last seven days, Shiba Inu (SHIB) has dropped in value by a significant 8.09%. The dog-themed meme coin has fallen more profound in the previous 30 days, declining by 22.81%.

Cryptocurrency prices fell in the early Saturday trading session, with major cryptocurrencies XRP, Dogecoin (DOGE), Shiba Inu (SHIB) and Cardano (ADA) all in red. Traders had reacted to an over $1.5 billion heist of the Bybit exchange, which analysts claim was the biggest crypto theft ever.

Cryptocurrency analyst and trader Ali Martinez has shared a chart provided by the on-chain data aggregator Santiment.

Shiba Inu price remains bullishly eyed by traders and investors despite the broader market volatility as its burning chronicles constantly kill supply. The latest burn metrics indicated that nearly 128 million SHIB was burnt over the past week.

On-chain data shows Bitcoin (CRYPTO: BTC) has maintained its strength comparatively to overall crypto market volatility as a major market move may be imminent. What Happened: In a post on X on Friday, analytics provider Glassnode showed meme coins experiencing sharp declines, with TRUMP (CRYPTO: TRUMP) dropping by 33.1% and Shiba Inu (CRYPTO: SHIBA) falling by 27.9%.

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A new player is capturing the attention of investors tired of chasing outdated memecoins. Mutuum Finance (MUTM), priced at just $0.01 in the opening phase of its presale, has already raised over $1 million from more than 1,900 holders.

Shiba Inu has faced significant challenges in recent months, failing to break free from its ongoing downtrend. Despite the altcoin's struggles, recent investor activity indicates a potential shift.

One of the biggest resistance levels in Shiba Inu's recent trading history is currently in the market. It may be difficult for the asset to break through because more than 515 trillion SHIB tokens are positioned at a critical price level.

The whole crypto community could have hardly imagined that a single promoting post from Argentine President Javier Milie on 14 Feb would end up in a devastated loss of $251 million for over 86% of the $LIBRA coin traders. The now-deleted post by President Javier Milei promoted Solana meme coin, $LIBRA, calling it a tool

The whole crypto community could have hardly imagined that a single promoting post from Argentine President Javier Milei on 14 Feb would end up in a devastated loss of $251 million for over 86% of the $LIBRA coin traders. The now-deleted post by President Javier Milei promoted Solana meme coin, $LIBRA, calling it a tool

A total of 20,423,263 SHIB have been shifted in one swoop, attracting the attention of the Shiba Inu community.

Shiba Inu price is gearing up for a potential 300% surge as it holds firm above strong support. The leading assets within the crypto market demonstrate a recovery as the broader market experiences small improvements.

Technical analysis shows Shiba Inu breaking out of a Falling Wedge pattern with increased volume, while whale activity and declining futures interest create mixed market dynamics that traders are closely monitoring.

Shiba Inu price has recently broken out of a Falling Wedge pattern, a formation commonly recognized as a bullish reversal signal in technical analysis. The pattern is characterized by a downward consolidation with lower highs and lower lows, which eventually leads to a meme coin rally breakout.

The recent market decline has made it difficult for Shiba Inu to regain its bullish momentum. Technical indicators, however, point to the possibility of a golden cross formation developing earlier than anticipated, which could support a robust recovery for SHIB despite the uncertainty.

Data shows the Dogecoin Open Interest has seen a large drop recently. Here's how the trend has compared for Shiba Inu and other memecoins.

Shiba Inu dips to $0.00001514, but traders target $0.000078 by summer, while Panshibi sparks meme coin speculation. #partnercontent

Shiba Inu (SHIB) has shown signs of potential recovery despite facing hurdles, with the price hovering around $0.00001534 at press time. However, for a sustainable rally, Shiba Inu must tackle a significant challenge: the decrease in transaction count and its broader impact on demand.

Dog-themed cryptocurrency Shiba Inu recently experienced a remarkable surge in its burn rate, a strategy aimed at lowering SHIB's total supply while potentially increasing long-term value. However, after a period of increase, Shiba Inu's burn rate has now taken a breather, settling at just 1.97% in the last 24 hours.

Dog-themed cryptocurrency Shiba Inu (SHIB) has been trading down in the last 24 hours; at the time of writing, SHIB was down 0.21% daily to $0.00001538. Weekly, Shiba Inu was recording higher losses, down nearly 7%.

The number of Shiba Inu trillionaires is decreasing in rapid fashion, which could be a signal for the rest of SHIB holders. The on-chain data is certainly not positive, and as large holders decrease their SHIB holdings, the market might see continuous selling pressure.

Shiba Inu could be poised for an uptrend if current level holds but transactions count create a major obstacle.

Shiba Inu (SHIB) - once one of the leading meme coins - is currently stagnating and has been moving in a downward trend for several months in a row. Against this backdrop, the token's popularity is rapidly declining.

Shibarium, the Ethereum-based layer-2 scaling solution for the Shiba Inu ecosystem, has suffered decreased activity in the past couple of days. Daily transactions being processed on the protocol plummeted from 4.77 million on Feb. 14 to just 54,640 on Feb. 17.

Most of the coins are coming back to the green zone after a bearish market opening.

Major news just broke out regarding the U.S. wing of the world's largest cryptocurrency exchange, Binance. In the last couple of years, the activity of Binance US, and the black-and-yellow exchange broadly, has been significantly shredded due to regulation and law enforcement implemented by the previous SEC administration.

A new study sheds light on the common phenomenon of cryptocurrency tokens experiencing sharp price declines after achieving all-time highs. The research identifies key factors contributing to both the rise and subsequent fall of popular digital assets like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE).

Shiba Inu Price faces mounting pressure as market corrections continue to impact its performance. The popular meme-based coin has experienced volatility over the past month.

Despite the lack of action on the cryptocurrency market lately, there is still a lot going on behind the scenes of the price charts, especially in the on-chain realm.

The pseudonymous marketing lead of the Shiba Inu team, famous on social media as Lucie, has taken to the X network (formerly popular as Twitter), to issue a crucial message to the SHIB army and assure them that SHIB and all other Shibarium tokens are likely to have a bright future.

Open interest in meme coin futures has significantly decreased as prices have dropped, sparking a debate about the sector's future. What Happened: In a post on X on Feb 19, Glassnode data shows the decrease, with Dogecoin (CRYPTO: DOGE) open interest down by 58.45%, falling from $3.58 billion on Dec. 9, 2024 to $1.49 billion recently.

The meme coins have noted massive volatile trading lately amid a broader crypto market downturn. Notably, top players in the segment like DOGE, PEPE, SHIB, FLOKI, and others have also gone through a topsy-turvy lately, sparking market concerns.

Shiba Inu, once a leading meme coin, is currently facing a prolonged downtrend. The price has continued to struggle with recovery, and the lack of upward momentum is causing concern among both current holders and potential investors.

Prominent blockchain tracker Shibburn has revealed an impressive rise shown by the SHIB burn rate over the last day. A large amount of meme coins were burned to reached it.

Shiba Inu has finally reached a level that might become a foundation for a proper price reversal. Following the death cross, the price action suggests that SHIB could be around the bottom.

Shiba Inu (CRYPTO: SHIB) has exhibited a lackluster price action over the last month, but a few crucial technical indicators tied to the dog-themed cryptocurrency signaled a rebound. What happened: The world's second-largest meme coin by market capitalization was in the middle of a corrective phase, falling over 3% over the week and around 25% in a month.

Shiba Inu started 2021 at just $0.0000000001; SHIB surged to an all-time high of $0.00008845 by October 2021. This marked an astonishing 52,500,000% increase. Those who spent $1,000 in SHIB at the beginning of 2021 would have been able to buy around 5.9 billion tokens.

Shiba Inu (SHIB) hasn't returned to normal after weeks of losses. Despite intermittent rallies, the asset is under selling pressure, and technical signs suggest a likely further decline. Does SHIB plan to correct or reverse? Analysts say three major caution signs indicate that it is not currently a good buy.

The U.S. SEC has officially acknowledged Grayscales application to convert its XRP Trust into an ETF, marking a significant milestone despite not guaranteeing approval. ETF analyst Nate Geraci called the move an enormous message, as the SEC continues its legal battle with Ripple, recently filing an appeal in the ongoing case.

Solana has just seen its biggest price drop in three years, falling 45% from its most recent high. Due to intense selling pressure, the asset — which was among the best performers during the previous bull cycle — is currently causing investors to worry about its short-term future.

Despite a 30.4% decline in Shiba Inu's (CRYPTO: SHIB) price over the past month, the community continues its burn mechanism to reduce supply. However, the latest burn rate remains weak, signaling a limited impact on price momentum.

SHIB's price has declined by more than 25% on a 30-day scale.

Shiba Inu price remains under bearish pressure amid lackluster performance across the broader cryptocurrency market. Following this downtrend, nearly 77% of SHIB holders are in losses, with the lack of profitability dampening the market sentiment.

Shiba Inu (SHIB) struggled to break above the 26-day exponential moving average (EMA), facing resistance and signaling bearish sentiment. Despite signs of stabilization after a prolonged decline, SHIBs failure to generate enough buying pressure suggests potential downward movement.

The Shiba Inu (SHIB) bears remain very much in control on Monday, as bearish technical signals flash, warning that more near-term downside is likely. The post Shiba Inu in Trouble as Technical Signals Flash Bearish – Where Next for SHIB Price? appeared first on Cryptonews.