SHIBA INU MAY DECLINE BY 20% SOON? After falling 10% during the previous 24 hours, Shiba Inu (SHIB) has already been forced back to the 5-zeroes by the bear market. However, there are other factors that could drive the Shiba Inu price further lower. Shiba Inu is becoming less appealing due to the sluggish project delivery and a lack of practical use cases. So the current Shiba Inu bull rush could actually be a bull trap. This explains why the Shiba Inu price has experienced one of this bear run’s fastest decreases.
The majority of the gains that crypto coins have gained in the last few days have been wiped out by bears who are currently destroying the cryptocurrency market. One of the coins impacted by the current bear run is Shiba Inu.
The most recent price movement of SHIB has investors baffled. At the time of publication, SHIB was trading at $0.0000099, according to CoinMarketCap. This amount has decreased by more than 15% over the past week and by around 90% from its all-time high of $0.000088.
The Shiba army continues to support the coin with steadfast support, while others continue to reject it. As SHIB fights to survive in the crypto cold, on-chain measurements have been indicating the “pain” thresholds for the cryptocurrency.
One of the fastest price reductions during this bear run!
Only 22% of Shiba Inu owners are now making money, per IntoTheBlock. 4 percent of holdings are neither making profits nor losses, while 74% of holders are in the red.
Additionally, among the top 100 Ethereum whales, SHIB has supplanted SLV as the holding with the largest value (in USD). Shiba Inu succeeded in destroying 400 trillion tokens, much to the relief of the investors. Due to the market’s erratic nature, the price barely changed as a result of the tokens being burned.
The 55-day Simple Moving Average (SMA), which has been hovering over price movement as a watchdog maintaining the downtrend in effect, was attempted to be broken by price activity, causing Shiba Inu’s price to decline even lower. Bulls were caught in a bull trap when their attempt was unsuccessful, where they were forced to the bottom and had to take a loss. The downside did not accelerate, though, as with some other cryptocurrencies.