After a 27% decline in meme coin’s 24-hour training volume and a 3% decline in their overall market capitalization, today is not a favorable day for meme coins. Though the overall market has been struggling for days, the impact is also visible in the meme coins now. The biggest and the most popular ones, like Dogecoin, Shiba Inu, and many others, are struggling as well. In the last 24 hours alone, the Shiba Inu price has declined 3.55%, bringing the value to $0.00001696.
Shiba Inu is now 13th for its market capitalization of $9.9 million but is slowly declining in the market position. So, why SHIB’s price is declining, and whether can it recover anytime soon or not? Let us discuss that in this blog.
Reasons Why Shiba Inu Price Is Declining
Other than to blame the market volatility and heavy competition from newly launched meme coins, the Shiba Inu price is also affected by the shift in investors’ sentiments. The fear and greed index, which is at 45, a neutral spot closer to the bears, perfectly explains the mentality of investors’ sentiments and how cautious they are with their investments.
It brought the overall market drop, impacting the altcoins, including meme coins. Also, the Binance exchange has announced the delisting of the Shiba Inu TUSD pairs, hitting the holders negatively. Lastly, whale dumping is to blame for today’s decline, as earlier charts exhibit a minor recovery.
Spot on Chain, an analytics provider, revealed two Whales have deposited $18.12 Million worth of SHIB on the Binance, which has been accumulating since November 2023, the market bottom. It is rephrased as a sign of the highest gains the whale could have made, as more declines might be on the way with the market fall.
Two big whales deposited $25.95M worth of $SHIB and $PEPE to #Binance in the past 14 hours. Did whales become bearish with #Ethereum #memecoins?
1. Whale 0x42a deposited all 1.088T $SHIB ($18.12M) ~14 hours ago.
• Accumulation period: Nov and Dec 2023 (the market bottom).
•… pic.twitter.com/fspHueZ7Mi— Spot On Chain (@spotonchain) June 25, 2024
What’s Coming Next For Shiba Inu: Surge or Decline?
Shiba Inu is in a strong selling zone, where technical indicators like ADX(14) and Williams %Rm indicate overselling. Additionally, the MACD (12,26), the Relative Strength Index (RSI), and moving averages (5, 10, 20, 50) at the selling zone explain the ongoing SHIB price drop.
The SHIB Burn rate is also declining today, indicating a declining price situation for SHIB tokens. The open interest rates have faced another 8.33% decline, explaining the money flowing out of this meme coin as users’ focus is shifting.
However, the 100 and 200-week exponential averages have indicated a key support level at 0.00001743. If accomplished, a trend reversal might happen, bringing the Shiba Inu back on track.
Continue Reading 3 Altcoins To Sell As Market Fluctuates
The post Can Shiba Inu Price Recover Amid Meme Coins Collapse? appeared first on CoinGape.
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