- Shiba Inu dips by nearly 3% on Sunday, the meme coin trades at $0.00001466 at the time of writing.
- Shibaswap had $1 billion in cryptocurrencies staked at a time, total value locked is down to $15 million.
- Shibarium has noted a decline in active accounts and transactions.
- SHIB gears up for nearly 8% drop in price.
Shiba Inu (SHIB) trades at $0.00001472 at the time of writing. The meme coin has noted a decline in the utility of its ecosystem projects like Shibarium and Shibaswap.
Shibarium is a Layer 2 scaling solution and Shibaswap has $15 million in assets locked at the time of writing.
Shiba Inu price drop likely
Shiba Inu has been in a downward trend since its March 2024 top of $0.00004567. The meme coin dropped to a low of $0.00001078. SHIB erased nearly 3% of its value on Sunday amidst the declining utility of its Layer 2 scaling solution and Shibaswap.
SHIB could sweep liquidity at $0.00001371, the lower boundary of the Fair Value Gap (FVG) in the SHIB/USDT daily chart. Once the imbalance is filled, Shiba Inu could begin its recovery and target a rally towards $0.00002017, the July 16 top for the meme coin. The decline to $0.0001371 marks nearly 8% drop and the rally to the target of $0.00002017 marks nearly 50% gain in the meme coin.
Shiba Inu could pace its recovery and target the $0.00002017 level till the end of Q4 2024.
The Moving Average Convergence Divergence (MACD), a momentum indicator, shows a green histogram bar above the neutral line. There is underlying positive momentum in SHIB price trend.
SHIB/USDT daily chart
Shiba Inu could find support at $0.00001303, the September 17 low for SHIB.
Data from Shibariumscan shows a decline in the number of accounts, stagnancy in number of transactions on the chain. This supports a bearish thesis for Shiba Inu.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Donald Trump backed World Liberty Financial triples Ethereum holdings ahead White House Crypto Summit
Donald Trump’s World Liberty Financial increased its Ethereum holdings nearly threefold on Thursday, buying the recent ETH price dip. Ethereum hovers around $2,200, up nearly 1.5% on Thursday.
White House Crypto Summit: What investors should know
The upcoming first-ever White House Crypto Summit will be held on Friday. The event will unite key industry leaders to explore how regulation and innovation can shape the cryptocurrency market's future.
Bitcoin recovers above $92,000 ahead of first-ever White House Crypto summit
Bitcoin extends recovery and trades above $92,000 on Thursday after rallying 5% in the last two days. A Glassnode report highlights that Bitcoin’s market reaction hinges on the $92,000, a key level for momentum, while $71,000 serves as critical support if BTC declines.
Chainlink bulls target a 30% upside as key support holds strong
Chainlink extends its gains by more than 4% on Thursday, trading around $17.22 after rallying nearly 13% in the last two days. On-chain data suggest a rally ahead as LINK's long-to-short ratio reaches its highest monthly level and its funding rates are positive.
Bitcoin: BTC bloodbath continues, near 30% down from its ATH
Bitcoin (BTC) price extends its decline and trades below $80,000 at the time of writing on Friday, falling over 15% so far this week. This price correction wiped $660 billion of market capitalization from the overall crypto market and saw $3.68 billion in total liquidations this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.