- “Dogecoin Killer” Shiba Inu coin is down 84% from its all-time high
- Buyers need to break past 50-day MA to restore bullish sentiment
Shiba Inu Is Sleeping
According to CoinMarketCap, 89 meme cryptocurrencies are trading in the market at the moment.
The leading one by market cap is Elon Musk’s favorite Dogecoin; the second is Shiba Inu. Although the latter spawned in August last year, the coin started gaining popularity only in April 2021. What followed in May (towards the beginning) was an explosive price spike. Many investors became overnight millionaires.
Also Read: Shiba Inu Rally is Stealing Bitcoin’s Spotlight: Analyst
But the euphoria didn’t last long. Soon after achieving the top on May 10, sellers started dumping the token en-masse. Their big red candles followed their giant green counterparts. And now the coin is down almost 84% against Tether (USDT).
Since June 8, trading volumes have taken a massive hit, implying that the flight and fall were nothing more than an elaborate pump and dump activity carried out by majority holders.
RSI (Relative Strength Indicator) is hovering just above 40, signaling little-to-no buying pressure. The MACD (Moving Average Convergence Divergence) indicator is still trending in the bearish zone.
Also Read: What Is The Deal With Shiba Inu (SHIB) And Should You Buy It?
Community Growth And Other Developments
Despite the catastrophic price crash, the token’s community has grown from strength to strength. On June 13, handlers of the official Shiba Inu Twitter account posted an update regarding the handle gaining 500,000 followers.
SHIB has a sister token called LEASH, which is also trading on Uniswap. There is also a decentralized exchange (DEX) called ShibaSwap in the works.
An incubator for artists and an assorted NFT collection (7777 SHIBA INU NFTs) is available for NFT fans to buy and trade. SHIBAN is the official crypto coin of the NFT ecosystem.
The creator (goes by the name of “Ryoshi“) of the Shiba Inu token has also launched an initiative to rescue Shiba Inu dogs worldwide.
The coin is getting listed on an increasing number of crypto exchanges with every passing day. Nonetheless, it will take a lot more than these colorful developments for Shiba Inu to experience the similar explosive price action as of May.
Updates like the blockchain achieving incremental decentralization would help. In addition, an attempt to move away from the meme coin image to genuinely adding value to the crypto and blockchain community would result in the coin finding renewed buying interest.
