Shiba Inu also known as “Doge Killer” is one of the most popular meme coins in the crypto verse. Shiba Inu has positioned themselves as more than a meme coin. Shiba Inu shibarium is poised as a layer 2 solution for the ecosystem. Shibarium has been many times called as a game changer for the SHIB ecosystem. Puppy Scan the blockchain explorer for Shibarium can boost confidence among the investors.
Shiba Inu has a total holders of 1315035 with 77794 Bone Holders. Shiba Inu is once again coming under the radar of Big Whales. Many whales have accumulated SHIB in a large proportion.As per Shibburn twitter they have burned more than 5752944 tokens in three transactions. ShibaSwap( Bone) has a TVL of $24.58 Million which has declined from a high of $1.75 Billion. Meanwhile, the overall fees generated by the Shibaswap platform has seen a decline as per Defi Lama.
SHIBA being one of the most popular cryptocurrency at once has observed a decline in the social mentions. As per LunarCrush the overall social dominance of the SHIBA has declined by 6% in the past 7 days. The V/M ratio of Shiba Inu suggests a consolidated trend in price.
Will SHIBA See a Rally to $0.1 Soon?
The weekly technical chart of the SHIBA suggests a consolidated trend in price. On the daily chart, SHIBA is trading in a bearish momentum and is near the value of $0.0000084 with a small drop in the intraday session, The upside trend of SHIB can see a halt near the value of $0.00001. Meanwhile the downside trend of SHIB can see a bounceback from $0.0000065. The asset price is trading below the 50 and 100 Daily Moving Average. If a negative crossover happens in the DMA this can push the price down further.
The RSI of SHIBA is near 34 suggesting its presence in the neutral zone. There is no slope in RSI hinting towards a consolidated trend in price.
Summary
Shiba price is observing a strong interest from the investors with a rise in Shibarium activity. SHIBA price is currently in a consolidated range and can see a new high in the future.
Technical Levels
Major Support:$0.00001
Major Resistance:$0.0000065
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/06/09/shiba-price-takes-a-pauseafter-7-drop-in-7-days/