Shiba Inu (SHIB) faced a bearish downturn as it couldn’t maintain its recent price gains over the past 24 hours.
As of now, Shiba Inu is down by 1.68%, trading at $0.00002553. This decline is part of a broader trend, with SHIB’s value slipping 4.44% over the last 30 days, fluctuating between a low of $0.00002071 and a high of $0.00002796.
Shiba Inu Faces Market Challenges Amid Price Decline
Following the breakdown of Shiba Inu’s price, several metrics have contributed to its decline. The 24-hour trading volume has dropped sharply by 49.39%, falling to $625,802,833 from a peak earlier this week of $1 billion.
SHIB 1D Chart. Source: CoinMarketCap
As Shiba Inu struggles to reach the $0.00003 mark, market dynamics suggest a potential sell-off scenario. This could allow the market to naturally correct itself, waiting for signals such as the Relative Strength Index (RSI), Bollinger Bands, and other key trend indicators to indicate a reversal.
Additionally, the role of Shiba Inu whales, large investors holding significant amounts of SHIB, may influence future price movements. If these whales continue accumulating SHIB aggressively, it could exacerbate the supply shortage and potentially fuel a price surge in the future.
Shiba Inu’s Long-Term Strategy and Shibarium Launch
Shiba Inu remains dynamic amidst its focus on a deflationary model, burning millions of tokens daily to potentially spark a long-term rally. Beyond token burning, the project aims to boost its valuation by enhancing utility within its ecosystem.
One significant initiative in this regard is the launch of Shibarium, an Ethereum layer-2 scaling solution. This move is pivotal in improving transaction efficiency and reducing costs within the Shiba Inu ecosystem.
Amid these strategic fundamentals, SHIB is striving to maintain support around $0.000025 while targeting a resurgence to the $0.00003 level in the midterm.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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