Shiba Inu's (SHIB) latest attempt to spark excitement among its investor base has fallen flat. On Sunday, updates were shared on the highly anticipated launch of “Shib The Metaverse.”
Shiba Inu (SHIB) cryptocurrency holders are not impressed by the latest updates on the upcoming "Shib The Metaverse" project, as the news failed to spark excitement among the meme coin's investor base.
According to updates shared on Sunday by Shiba Inu’s marketing lead in a post on X, "Shib The Metaverse" aims to be a central hub for community members, where user-generated content, collaboration, and creative expression will be fostered. Additionally, it will allow SHIB holders to discuss ideas and vote on proposals, aiming to create a virtual space that is shaped by the community.
However, despite the announcement, SHIB holders are yet to be convinced, as the popular meme coin continues to face selling pressure. At press time, SHIB is trading at $0.000018, down 7% in the past 24 hours. Among the top five meme assets by market capitalization, SHIB has recorded the most significant losses during this period.
Moreover, a quick glance at SHIB's derivatives metrics reveals a decline in market activity, as evidenced by the dropping open interest (OI). After reaching an all-time high of $116 million on September 27, its OI has since decreased by 11%, sitting at $103 million at press time.
This drop in open interest indicates that traders are closing positions rather than opening new ones, suggesting a decrease in market participation and a shift in sentiment, with traders becoming less bullish.
As a result, SHIB's Chaikin Money Flow (CMF) is on the verge of crossing into negative territory, signaling a potential liquidity outflow. The CMF, which tracks money moving in and out of the market, is trending downwards, sitting at 0.05 at press time. This setup indicates that the outflow of liquidity from the SHIB market is accelerating.
According to technical analysis, SHIB's recent attempt to break the $0.0000189 resistance level failed, reinforcing the ongoing downtrend. If market interest and demand for the meme coin continues to decline, its price could fall further, potentially reaching the August 5th low of $0.000010.
On the other hand, Shiba Inu's price may rise to $0.000028 if it witnesses a resurgence in demand and sentiment becomes more bullish, invalidating the bearish projection above.