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Cryptocurrency News Articles
Shiba Inu (SHIB) Stuck in a Deep Bear Market after Falling by Over 71% from Its Highest Level This Year
Sep 17, 2024 at 09:39 pm
Shiba Inu (SHIB) was trading at $0.000013 on Tuesday, Sept. 17, as third-party data showed its demand was waning.
Shiba Inu (SHIB) price showed little signs of recovery on Tuesday, Sept. 17, as third-party data highlighted waning demand for the dog-themed token.
SHIB was trading hands for $0.000013 at press time, as third-party data showed minimal demand for the token.
According to CoinGecko, SHIB’s 24-hour volume stood at $177 million, notably lower than Pepe’s (PEPE) $747 million and Dogwifhat’s (WIF) $290 million. SHIB was also outpaced by smaller tokens like Baby Doge Coin and Neiro, which had $205 million and $364 million in volume, respectively.
Furthermore, data showed that Shiba Inu’s open interest in the futures market had fizzled out. It stood at $24 million, where it has remained for the past few months, down from a year-to-date high of $137 million.
Shiba Inu’s price action comes amid major shifts within the meme coin industry over the past 12 months. The biggest change was the launch of Pump.fun and SunPump, which made it easier for developers to launch their own meme coins.
Pump.fun meme coins collectively gathered a market cap of over $500 million, while SunPump tokens reached a valuation of over $514 million. Some of the most popular meme coins among traders included Sundog, Tron Bull, Dogwifhat, Bonk, and Brett.
Shiba Inu’s price also lagged despite the network’s continuous token burns. Data from Shibburn showed that the burn rate in the last 24 hours jumped by 440% to over 28.2 million coins burned. As a result, the total number of burned coins reached over 410 trillion.
In theory, token burns are considered positive catalysts for a cryptocurrency, as they reduce the number of coins in circulation.
However, Shiba Inu’s underperformance could be attributed to the weak growth of its ecosystem. Data compiled by DeFi Llama showed that Shibarium, its Layer 2 network, attracted only $1.17 million in assets, while ShibaSwap had $15.64 million.
Shiba Inu forms risky pattern
SHIB formed a death cross in July as the 200-day and 50-day moving averages made a bearish crossover, with the price dropping by over 30% since then.
Shiba Inu also formed a descending triangle pattern, with the lower side at $0.0000126. In technical analysis, a descending triangle is considered a highly bearish chart pattern.
Therefore, there is a risk that the token will experience a bearish breakout as the triangle nears its confluence. If this happens, it could drop to the next key support level at $0.000010, its lowest swing on Aug. 5, which is 20% below the current level.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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- PolitiFi Meme Coins: A New Alternative to Animal-Themed Tokens
- Sep 24, 2024 at 02:20 pm
- PolitiFi cryptos stands out as meme coins whose themes relate political movements and personalities. In a rapidly evolving world of meme coins, these tokens serve as another major alternative to animal-themed tokens, intertwining the concept of politics with the world of finance.
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- RAIR Technologies Selected for Denarii Labs Accelerator Program Targeting Web3 Startups
- Sep 24, 2024 at 02:20 pm
- RAIR Technologies, an open-source platform specializing in the development of decentralized Web3 applications, has been selected for the Denarii Labs Accelerator program.
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- Infinet (INFI): A New Entrant to the Cryptocurrency Market Worth Taking a Closer Look At
- Sep 24, 2024 at 02:20 pm
- As a new entrant to the cryptocurrency market, known as INFI, it is worthy to take a closer look at Infinet. It has indeed attracted the concern of the client in the crypto market as a new entrant with some unique characteristics and prospects.
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- Grayscale Ethereum Trust (ETHE) Suffers Largest Single-Day Outflow of $80M Since July 29
- Sep 24, 2024 at 02:10 pm
- Over $79 million was withdrawn from nine US spot Ethereum ETFs on Monday, the largest single-day outflow since July 29, according to data tracked by Farside Investors.
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- Baby Doge and Popcat Are Seeing Huge Gains, But Analysts Are Talking About Cutoshi, a New Memecoin That Has a Lot of Utility and Strong Potential for This Year
- Sep 24, 2024 at 02:10 pm
- The memecoin season is just starting, but some tokens are already ahead of the curve. Baby Doge and Popcat are seeing huge gains.
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- Polkadot (DOT), Solana (SOL), Ripple (XRP), Shiba Inu (SHIB) Price Analysis and News
- Sep 24, 2024 at 02:10 pm
- Polkadot had a solid performance, rising 2.15% in the past 24 hours and accumulating gains of 6.55% over the past week.
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- Claim $NFT or Stay Broke: Your Choice!
- Sep 24, 2024 at 02:10 pm
- How to claim APENFT Airdrop: Quick Guideline
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- South Africa Traders Fair 2024 Concludes in Johannesburg
- Sep 24, 2024 at 12:45 pm
- The South Africa Traders Fair, organised by FINEXPO, concluded on 21 September 2024 at the renowned Protea Hotel Johannesburg Wanderers, marking a major success.
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- Internet Computer (ICP), Sui (SUI), and BlockDAG (BDAG) Making Headlines as Cryptocurrency Market Nears Bull Run
- Sep 24, 2024 at 12:15 pm
- The cryptocurrency market may be on the brink of another bull run, and three coins are currently making headlines: Internet Computer (ICP), Sui (SUI), and BlockDAG (BDAG).