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Why Shiba Inu price May Extend Its Decline
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.” However, the news has failed to stir the market.
Over the past 24 hours, SHIB’s price has dropped by almost 10%, and it is poised to fall further.
Shiba Inu Holders Are Not Impressed
In a recent post on X, Shiba Inu’s marketing lead provided updates on the upcoming “Shib The Metaverse” project. The virtual space aims to be a central hub for community members, fostering user-generated content, collaboration, and creative expression. It will also allow SHIB holders to discuss ideas and vote on proposals.
Despite the announcement, SHIB holders remain largely unmoved. The popular meme coin is currently 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.
Additionally, SHIB’s declining open interest (OI) reflects a drop in market activity. After reaching an all-time high of $116 million on September 27, its OI has since fallen by 11%, sitting at $103 million at press time.
Read more: Shiba Inu: How To Buy Shiba Inu Coin Online
A drop in open interest suggests that traders are closing positions rather than opening new ones, indicating reduced market participation and a shift in sentiment, with traders becoming less bullish.
Additionally, 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 downward, sitting at 0.05 at press time. This setup indicates that the outflow of liquidity from the SHIB market is accelerating.
SHIB Price Prediction: August 5 Low Is the Next Target
SHIB’s recent attempt to break the $0.0000189 resistance level has 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 5 low of $0.000010.
Read more: 12 Best Shiba Inu (SHIB) Wallets in 2024
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.
Disclaimer
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