Shiba Inu

Bonk

Shiba Inu (SHIB) struggles to exceed $0.00001 post-Jan 23 downturn. On-chain trends show 56% less media interest for SHIB amid Solana’s BONK and Jupiter tokens gaining traction. Parabolic SAR suggests bearish control after failed attempts to breach $0.00001.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Add-a-heading.png?fit&#61;900%2C300&amp;ssl&#61;1" />Cryptos Headlines Platform Has Launched Its Native Token, Early Public Sale Is Live On <a href="https://cryptosheadlinestoken.com/" rel="noopener noreferrer nofollow">CryptosHeadlinesToken.com</a>As attention turns to Solana’s BONK and the upcoming Jupiter (JUP) airdrop, Shiba Inu (SHIB) faces uncertain price reactions. Reduced focus on SHIB, amid the growing popularity of BONK and anticipation for JUP, could lead to fluctuating market dynamics, <a href="https://cryptosheadlines.com/reactivated-shiba-inu-whale-potential-impact-on-shib/" rel="noopener noreferrer nofollow">potentially impacting SHIB’s</a> price.<h3 id="shiba-inu-s-price-decline-amid-media-shift">Shiba Inu’s Price Decline Amid Media Shift</h3><a href="https://cryptosheadlines.com/shiba-inu-faces-decline-in-burn-activity/" rel="noopener noreferrer nofollow">Shiba Inu faced</a> a 14% price drop, reaching a 50-day low of $0.0000084, triggered by Grayscale’s billion-dollar sell-offs around Jan 23. While the broader crypto market has seen recovery, SHIB’s attempts to reclaim $0.00001 have faltered.With media attention shifting towards Solana’s BONK memetoken and the upcoming Jupiter (JUP) airdrop, implications for SHIB’s <a href="https://cryptosheadlines.com/terra-classic-stakers-losing-confidence-price-action-under-spotlight/" rel="noopener noreferrer nofollow">price action</a> loom. Over the past two weeks, BONK and JUP have dominated crypto media headlines, diverting attention from <a href="https://cryptosheadlines.com/shiba-inu-price-eyes-0-0000130-amid-bullish-rebound/" rel="noopener noreferrer nofollow">Shiba Inu and hindering its price rebound</a>.<a href="https://cryptosheadlines.com/ethereum-holders-increasingly-transferring-coins-to-centralized-exchanges-on-chain-data-reveals/" rel="noopener noreferrer nofollow">On-chain data reveals</a> a decline in SHIB’s Social Volume metric, measuring mentions across major crypto media channels. The score peaked at 262 on Jan 23 but has since dropped to 114 as of Feb 4, indicating a 56% decrease in media traction. <a href="https://cryptosheadlines.com/solana-phone-sales-soar-amid-rush-for-bonk-tokens/" rel="noopener noreferrer nofollow">Solana’s BONK and JUP tokens</a> have gained investor attention amidst this shift.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/cryptosheadlines006-5.png?resize&#61;640%2C292&amp;ssl&#61;1" />Shiba Inu (SHIB) Social Dominance | Source: <a href="https://embed.santiment.net/chart?ps&#61;shiba-inu&amp;pt&#61;SHIB&amp;df&#61;2024-01-02T00%3A00%3A00.000Z&amp;dt&#61;2024-02-03T22%3A59%3A59.984Z&amp;emnm&#61;1&amp;emcg&#61;1&amp;wm&#61;price_usd%3Bsocial_volume_total&amp;wax&#61;0%3B1&amp;wc&#61;%2326C953%3B%2368DBF4&amp;ws&#61;%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" rel="noopener noreferrer nofollow">Santiment</a>Price movements in the meme coin sector are heavily influenced by social trends and media narratives. The decline in SHIB’s media traction by 56% partly explains its failure to reclaim the $0.00001 milestone price, <a href="https://cryptosheadlines.com/india-rises-to-second-largest-global-crypto-market-despite-high-taxes/" rel="noopener noreferrer nofollow">despite the broader crypto market’s</a> resurgence in the last two weeks.<a href="https://cryptosheadlines.com/forecasting-shiba-bonk-and-pepe-coin-prices/" rel="noopener noreferrer nofollow">Also Read: Forecasting Shiba- BONK and PEPE Coin Prices</a><h3 id="analyzing-potential-impacts-on-shib-price">Analyzing Potential Impacts on SHIB Price</h3>Based on the on-chain analysis, a lack of sufficient media traction could spell trouble for <a href="https://cryptosheadlines.com/shiba-inu-profits-soar-as-shib-price-recovers-key-level/" rel="noopener noreferrer nofollow">SHIB’s price</a>, potentially leading to a retracement toward $0.00008 in the coming days. Multiple failed attempts to break the $0.00001 area may contribute to bullish fatigue, increasing the likelihood of a pullback.Current trends on the Parabolic Stop and Reverse (SAR) indicator align with this bearish sentiment for SHIB price. The SAR dots <a href="https://cryptosheadlines.com/cardano-ada-surges-17-indications-point-to-an-imminent-rally/" rel="noopener noreferrer nofollow">pointing toward $0.00001 indicate</a> growing bearish momentum, especially amidst declining media traction. This scenario poses a risk of a significant pullback in SHIB price.To capitalize on this trend, bears must surpass the initial buy-wall at $0.000086, illustrated by the lower Bollinger Band. A decisive breach below this support level could trigger a long-squeeze panic, potentially reversing the price toward $0.000008.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/cryptosheadlines005-6.png?resize&#61;640%2C258&amp;ssl&#61;1" />Shiba Inu (SHIB) Price Forecast, Feb 2024 | Source: <a href="https://www.tradingview.com/x/ViQmvcLX/" rel="noopener noreferrer nofollow">Santiment </a>However, <a href="https://cryptosheadlines.com/shiba-inu-shib-shows-positive-momentum-ahead/" rel="noopener noreferrer nofollow">positive momentum from the broader crypto market could sway SHIB’s</a> trajectory. In such a scenario, SHIB bulls could counter the bearish prediction, aiming to surpass the $0.00001 <a href="https://cryptosheadlines.com/dogecoin-price-prediction-support-and-resistance-levels/" rel="noopener noreferrer nofollow">resistance level</a>. This pivotal <a href="https://cryptosheadlines.com/polygon-matic-drops-below-crucial-level-will-sellers-exit/" rel="noopener noreferrer nofollow">level remains crucial</a> for determining SHIB’s future price movements.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.

Shiba Inu Faces Threat from Solana’s BONK and JUP as Media Attention Rises by 56%

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