Shiba

Ethereum

Shiba Inu

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Shiba Inu (SHIB) has suffered a bearish breakdown after it failed to sustain its price growth in the past 24 hours. At the time of writing, Shiba Inu is down by 1.68% in 24 hours to $0.00002553. The SHIB breakdown is all-encompassing, with the 30-day slip&nbsp;<a href="https://coinmarketcap.com/currencies/shiba-inu/" rel="noopener noreferrer nofollow">hitting</a> 4.44% as the token hovers from a low of $0.00002071 to a high of $0.00002796. <img data-entity-type="file" data-entity-uuid="b16f9fc1-12c6-4226-b6bf-ce761692c613" src="https://u.today/sites/default/files/inline-images/SHIB_1D_graph_coinmarketcap%20%2822%29.jpeg"><a href="https://coinmarketcap.com/currencies/shiba-inu/" rel="noopener noreferrer nofollow">SHIB 1D Chart. Source: CoinMarketCap</a>
With the breakdown of Shiba Inu, other metrics also contributed to the plunge. The 24-hour trading volume is down by 49.39% to $625,802,833. At its peak this week, the traded volume soared as high as $1 billion in a single day.
With the&nbsp;<a href="https://u.today/shiba-inu-shib-loses-market-spot-to-avalanche-avax-details" rel="noopener noreferrer nofollow">derailment</a> in the price of Shiba Inu on its way to the $0.00003 mark, the market may be allowed to run its course. This means that Shiba Inu might court the sell-off to the point that the Relative Strength Index (RSI), Bollinger Bands and other key trend change indicators will signal a reversal.
The Shiba Inu whales might also contribute to deciding what comes next. Should whale investors sustain intensity in accumulation, the supply crunch of SHIB becomes more pronounced, fueling any likely surge in price.
The dynamic nature of Shiba Inu has placed it at the forefront of the deflationary trend. With millions of&nbsp;<a href="https://u.today/shib-skyrockets-569-in-key-metric-with-127-million-shiba-inu-scorched" rel="noopener noreferrer nofollow">Shiba Inu burnt</a> on a daily basis, the meme coin project is setting itself on track for a rally in the long term. As a token with excessive supply, one unique way Shiba Inu anticipates its valuation can soar in the long term, besides the burning of its tokens, is to drive utility within its ecosystem.
The protocol is doing this with the launch of&nbsp;<a href="https://u.today/shibarium-on-verge-of-major-record-as-transactions-shoot-up-209" rel="noopener noreferrer nofollow">Shibarium</a>, its Ethereum layer-2 scaling solution. Amid all these fundamentals, SHIB aims to sustain the support level around $0.000025 while aiming to reclaim the $0.00003 level in the midterm.

Shiba Inu (SHIB) Breakout Fails, Here's What Comes Next

U_Today

Other articles published on May 23, 2024

Ether.fi (ETHFI) Crypto Price Pumping; Here’s Why

The Million Dollar Blueprint: Turning $100 into Wealth with Bitgert Coin

Coinbase Lists New Altcoins

Tiny Pepe, Big Dreams: Memecoin Explodes, Eyes Dominance In The Dog House

Ethereum (ETH) Exchange Volume Drops To 13.7M, ETF Crunch At Play?

Coinbase Announces New Altcoin Listings

Join our free newsletter for daily crypto updates!