Shiba

dogwifhat

MAGA

Shiba Inu

Shiba Inu price has continued its downward trend as demand for the once-popular meme coin faded. The <a href="https://crypto.news/tag/shiba-inu/" rel="noopener noreferrer nofollow">SHIB </a>token was trading at $0.000017, its lowest swing since March. It has dropped by more than 60% from its highest point this year.&nbsp;
Shiba Inu, <a href="https://crypto.news/dogecoin-price-sits-below-key-support-as-open-interest-falters/" rel="noopener noreferrer nofollow">like Dogecoin</a>, has underperformed the meme coin market this year as traders focused on newer tokens.&nbsp;
A good example of this is looking at the daily volume traded in centralized and decentralized exchanges. Data by <a href="https://www.coingecko.com/en/categories/meme-token" target="_blank" rel="noopener noreferrer nofollow">CoinGecko</a> shows that Shiba Inu’s volume in the past 24 hours stood at over $297 million while Dogecoin had $635 million.
On the other hand, Pepe, which has a much smaller market cap than both, handled over $1 billion in the same period. Shiba Inu’s volume was also smaller than dogwifhat (WIF), Floki, and Bonk, which had volume of $776 million, $301 million, and $288 million.&nbsp;
This is a sign that most traders are focused on these newer tokens, which they believe have a higher growth potential. Some of the other popular meme coins among traders are Turbo, MAGA Hat, and Book of Meme.&nbsp;
Shiba Inu has also trailed the market as <a href="https://crypto.news/shib-price-climbs-20-as-shibarium-launch-nears/" target="_blank" rel="noopener noreferrer nofollow">Shibarium</a> failed to gain traction among investors and developers. The recently launched layer-2 network, has attracted just 14 DeFi developers while its <a href="https://defillama.com/chain/Shibarium" target="_blank" rel="noopener noreferrer nofollow">TVL was just $1.69 million</a>. Other recently launched layer-2 networks like Blast, Sui, and Base have accumulated assets worth billions.&nbsp;
<h2 class="wp-block-heading" id="shiba-inu-price-risky-technicals">Shiba Inu price risky technicals</h2>
<figure class="wp-block-image size-large"><picture loading="lazy" decoding="async" class="wp-image-14281548">
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 <img loading="lazy" decoding="async" width="1024" height="570" src="https://crypto.news/app/uploads/2024/06/Shiba-Inu-price-1024x570.png" alt="Shiba Inu price"> 
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SHIB price chart
Meanwhile, Shiba Inu’s technicals are also pointing to more downside for the token. It has moved slightly below $0.00001838, its lowest swing on April 13th and the lower side of the descending triangle pattern.&nbsp;
Shiba Inu has also moved below the 50-day and 200-day moving averages. If the decline continues, these lines will cross each other and form a death cross, one of the riskiest patterns in the market.&nbsp;
Shiba Inu’s rebound could happen if there is an overall recovery in the crypto industry as we saw in March when Bitcoin reached its all-time high. If this happens, SHIB and other altcoins will bounce back.
Another potential catalyst for Shiba Inu is if a company files for a spot SHIB ETF. That could happen if the SEC approves Ethereum and Solana ETFs.

Shiba Inu price breaks support; overtaken by Pepe in a key metric

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