Shiba Inu, one of the most well-known meme coins in the market, is facing a decline in its status due to decreasing interest from major holders and falling prices.
Technical Analysis of Shiba Inu
Currently, Shiba Inu is trading at about $0.0000107. The token is under a bearish trend, having broken through key support levels and is below the 50-, 100-, and 200-day moving averages.
Declining Market Activity
Data from IntoTheBlock shows that only 73.197 billion Shiba Inu tokens were exchanged in the last 24 hours, the lowest amount in the last seven days. This indicates a sharp decline in interest from institutional players and large holders.
Prospects for Shiba Inu
To restore confidence in Shiba Inu, both a rebound in trading volumes and a resurgence of interest from large capital is necessary. Currently, these conditions do not seem likely, casting doubt on the token's future as one of the leaders among meme coins.
In conclusion, Shiba Inu is in a challenging situation due to falling prices and market activity. Restoring the token's positions will require significant changes in market dynamics.
