Shiba Inu faces significant challenges after its price dropped to $0.00001162, marking a 65% decline from its November peak. Meme coins also show weakness.
Price Decline and Trends
Shiba Inu dropped to $0.00001162 on Monday, marking a 65% decline from November's peak. Dogecoin has also fallen by 22% over the past 30 days, and Pepe, Bonk, and Floki declined by more than 25%.
Network Activity Decline
Shiba Inu burn rate has dropped by 88% over the past 24 hours, according to Shibburn. The Shibarium network also shows weak performance, with the number of addresses stagnating at 2.1 million. TVL volumes in ShibaSwap and other platforms have fallen by over 30% in the past 30 days.
Price Chart Patterns
Shiba Inu has formed a 'death cross' pattern, along with a bearish 'pennant' pattern. The last 'death cross' predicted SHIB's price drop by over 40%.
The current situation with Shiba Inu is concerning. Network weakness and bearish chart formations indicate possible further price declines.
