Shiba Inu price continues to decline amid an overall downturn in the cryptocurrency market, despite a noticeable increase in token burning.
Current SHIB Price Situation
The Shiba Inu token price has dropped to $0.00001160, marking its lowest point since April 9. Since its recent peak on May 12, the price has fallen by 35% due to an ongoing decline in the cryptocurrency market. This sell-off has intensified as significant holders ('whales') have offloaded their assets.
Shiba Inu Ecosystem Metrics
The Shiba Inu ecosystem is also under pressure. Its total value locked (TVL) in Shibarium has decreased by 23% over the past 30 days to $2.6 million, significantly smaller than more established layer-2 networks like Arbitrum and Polygon. ShibaSwap, the largest player in the ecosystem, has also lost market share, with transaction user numbers dropping to 89 from a peak of 374 in March.
Technical Price Analysis of SHIB
Technical analysis shows that SHIB has been in a sustained downtrend, falling from its May peak to approximately $0.00001150. The price has broken below the 50-day and 100-day moving averages. SHIB is nearing its year-to-date low of $0.00001030. There is a potential double-bottom pattern forming, but further decline may indicate a bearish trend.
The situation for Shiba Inu token remains unstable, and further declines could lead to new tests at the support level. Increased token burning could be a positive sign, but the overall market trend significantly influences its fate.
