Shiba Inu has dropped by 0.6% over the past 24 hours. At the time of writing, the meme coin was trading at $0.00001004. SHIB has dropped by 12% over the past two weeks, according to data from CoinGecko.
Shiba Inu price analysis
SHIB has been on a sharp bearish streak, as seen in the meme coin’s notable decline of 64% on a year-to-date (YTD) basis. SHIB has lost 88% of its value since reaching an all-time high in October 2021.
During the past 24 hours, SHIB has reported slight volatility, with the price trading between $0.00000979 and $0.00001017. The lack of significant price movements stems from the performance of the broader cryptocurrency market. The global cryptocurrency market cap currently stands at $957 billion.
Over the past 24 hours, SHIB has reported trading volumes of over $184 million, showing that the buying and selling momentum is not as high as it usually is when strong price movements are recorded.
Nevertheless, SHIB’s lack of performance mimics most of what is happening in the broader cryptocurrency space. This is why SHIB still ranks as the 13th largest cryptocurrency despite the notable plunge.
The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) hint that a bearish sentiment could be in play in the short term. The RSI is at 47, showing an apparent fight between the bulls and the bears for control. Therefore, the price could continue consolidating at the current prices.
On the other hand, the MACD gives a rather bearish outlook as the MACD line is below the signal line. Therefore, the price will likely drop again below $0.00001. A drop below $0.0000092 could trigger panic selling and cause a significant downtrend.
SHIB is the second-largest meme coin after Dogecoin. Due to a lack of buyers, meme coins have been dealt a major blow in this bear market. Nevertheless, DOGE has remained in the headlines because of Tesla’s CEO, Elon Musk, who has not missed any chance to mention the meme coin.
Musk’s decision to resume Twitter buyout talks saw the meme coin community rush to buy Dogecoin, but the gains were not sustained, as seen in the 7.6% dip over the past two weeks. Nevertheless, DOGE still has the potential to gain if Musk manages to add DOGE payments on Twitter.
Musk’s continuous support of DOGE could be why the token could continue to outperform SHIB and sustain the huge market cap that keeps it in the top ten largest cryptocurrencies.
This crypto could explode 10X
For those traders that maybe can’t wait another few months for big gains, there are a number of smaller altcoins that have been beating the market in recent weeks, with presale tokens proving particularly lucrative. One promising new coin in this area is Impact Project (IMPT), a decentralized carbon credits marketplace that began its sale just over a week ago.
Based on the Ethereum blockchain, it provides users with the ability to trade NFT-based carbon offsets, while it will also enable consumers to shop online with retailers that support green initiatives. At a time when ESG investing is becoming a big thing, it has the fundamentals to perform well.