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Shiba Inu price has continued its downward trend as demand for the once-popular meme coin faded. The SHIB token was trading at $0.000017, its lowest swing since March. It has dropped by more than 60% from its highest point this year.
Shiba Inu, like Dogecoin, has underperformed the meme coin market this year as traders focused on newer tokens.
A good example of this is looking at the daily volume traded in centralized and decentralized exchanges. Data by CoinGecko 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.
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.
Shiba Inu has also trailed the market as Shibarium failed to gain traction among investors and developers. The recently launched layer-2 network, has attracted just 14 DeFi developers while its TVL was just $1.69 million. Other recently launched layer-2 networks like Blast, Sui, and Base have accumulated assets worth billions.
Shiba Inu price risky technicals
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.
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.
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.
This article first appeared at crypto.news
