TurkishNY Radio reports that the Shiba Inu price has retreated significantly, marking a concerning trend for investors. The popular cryptocurrency, once seen as a rising star in the digital currency world, has seen its value drop from a high of $0.000014 on August 9 to $0.000032 as of today. This decline comes as the recent rally that fueled excitement around Shiba Inu has lost momentum, and now the coin faces an uncertain future.
Shiba Inu Price Decline Tied to Bitcoin Drop
Shiba Inu’s price drop coincides with a decline in Bitcoin (BTC), which fell from a high of $62,000 to below $60,000, in one day. This correlation suggests that Shiba Inu is still closely tied to the broader trends in the cryptocurrency market. While Bitcoin’s fluctuations are a known driver of market sentiment, the specific impact on Shiba Inu raises concerns about the coin’s stability.
Volume data for Shiba Inu paints a grim picture. In the spot market, Shiba Inu recorded a 24-hour volume of just $321 million. For a cryptocurrency with a market cap of $8.2 billion, this is a relatively small amount. In contrast, Floki, with a market cap of $1.2 billion, had a similar 24-hour volume of $320 million. Meanwhile, other tokens like Pepe and Dogwifhat saw significantly higher volumes, with $1.7 billion and $1 billion respectively. This suggests that interest in Shiba Inu is waning as traders flock to newer, more dynamic tokens.
Shiba Inu Price Affected by Declining Futures Interest
The decline in Shiba Inu’s futures open interest further compounds the negative sentiment around the coin. According to CoinGlass, Shiba Inu’s open interest dropped to just $22 million on August 9, down from $53 million in July.
At its peak in March, open interest stood at over $114 million. Most of this interest was concentrated on OKX, one of the largest centralized crypto exchanges. Unlike other major cryptocurrencies, CoinGlass does not show Shiba Inu’s open interest on other big exchanges like Binance, Bybit, and Deribit.
TurkishNY Radio reports that this decline in futures interest is a clear sign that traders are losing confidence in Shiba Inu. Over the past few years, many have turned their attention to newer tokens such as Pepe, WIF, Bonk, and Popcat, which have captured the market’s interest. As a result, Shiba Inu’s price remains about 70% below its peak in March and 85% below its all-time high. This steep decline underscores the challenges facing Shiba Inu as it struggles to maintain relevance in an increasingly competitive market.
Shiba Inu Price Impacted by Weak Ecosystem Performance
Other parts of the Shiba Inu ecosystem are not faring well either. Shibarium, the network’s layer-2 solution, has attracted just $1.2 million in assets, far below expectations. Additionally, the total value locked (TVL) in Shibaswap, Shiba Inu’s decentralized exchange, has fallen to $17.45 million. These figures highlight the struggles within the Shiba Inu ecosystem, which once boasted a market cap of over $13 billion.
This significant decline in Shiba Inu’s performance mirrors that of Dogecoin, another popular meme coin that has seen its valuation drop from nearly $90 billion to $15 billion. The downturn in these coins reflects a broader trend in the cryptocurrency market, where hype-driven tokens are losing ground to more innovative and utility-focused projects.
Shiba Inu Price Could Rebound Amid Bullish Pattern
Despite the current challenges, TurkishNY Radio reports that there may be a silver lining for Shiba Inu. Technical analysis suggests that the SHIB token has formed a falling wedge pattern on the weekly chart. This pattern is often seen as a bullish indicator, suggesting that Shiba Inu could stage a breakout later this year.
However, the potential for a rebound will depend on several factors, including renewed interest from traders and improvements in the broader cryptocurrency market. As of now, the future of Shiba Inu remains uncertain, but the possibility of a recovery offers a glimmer of hope for long-term investors.
The Shiba Inu price has experienced a significant decline, reflecting a broader loss of interest in the cryptocurrency. TurkishNY Radio explains that while there are signs of a possible rebound, the challenges facing Shiba Inu are substantial. The coin’s performance will likely continue to be influenced by market trends and investor sentiment. For now, the once-promising cryptocurrency must navigate a difficult path as it seeks to regain its former glory.
