Shiba Inu is Going to Zero as SHIB Price Falls 10% and This Lesser Known Meme Coin Might Be the Next Crypto to Explode
The price of Shiba Inu (SHIB) has dropped by 1.5% in the past hour, cutting away at gains the meme token had made as part of a market-wide rally this morning.
At $0.00000750, SHIB is up by a very modest 0.4% in 24 hours, with the altcoin down by 4.5% in a fortnight and by 6.6% in the last 30 days.
Even more worryingly, SHIB has also fallen by 7% since the beginning of the year, whereas many major tokens have actually recovered substantially, with Bitcoin (BTC) increasing by 85%.
This fall suggests that SHIB could be in the midst of a terminal decline, with newer meme coins – such as Thug Life Token (THUG) – generating considerably more hype and interest at the moment.
SHIB's dip in the past hour has left its price chart in a mixed and confused position, with its relative strength index (purple) resuming a decline towards 40, which is definitely more indicative of selling (rather than buying) pressure.
At the same time, SHIB's 30-day moving average (yellow) looks as though it's about to dip below its 200-day average (blue), a move that would indicate further losses.
One small source of potential comfort is the fact that SHIB's support level (green) has risen slightly since the middle of June, suggesting that any further falls may not be too deep.
Still, things don't look especially great for SHIB, and one of the reasons for this is that investors have grown tired of waiting for the arrival of Shibarium, its layer-two network.
As a layer two, Shibarium is designed to make Shiba Inu transactions cheaper and faster, something which should help its ecosystem to grow.
However, it has remained in the testing phase for several months, with its full launch seemingly being pushed back every month.
Frustration with such delays helps to
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