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Despite being the second largest meme coin in terms of market value, Shiba Coin has a strong social media presence and is doing well. However, in bear markets, your impressive achievements don’t matter much to the price. In the crypto winter, community enthusiasm doesn’t make much sense because the overall market is largely frozen. So what does the current situation tell us about Shiba Coin?
Shiba Coin Review
Shiba Coin, the most successful meme coin project in building its own ecosystem, has stagnated around $0.000007. The fact that meme coins like Dogecoin (DOGE), PEPE, and BoneShibaSwap are also staying calm indicates that they have been excluded from the recent rally of joke coins. This feeds off the weakness of belief in the rise. If there were an impressive general upward expectation, we would be in an environment where most meme coins, which are mostly junk tokens, are in high demand. Therefore, the recent feeble recovery did not receive clear investor support.
The situation may be even worse for Shiba Coin. We recently shared the Shibarium data. Shiba Inu’s recent poor price performance seems to be a result of the continuous decline in network demand since the beginning of the month. The project is unable to attract new users after the local peak it reached on August 12.
Shiba Coin Price Prediction
Steady weakness in network demand leads to price erosion due to a lack of demand for the local token that forms the basis of the ecosystem. After a month-long persistent decline in price and network demand, dissatisfied SHIB investors have started to give up. This situation is also reflected in this month’s Age Consumed data for Shiba Inu. The increase in this data indicates the beginning of selling pressure and the possibility of further increase. Indeed, in the past, whenever this data exceeded 150 trillion, a decline was observed.
Shiba Inu’s Age Consumed surpassed 150 trillion on September 4th and 11th, and each time there was a decline.
The $0.000007 region is currently serving as support. The fact that the BTC price is holding at $27,000 suggests that the worst-case scenario for Shiba Coin could be a sideways trend. However, if BTC retraces as expected, the price of Shiba Coin could drop to $0.000006.
