The Shiba Inu (SHIB) cryptocurrency is struggling and underperforming compared to other popular meme coins. It has dropped to its lowest level since December 20, and there are concerns that it could experience a strong bearish breakdown due to risky chart patterns. The coin is forming a death cross pattern as its 200-day and 50-day moving averages converge, which previously led to a significant price crash in June 2024. Additionally, Shiba Inu has formed a double-top chart pattern, indicating a potential bearish reversal. The decline in the number of addresses and daily burn rate suggests traders are selling their SHIB coins, possibly in favor of newer meme coins like Fartcoin and Official Trump. The falling momentum on Shibarium, its layer-2 network, and lower daily volume compared to other meme coins also indicate a loss of investor interest.



Other News from Today