The Shiba Inu (SHIB) price is currently in a bear market and may experience further declines after forming a death cross pattern. Other meme coins like Dogecoin (DOGE) and Pepe, Bonk, and Floki have also seen significant drops. Additionally, Shiba Inu's burn rate has decreased, and its Layer 2 network, Shibarium, is underperforming. Fees and TVL in its decentralized finance ecosystem have also dropped. Futures open interest for SHIB has declined, suggesting weaker demand. The daily chart shows a significant fall in SHIB's price, and it has formed a death cross and a small bearish pennant pattern, indicating potential further downside to key levels.



Other News from Today