The price of Shiba Inu (SHIB), a meme-based cryptocurrency, has experienced a significant drop and high volatility. This is mainly due to the softness and decreasing volumes in the overall cryptocurrency industry. Additionally, Shiba Inu's fundamentals have worsened, with the number of new accounts on its network decreasing and the average transaction fees falling. As a result, the burn rate of Shiba Inu has also crashed, bringing its circulating supply to a lower level. The SHIB price chart shows signs of a bearish pennant pattern, indicating a potential further downside. However, the coin remains above an ascending trendline, which provides some hope for a rebound. A drop below that trendline would signal further downside potential.



Other News from Today