The price of Shiba Inu remains in a deep bear market after more than 50% crashed from her highest level in November last year.
Shiba Inu (Shib), the second largest meme coin, has crashed to $ 0.00001610, and the tendency may continue downwards after the formation of the death cross.
Shibarium TVL has crashed
third party data This indicates that the total value in the Shibarium ecosystem has crashed this year. It fell to $ 2.3 million on Sunday, 16 February from a high time of $ 6.27 million.
TVL makes it a small player in the DEFI industry with more than $ 110 billion in property. It is even smaller than many new blockchains such as Linia, Berachain, needle, base and sonic.
All DApps in the ecosystem of the Shibarium have lost property this year. Shibaswap’s TVL has come down by about 40% to $ 1.26 million in the last 30 days. Similarly, TVL of protocols like Woofswap, Chewyswap and Dogswap has recorded more than 30% in this period.
Performance of the cyiberium is important as its transaction occurs in the bone. Some of these bone tokens are then converted into Shiba Inu and then burns.
Data by Shibariumskain Shows that the number of accounts active in the Shibarium has fallen to 1,260 from the high level of 4,500 in the previous month to 1,260. The total transaction fee in the network has fallen to the lowest level in a week. It created a 450 bone of $ 130 price on Saturday.
Shiba Inu launched the Shibarium, a layer -2 blockchain, which aimed at transitioning only one meme coin into a utility token.
Shiba inu value forecasting
The daily chart shows that the Shib price has retreated in the last few weeks. It declined from $ 0.000033 to $ 0.000016 in November today.
The decline occurred after creating a head-and-shielder-like chart pattern, a high recession symbol. It fell below the major support level on December 20 at its lowest swing $ 0.00001856.
Worse than, tokens have formed a death cross pattern as 200-day and 50-day weighted moving average has crossed each other. A Death Cross is one of the most recession patterns in technical analysis.
Therefore, the token will probably be reduced by a low level of $ 0.00001170 this month, as the current level will be reduced by 30%.
Shiba Inu, launched by an anonymous developer in August 2020, known as Ryoshi, deployed herself as a so -called “dogcoin killer”.
Shib will receive traction in early 2021 as an alternative to its decentralized nature and branding. This eventually attracted a strong following, dubbing the Shib Army.
The same year, Atherium co -founder Vitallic Butlerin burnt 90% of his holdings (about $ 6.7 billion at that time) and donated the rest to India’s Covid -19 Relief Fund, leading to Shib’s visibility.
