The price of Shiba Inu remains in a bear market and can see additional negative side after creating a death cross pattern with a major metric fall.
The second largest meme coin Shiba Inu (Shib) in Crypto fell at a low of $ 0.00001162 on Monday, marking a decline of 65% from its November summit.
Shib’s accident occurred with widespread weakness in the coins of Meme. In the last 30 days, Dogicine (Dogge) has fallen by 22%, while Pepe, Bonak and Floki have fallen by more than 25%.
The burn rate of Shiba Inu has also fallen this week. Shiburn data shows a decline of 88% in the rate of burning in the last 24 hours. Less than 25 million Shib tokens, currently less than $ 400, is burnt this week.
Additional data suggests that Shibarium, Shiba Inu’s layer 2 network, is underperforming. While the total full transactions are close to 900 million, the number of network addresses has stabilized at 2.1 million.
Meanwhile, the fees collected on the network and its decentralized finance ecosystem have fallen below $ 2.5 million. The TVL of the major platforms within the ecosystem, Shibasavap, Woofswap, Chewyswap and Marswap has declined by more than 30% in the last 30 days.
Additionally, Shiba Inu’s Futures Open Interest has declined in recent weeks, indicating weak demand. The open interest fell to $ 182 million below its year-by-year high of $ 542 million.
Shiba Inu Price has formed a death cross
The daily chart suggests that Shib fell to a high of $ 0.0000333 from its November, which was at a low of $ 0.00001162 this week. It then reached a high level of $ 0.000015.
Shib Price has formed a death cross pattern, where 50-day and 200-day weighted moving averages have crossed. A Death Cross is a famous recession pattern. The last year appeared in June last year, Shib fell over 40%.
Shiba Inu has also formed a small recession pattern. As a result, the coin may fall at $ 0.00001162 at the next major level, its lowest point this week. The decline below that level and indicate the bottom, with the next target $ 0.00008480, its lowest level in January 2024 represents a decline of 45% from the current value.
