Shiba Inu Price Declines Over 50% Since December 2024
Shiba Inu (SHIB) Update
- Shiba Inu has experienced a bearish trend, dropping over 50% since December 2024.
- The current price is approximately $0.00001621, down more than 30% since Donald Trump's second inauguration.
- The fully diluted valuation stands at about $9.5 billion with a 24-hour trading volume of around $158 million.
Market Outlook
- Shiba Inu is evolving into a utility-based memecoin with initiatives like Shibarium, Shibosis, and ShibaSwap DEX.
- The total value locked (TVL) in the Shibarium network has increased to about $2.3 million, doubling since Q4 2024.
- SHIB burn rate rose by 1,373% in the last 24 hours, totaling around 41% of the circulating supply.
- Decline in transactions over $100K from 115 on February 11 to about 58 on February 17 indicates reduced whale and retail activity.
- Average transaction size decreased by 88%, from approximately $39K to $4,707.
Price Expectations
- SHIB price forms a macro reversal pattern; recent failure to hold above $0.000021 contributes to bearish sentiment.
- Technical analysis suggests potential short-term correction towards the support level of around $0.000012.
- A bearish flag formation indicates a possible decline of 25-30% ahead.
- Bearish sentiment may be invalidated if SHIB consistently closes above its falling logarithmic trend, allowing for a rally toward all-time highs set in November 2021.