The price of Shiba Inu remains on a lower market and could see an additional drawback after having formed a death model while a key metric decreases.
Shiba Inu (Salogner), the second largest piece of memes in crypto, dropped to a hollow of $ 0.00001162 on Monday, marking a drop of 65% compared to its November summit.
The shib accident coincided with a wider weakness in the coins. Dogecoin (DOGE) fell 22% in the last 30 days, while Pepe, Bonk and Floki have dropped by more than 25%.
The burning rate of Shiba Inu has also dropped this week. Shibburn data show an 88% drop in the burning rate in the last 24 hours. Less than 25 million Shibets, currently less than $ 400, were burned this week.
Additional data suggests that Shibarium, layer 2 network of Shiba Inu, is underperforming. While total -finished transactions exceed 900 million, the number of network addresses stagnated at 2.1 million.
Meanwhile, the costs collected on the network and the total value locked in its decentralized financial ecosystem fell below $ 2.5 million. TVL of the main platforms of the ecosystem, Shibaswap, WOOFSWAP, Chewyswap and Marswap, has decreased by more than 30% in the last 30 days.
In addition, the interest open to Shiba Inu has decreased in recent weeks, indicating lower demand. Open interest dropped to $ 182 million, down from its top of the year up to date for $ 542 million.
Shiba Inu Price formed a cross of death
The daily graphic shows that Shib fell from its summit in November from $ 0.0000333 to a minimum of 0.00001162 this week. He then rebounded at a summit of $ 0,0000,15.
The price of Salter has formed a model of death of death, where the weighted medium of 50 days and 200 days were crossed. A cross of death is a well -known lower motif. The last time this model appeared in June of last year, Shib fell by more than 40%.
Shiba Inu has also formed a small low -level pennant pattern. Consequently, the part can go to the next key level at $ 0.00001162, its lowest point this week. A drop below this level would indicate more downwards, with the following objective at $ 0.00008480, its lowest level in January 2024, representing a drop of 45% compared to the current price.