The price of Shiba Inu remains in a deep bear market after crashing by more than 50% compared to its highest level in November of last year.
Shiba Inu (Salogner), the second largest piece of memes, crashed at $ 0.0000,1610, and the downward trend can continue after having formed a death cross.
Shibarium TVL crashed
Third party data shows that the total value locked in the Shibarium ecosystem crashed this year. It fell to $ 2.3 million on Sunday, February 16, against a summit of $ 6.27 million.
TVL makes it a small reader in the Challenge industry that has more than $ 110 billion in assets. It is also smaller than several more recent blockchains like Linea, Berachain, Su, Base and Sonic.
All DAPPS of the Shibarium ecosystem have lost assets this year. Shibaswap TVL has dropped approximately 40% over the past 30 days to $ 1.26 million. Likewise, protocol TVL like WOOFSWAP, Chewyswap and Dogswap dropped by more than 30% during this period.
Shibarium’s performance is important because its transactions occur in bone. Some of these bone tokens are then converted into Inu Shiba and then burned.
Data by Shibariumscan shows that the number of active accounts in Shibarium fell to 1,260 compared to the summit last month of almost 4,500. Total transaction costs in the network has dropped to the lowest level for weeks. He made 450 OS worth $ 130 on Saturday.
Shiba Inu launched Shibarium, a layer 2 blockchain in order to go from a meme piece in a utility token.
Shiba Inu price forecasts
The daily graph shows that the price of the SHIB has declined in recent weeks. It went from $ 0.000033 in November to $ 0,000016 today.
This decrease occurred after having formed a graphic motif similar to the head and shoulders, a very lower sign. It also fell below the level of key support at 0.00001856, its lowest swing on December 20.
Worse still, the token formed a death model of death while the weighted mobile averages of 200 days and 50 days were crossed. A cross of death is one of the most lower models of technical analysis.
Consequently, the token will probably continue to decrease, because the bears target the lowest of 0.00001170 of this month, down 30% compared to the current level.
Shiba Inu, launched in August 2020 by an anonymous developer known as Ryoshi, positioned himself as a so-called “Dogecoin killer”.
Shib would gain ground at the beginning of 2021 for its decentralized nature and brand as an alternative to Doge. He finally attracted a strong continuation, nicknamed the army of Shib.
The same year, the co-founder of Ethereum, Vitalik Buterin, burned 90% of its assets (around $ 6.7 billion at the time) and donated to the COVVI-19 aid fund of the India, stimulating the visibility of Shib.