As the selling pressure in the cryptocurrency market deepens, analysts say the Shiba Inu (SHIB) price is facing a massive 47% correction.
Despite the SHIB burning campaigns, investors prefer to sell
on-chain analyst Ali Martinez, whose analysis we shared with Cryptokoin.com He predicted a major crash on the second meme coin, Shiba. In his recent Twitter analysis, Martinez says:
Shiba Inu appears to be emerging from a descending triangle in a bearish position. On the 3-day chart, SHIB is also losing the RSI support around 35.10.
#ShibaInu appears to be breaking out of a descending triangle in a bearish posture, which could see $SHIB retrace by more than 47%.
Notice that #SHIB is also losing the RSI support at 35.10 on the 3-day chart. pic.twitter.com/EBbSxgruad
— Ali (@ali_charts) May 8, 2022
According to CoinGecko, Shiba price is around 11% in the last 24 hours lost value. The depreciation reached 75% from the ATH level in October 2021.
Most meme tokens gain value with social media attention
Google for “buy Shiba Inu coin” The 30-day search saw a serious drop after the stratospheric increase in 2021. Since peaking at 100 on April 19, 2022, the keyword’s popularity has dropped 89%, dropping its Google Trends score to 15.
Also, the value of any cryptocurrency decreases as the number of users decreases. According to Coinmarketcap, the total number of Shiba Inu addresses dropped from 1.19 million on March 15 to 1.146 million on May 9, indicating a lack of investor interest.
SHIB price drops despite recent developments
Despite recent Shiba developments, SHIB price continues to decline. Devs developed the SHIB burning site to reduce the global Shiba supply and increase the value of the token. SHIB burn portal moved nearly half a million dollars of SHIB to dead wallet in just 14 days. In terms of SHIB pricing, the tokens burned had no effect. Tokens burned: 26 billion Shiba as of May 9.
It will be interesting to see if Ali Martinez’s predictions come true. The Shiba community has also launched the Shiba metaverse to increase the Shiba price. Shiba community member SHIBainuart says 18,700 parcels have already been sold at SHIB.
Current #ShibTheMetaverse Stats:
Current Plots Taken: 18.7K
Current Owners: 5.1K+
Floor Price: 0.23 $ETH
Volume Traded: 193 $ETH(Stats taken from Opensea)
— MILKSHAKE (@shibainuart) May 3, 2022
However, despite their large land acquisition in the Shiba Inu metaverse, The Shiba price did not reflect this.
