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The crypto market is facing another setback as Bitcoin's (BTC) attempt to retest the crucial $45,000 price level was rejected by bears, forcing another sell-off streak in altcoins like Shiba Inu (SHIB). This meme coin arguably bears the brunt of this setback as its price has dropped by more than 7% in the past 24 hours to $0.000009023, according to data from CoinMarketCap.
Arman ShirinyanThe meme coin is currently seeing all of its key metrics, except trading volume, in the red. The trading volume is surprisingly up by 78% in 24 hours to $183,718,620, a show of embrace that is not translating to actual price gains. With its current growth trend, Shiba Inu has now extended its losses for the week to 12.63%.
This might suggest that the outcome for Shiba Inu's rebound is bleak, but amid this drawdown, SHIB bulls might spring for a rebound in the most unconventional ways. With the Relative Strength Index (RSI) already below the 30 oversold mark, it is only a matter of time before a rebound is plotted.
The sell-offs cannot continue forever as bears are poised to slow down their aggressive dumping soon.
Gamza KhanzadaevShiba Inu to plot unconventional revival move
Shiba Inu needs an unconventional revival plot seeing as its go-to metrics, including whale count, SHIB burn and Shibarium activities, are at record lows. While only 3,375,886 SHIB tokens have been burnt thus far, a 93.7% slow from the previous day, Shibarium transactions have also dropped to a new yearly low of four million.
In light of this, Shiba Inu may need to cling to Bitcoin and ride the hype surrounding the potential launch of spot Bitcoin Exchange Traded Fund (ETF) approval from the United States Securities and Exchange Commission (SEC).
With billions of dollars projected to flow into the market, positioning as a beneficiary of this inflow might help Shiba Inu regain its stance in the near term.
Arman Shirinyan
Alex Dovbnya
Dan Burgin
U.Today Editorial Team
Vladislav Sopov