Shiba Inu has declined 24% in the last 30 days, from $0.00008, the all-time high established in late October 2021, to $0.00002013 today, according to Coinmarketcap data. This represents a 76 percent decrease in the last six months.
If there is no upward movement, the swing low at $0.00001704 will be breached. If the bears can reach this level, the SHIB price might continue to fall to $0.00001377, representing a 30% drop from the current Shiba Inu price.
When it comes to the supply of the fifteenth-most valuable cryptocurrency by market capitalization, things changed dramatically.
While billions of SHIB returned to the exchanges from mid-March to early April, the volume of SHIB on exchanges dropped dramatically after that. However, since mid-April, SHIB supply on exchanges has remained mostly flat. This shows a decrease in hype-driven purchasing and selling.
However, the asset’s social dominance measure was somewhat increasing around press time. It will be interesting to watch if this creates the required hype for buying or sales, which would raise SHIB’s volatility once more.
Despite a red candle forming, TradingView’s Awesome Oscillator [AO] indicator was showing a green bar below the zero line at press time. Certainly a perplexing signal.
However, the Relative Volatility Index [RVI] was below 50, indicating that future volatility is expected to drive down SHIB’s price.
Shiba-Inu Continues to Grow
Over the last few weeks, a lot has happened at the Shiba Inu project. The coin was listed on Robinhood, a new ‘Burn Portal’ opened, and a big $2 million SHIB token purchase by an Ethereum whale. These developments have drawn a lot of attention to the SHIB token in the industry.
According to a story published by Vogue Business, Gucci, a well-known fashion house, would begin taking Bitcoin, Dogecoin, Shiba Inu, and other cryptocurrencies to certain locations in North America.