The successful merge of the Ethereum network is a revolutionizing event for the entire crypto space. However, it brings bearish woes for some altcoins along with its beneficial energy efficiency. There are many altcoin projects which can’t be mined and lost the attention after the Ethereum merge as most of them are not connected with the merge. Shiba Inu is one of those assets which have started losing dominance and spotlight in the cryptocurrency market after the Ethereum merge and high inflation report.
A Major Crash Is Waiting For Shiba Inu
Popular meme coin Shiba Inu is following the crypto sentiment, which has been moved by the Ethereum merge with a mix of severe inflation reports. According to CoinMarketCap, Shiba Inu is currently trading near $0.000012, a drop of nearly 3% from yesterday’s price.
It seems that Shiba Inu is getting grabbed by the bears of the market after the CPI report. Shiba Inu has been trading around its fundamental support level at $0.000012 for three days, and if it gets broken, then Shiba Inu may aim to touch the bottom line or even the year’s low by the end of this month. Therefore, this price action from Shiba Inu seems to be a catastrophe as traders and investors will not be able to suffer another downfall.
Can SHIB Make A Comeback?
Data from CoinMarketCap indicates that Shiba Inu was the most favored and adopted cryptocurrency by the global crypto market in August as the social media hype of SHIB started increasing due to the Shiba Inu metaverse.
There is some positive news that is holding Shiba Inu’s price. SHIB recovered more than 20% of its value after the recent market crash and created hope for investors and traders who have been suffering significant losses due to the crash since October 2021. Despite the price volatility of Shiba Inu and negative sentiments, the trading volume leads to the future road of Shiba Inu and brings hope to the SHIB community. On the upper side, Shiba Inu can make a comeback if it breaks the resistance level at $0.000014.
Shiba Inu is not currently showing any guaranteed negative momentum as the volume profile continues to rise. However, we can say that Shiba Inu is following the track of popular Dogecoin, attracting a vast community of investors and traders, but it appeared to be a joke in the end. The high volatility that includes high risk has dumped investors’ attention from meme coins.
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