$SOL $SHIB could be another memecoin on the brink of entering its own bear market territory and losing 28–29% of its market valuation.

I just looked at the market cap: $11.5 billion. This is totally ridiculous, let's face it. This cycle, we are seeing millions upon millions of new coins being created out of thin air, and it's not going to stop.

Money has to come from somewhere, and eventually, people will realize that most coins—or virtually all of them—don’t do anything. They're purely driven by hype and greed. And obviously, the network effect.

SHIB was a sensation four years ago, but the chart tells me one thing: it’s on the brink of collapsing into a bear market. At this point in the crypto bull market, that means it’s in grave danger.