📉 Shiba Inu (SHIB) Underperforming - Bearish Outlook Ahead? 📉
SHIB is struggling to keep pace with other meme coins like PEPE and DOGE, seeing only a 46% rise year-to-date while others have surged much higher (PEPE 177%, DOGE 85%).
Key Concerns:
Whale Selling Intensifies: Whales have significantly reduced their SHIB holdings, offloading over 18 billion tokens since January 19th, pushing whale-held supply to its lowest since January.
Weakened Investor Demand: SHIB's 24-hour trading volume ($472 million) is significantly lower than Dogecoin ($3.64 billion) and Pepe ($3.4 billion), and even smaller meme coins are seeing higher volume.
Declining Burn Rate: The 24-hour burn rate has dropped by 11.5% to just 13.5 million tokens, with fewer than 50 million SHIB burned in the last five days—an unusually low figure, impacting its deflationary narrative.
Technical Signals Point to Downside:
Persistent Downtrend: SHIB has been under pressure for months, declining from a high of $0.00003320 in December to its current level of $0.000015.
Below Key Moving Averages: The token remains below both the 50-day and 200-day moving averages, indicating a bearish trend.
Bearish Flag Pattern: SHIB has formed a large bearish flag pattern on its chart, characterized by a steep downward move followed by a consolidation resembling a rising wedge (a bearish technical formation). This often signals a continuation of the downtrend.
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