The cryptocurrency market has witnessed a meme coin storm in recent days with the impact of PEPE. Other meme coins have had their fair share of it as well. However, things are likely to change for the popular meme-coin Shiba Inu (SHIB), according to crypto analyst Arman Shirinyan. The analyst suggests that SHIB is on a death line.
SHIB is on the death row! It is possible that this will cause a horror
The Shiba Inu (SHIB) appears to be grappling with a key level of resistance ominously dubbed the “Death Line”. This resistance level is the strongest SHIB has faced in recent months. It’s also possible that this could potentially push SHIB to new, unprecedented lows.
The meme coin has reached a solid support level at around $0.000008. Despite this, the SHIB price is facing significant pressure from the market. This pressure will likely lead to a serious price correction if the token fails to maintain its position above the support line. With the presence of the “Death Line”, SHIB price has the potential to drop as low as $0.000007. This will represent a critical setback for tokens and holders.
SHIB price chart / Source: TradingViewMeanwhile, the bearish trend line that has been traced over the past few months seems to continue strongly. Also, if the trend continues, it is possible for the token to depreciate further. Crossing this line, called the “line of death,” can trigger a significant sell-off. Therefore, this possible scenario is causing unease among token investors.
Yes, technical analysis points to a potential bearish. However, it is important to remember that the inherent volatility of the crypto market means that nothing is certain. Factors such as market sentiment, global economic trends, and updates or changes in the Shiba Inu ecosystem can all affect the token’s trajectory.
Unexpected growth of Dogecoin
As you follow on Kriptokoin.com, the crypto world has witnessed an unexpected jolt recently, with the popular meme-based cryptocurrency Dogecoin (DOGE) gaining significant attention following the enactment of the DRC-20 standard. The newly implemented token standard led to a meteoric increase in the number of daily transactions on the Dogecoin Blockchain reaching an all-time high of 650,000. This increase allowed Dogecoin to momentarily surpass both Bitcoin and Litecoin in terms of trading volume. Also, this development caught the attention of the crypto world.
Similar to Ethereum’s ERC-20, the DRC-20 standard enables the issuance and management of tokens on the Dogecoin Blockchain. This has stimulated increased activity and interest, creating new possibilities for decentralized applications (dApps) and initial cryptocurrency offerings (ICOs) on the Dogecoin network. Thus, the launch of DRC-20 proved to be an important catalyst for Dogecoin. It seems that the speculative heat initially surrounding BRC-20 tokens is slowly spreading to Proof-of-Stake (PoW) Blockchains like Litecoin and Dogecoin. This has led to a tremendous increase in the network activity of these Blockchains, led by Dogecoin.
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