As the selling pressure in the cryptocurrency market deepens, analysts say the Shiba Inu (SHIB) price is facing a massive 47% correction.
Investors prefer to sell despite the SHIB burning campaigns
On-chain analyst Ali Martinez, whose analysis we shared with Kriptokoin.com, predicted a major collapse about Shiba, the second largest meme coin by market capitalization. In his recent Twitter analysis, Martinez says:
Shiba Inu appears to be emerging from a descending triangle in a bearish position. On the 3-day chart, SHIB is also losing the RSI support around 35.10.
According to CoinGecko, Shiba price is around 11% in the last 24 hours lost value. The depreciation reached 75% from the ATH level in October 2021.
Most meme tokens gain value with social media attention
30-day Google search for “buy Shiba Inu coin”, 2021′ saw a significant decrease after the stratospheric increase in Since peaking at 100 on April 19, 2022, the keyword’s popularity has dropped 89%, dropping its Google Trends score to 15.
Also, the value of any cryptocurrency decreases as the number of users decreases. According to Coinmarketcap, the total number of Shiba Inu addresses dropped from 1.19 million on March 15 to 1.146 million on May 9, indicating a lack of investor interest.
SHIB price drops despite recent developments
Despite recent Shiba developments, SHIB price continues to decline. Devs developed the SHIB burning site to reduce the global Shiba supply and increase the value of the token. SHIB burn portal moved nearly half a million dollars of SHIB to dead wallet in just 14 days. In terms of SHIB pricing, the tokens burned had no effect. Tokens burned: 26 billion Shiba as of May 9.
It will be interesting to see if Ali Martinez’s predictions come true. The Shiba community has also launched the Shiba metaverse to increase the Shiba price. Shiba community member SHIBainuart says 18,700 parcels have already been sold at SHIB.
However, despite their large land purchase in the Shiba Inu metaverse, The Shiba price did not reflect this.
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