Jhe succeeded Ethereum network merger is a groundbreaking 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 that cannot be operated and have lost the attention after the Ethereum merger because most of them are unrelated to the merger. Shiba Inu is one of those assets that started losing their dominance and visibility in the cryptocurrency market after the Ethereum meltdown and the high inflation report.
A major accident awaits Shiba Inu
The popular Shiba Inu coin is tracking crypto sentiment, which was moved by the Ethereum meltdown with a mix of severe inflation reports. According to CoinMarketCapShiba Inu is currently trading near $0.000012, down almost 3% from yesterday’s price.
It looks like Shiba Inu are getting caught by market bears after CPI report. Shiba Inu has been trading around its fundamental support level at $0.000012 for the past three days, and if it is broken, then Shiba Inu could be aiming to hit the bottom line or even the year’s low by the end of the day. end of this month. Therefore, this Shiba Inu price action looks like a disaster as traders and investors won’t be able to take another dip.
Can SHIB make a comeback?
Data from CoinMarketCap indicates that Shiba Inu was the most favored and adopted cryptocurrency in the global crypto market in August, as hype for SHIB on social media began to rise due to the Metaverse Shiba Inu.
There is positive news that keeps the price of Shiba Inu up. SHIB has recovered over 20% of its value after the recent stock market crash and has created hope for investors and traders who have suffered significant losses due to the crash since October 2021. Despite Shiba Inu’s price volatility and negative feelings, 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 currently showing no guaranteed negative momentum as the volume profile continues to rise. However, it can be said that Shiba Inu is following the path of popular dogcoin dogcoin Cryptocurrencies Followers: 0 See profile , attracting a large community of investors and traders, but it ultimately seemed like a joke. High volatility which includes high risk has diverted investors’ attention from meme coins.