Why Is Shiba Inu Dropping To The Ground Today And Could Topping This Level Decisively Save Its Bacon?

Shiba Inu SHIB/USD dropped 8.2% to $0.000029 over 24 hours leading up to early Thursday morning.

What’s Moving? The Dogecoin DOGE/USD-rival has fallen 10.45% over a seven-day trailing period.

SHIB fell 0.9% against the apex coin, Bitcoin BTC/USD, over 24 hours and rose 0.2% against Ethereum ETH/USD. 

Over the last 30-days, SHIB has lost 21.1% of its value, while its price rose 33.4% in a 90-day time frame. Since 2022 began, SHIB is down 13%. 

See Also: How To Buy Shiba Inu (SHIB)

Why Is It Moving? SHIB plunged in tandem with DOGE and other major coins at press time as the global cryptocurrency market cap decreased 8.25% to $2 trillion.

SHIB was among the most mentioned coins on Twitter at press time. It attracted 2,320 tweets, according to Cointrendz data.

Bitcoin, Ethereum, and Solana were the three most mentioned coins at press time. They attracted 15,069, 6,159, and 2,482 tweets, respectively.

Shiba Inu is nearing the end of a pennant pattern and could be due for a breakout if it can push past its 50-day moving average on strong volume, wrote Benzinga’s Tyler Bundy on Wednesday.

Meanwhile, decentralized exchange ShibaSwap is the top trending project on the Security Leaderboard maintained by Certik. The blockchain audit company said on Twitter Wednesday that ShibaSwap is no. 8 overall on the Security Leaderboard.

In terms of other upcoming developments on the platform, during a recent "ask me anything" session, the moderator of the official Shiba Inu Discord “Queenie” said that the Shibarium blockchain/layer-2 solution proposed by the SHIB creator Ryoshi will be released “as soon as humanly possible.” Shibarium would lead to a significant drop in transaction fee.

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