The second largest meme coin, Shiba Inu (SHIB), is undeniably facing increased selling pressure after last week’s correction, which wiped out all the gains made during the Shibarium launch hype. The sudden SHIB price drop last week materialized after a chaotic launch of the Shibarium layer two scaling solution.
However, the core developers led by Shytoshi Kusama immediately stepped in to resolve the network congestion issue that had locked the staked assets. At one point, Kusama pledged $2 million to assure the early investors of their staked assets before the issue was resolved.
Shiba Inu Bears On the Loose
After an impressive rally in the past few weeks, the Shiba Inu price retraced as much as 36 percent following the Bitcoin dip below the crucial support level of around $29.1k. In the four-hourly time frame, Shiba Inu bears are preparing to push even lower in the coming days after a death cross between the 50 and 200 Moving Averages (MA) took place.
Arguably, Shiba Inu’s price is likely to drop another 34 percent to the next major support level to revisit this year’s lows. However, on-chain m intelligence platform Santiment has warned that most crypto assets tend to rise every time the bear market narrative dominates most communities. As a result, Shiba Inu’s price could be preparing to range horizontally in the coming quarters awaiting the Bitcoin halving to trigger a macro bull run as observed from historical data analysis.
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