Shiba Inu's (SHIB) latest attempt to spark excitement among its investor base with updates on 'Shib The Metaverse' has fallen flat. Over the past 24 hours, SHIB’s price has dropped by almost 10%, and it may fall further.
In a recent post on X, Shiba Inu’s marketing lead provided updates on the 'Shib The Metaverse' project. Despite the announcement, SHIB holders remain largely unmoved, and the coin is trading down 7% at $0.000018. SHIB has recorded the most significant losses among the top five meme assets by market capitalization.
Additionally, SHIB’s declining open interest (OI) suggests reduced market activity. The OI has fallen by 11% from its all-time high of $116 million to $103 million, indicating traders are closing positions and becoming less bullish.
SHIB’s Chaikin Money Flow (CMF), tracking money movements, is trending downward and may cross into negative territory, signaling potential liquidity outflows. This setup indicates accelerating outflows from the SHIB market.
SHIB's recent attempt to break the $0.0000189 resistance level has failed. If market interest continues to wane, its price could reach the August 5 low of $0.000010. However, if SHIB witnesses a resurgence in demand, its price may rise to $0.000028.
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