The Shiba Inu price was stuck in a deep bear market on Monday after plunging by more than 65% from its November high. Its volume in the spot and the futures market has dried up while whales have continued to dump it.
SHIB price today, July 7, trades at $0.0000011 and is at risk of further downside after forming two bearish chart patterns.
Shiba Inu Price at Risk as Volume Plunges
A closer look at third-party data shows that Shiba Inu is no longer the king of memes it was a few years ago. For example, despite having a market capitalization of over $6.9 billion, SHIB had a 24-hour volume of just $175 million.
In contrast, Bonk, the biggest Solana meme coin, had a 24-hour volume of over $1.5 billion. This is notable since Bonk has a much smaller market capitalization than Shiba Inu. Similarly, Pepe had a 24-hour volume of $556 million, while Dogwifhat had over $318 million.
The same has happened in the futures market, where Shiba Inu’s futures open interest stood at just $58 million, while Pepe had over $454 million. These numbers mean that Shiba Inu’s demand and traction among investors has dropped.
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SHIB Price is at Risk if it Loses Key Support Level
The daily chart indicates that the SHIB price has been consolidating over the past few months. This consolidation happened after it dropped and retested the crucial support level at $0.00001025, the lowest swing on April 8 and June 22.
While this pattern could be the bullish double-bottom, as we mentioned earlier, there is also a risk that it is an inverse cup-and-handle pattern, a popular bearish continuation sign. If this is the case, then it means that the ongoing price action is part of the handle section of the inverse C&H.
Therefore, there is a risk that the Shiba Inu price will have a bearish breakout if it moves below the support at $0.00001025. A move below that level will point to more downside, potentially to the key support at $0.0000080.
On the other hand, if this pattern is part of a double-bottom pattern, it may rebound to the neckline at $0.00001758, representing an increase of over 50% from the current level.
Bitcoin Pepe Aims to be the Next Big Thing
Meanwhile, with Shiba Inu losing its shine, Bitcoin Pepe will likely be the next big thing in the meme coin industry. Its name is derived from the largest cryptocurrency in the industry and the third-largest meme coin.
Bitcoin Pepe will not be a direct competitor to Shiba Inu because it will not be a direct meme coin. Instead, it will be a layer-2 network, similar to Polygon, Base, and Arbitrum. Instead of being a layer-2 network for Ethereum, it will be a large chain for Bitcoin.
Bitcoin Pepe hopes that meme coin creators will utilize its blockchain to develop and launch their meme coin. Its layer-2 network will be complemented by a decentralized exchange with instant transactions, ultra-low fees, and substantial liquidity. Hurry up and buy Bitcoin Pepe here before the next price increase.
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