Shiba Inu Is Up 80% YoY But Slumped On International Dog Day. What’s Happening?
The price of Shiba Inu has fallen by 4% today, with its decline to $0.00001445 coming as the cryptocurrency market as a whole weathers a 3% drop in the past 24 hours.
SHIB remains up by 4.5% in a week and by 6% in a fortnight, although the popular meme coin is down by 14% in the last 30 days.
More encouraging is the fact that the alt is sitting on an 80% increase in the past year, underlining the long-term momentum it still has.
And while it may have failed to capitalize on International Dog Day yesterday, the next few weeks should see it return to growth, along with the wider market.
Yesterday was indeed International Dog Day, which provides an occasion for showing appreciation for canines of all breeds and raising awareness of dog-related issues.
A casual observer might assume that this attention could feed into interest in dog-themed meme tokens, but it clearly hasn’t had any positive impact on the Shiba Inu price.
As the chart below makes clear, SHIB is currently on a downtrend.
Its relative strength index (purple) has now sunk to 30, which means SHIB has entered an oversold position.
We also see SHIB’s 30-period average (orange) falling towards the 200-period average (blue), and once it drops below the longer term average we may see a reversal of the coin’s recent bard fortune.
One interesting detail is that the past week or so had witnessed a modest increase in SHIB’s 24-hour trading volume, from around $100 million on August 18 to $300 million today.
This is still relatively low, however, suggesting that whales are currently disinterested in the meme token.
Yet one thing in Shiba Inu’s favor is that it has much stronger fundamentals than most other major meme coins, with the token seeing a variety of developments in recent
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