Bells are ringing for Shiba Inu (SHIB): "It lost its vitality"

Shiba Inu (SHIB), the second largest meme coin by market value, has fallen amid decreasing buying interest.

The criticism of the memecoin platform Pumpfun, which is present on the Solana blockchain, has increased selling pressure on memecoins. Crypto investors have started to distance themselves from memecoins, which have turned into a big ponzi scheme. Many memecoins, including Dogecoin (DOGE), have faced a loss of interest.

Following Dogecoin, Shiba Inu, which is among the meme coins that lost value, also suffered a loss of positivity in its recent price, according to UToday, and it was claimed that it was not supported by whales.

In the analysis, an important support level for SHIB was mentioned.

Shiba Inu (SHIB) analysis

According to the analysis prepared by UToday, Shiba Inu (SHIB) price is facing a potential correction.

The analysis includes the following statements;

Shiba Inu seems to have lost its vitality in recent times. Investors are reluctant to raise the price of SHIB

Due to the sudden loss of buying interest, SHIB has experienced a significant drop. SHIB has lost nearly 8% in the last 24 hours.

UToday reported that SHIB is approaching the support level in the triangle formation and that this point is of critical importance.

Analysis recorded the following;

“For SHIB to regain its upward momentum, it needs to stabilize above the nearest support level of $0.000023.”

If SHIB cannot hold 0.000023 dollars, it may experience further decline. The analysis suggested that 0.0000205 dollars would be the next support level and that this support would maintain the uptrend.

The analysis evaluating the possible bullish scenario used the following expressions;

**“SHIB price should stay above the $0.000027 resistance. Exceeding this point will increase the risk appetite of whales and provide a re-inflow of money.” **

This article does not contain investment advice or recommendation. Every investment and trading transaction involves risk, and readers should conduct their own research when making decisions.