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The bear market has already pushed Shiba Inu (SHIB) back to the 5-zeroes after declining 10% in the past 24 hours. But there is so much that might push the Shiba Inu price even further down. The slow project delivery and the lack of real use cases are making Shiba Inu less attractive. Therefore, the recent Shiba Inu bull run might be a real bull trap. This explains why the Shiba Inu price has been one of the fastest drops during this bear run. Bears are currently crashing the crypto market, taking away most of the gains that crypto coins have made in the past few days. Shiba Inu is one of the coins that have been affected by the current bear run. Shiba Inu posted a double-digit drop over the past 24 hours.
On the other hand, Shiba Inu is expected to kill one zero permanently in the next few weeks. The Shiba Inu coin has been swinging between 5-4 zero in the past few weeks. At the time of this writing, Shiba Inu was trading US$0.000009964, which is five zeros. The Shiba Inu price is expected to get stronger and kill the one zero for good after the Shibarium launch.
Back in 2020, the ERC-20 token, Shiba Inu, was created to copycat another eminent crypto, Dogecoin (DOGE). Despite the initial bearings of the platform, it has modified the fundamentals and is now equipped with a DEX, a metaverse platform, and is accelerating speedily towards token burning for long-term positioning. The token is also getting increasingly adopted for payment purposes, and the number of organizations that accept it is on the rise. It is one of the most dominating and interesting cryptocurrencies in the world today. It began its journey with quadrillion tokens, but now almost 50% of its tokens have burned. The predictions for the year 2022 include that Shiba Inu can reach US$0.0001 in the crypto market following the crypto winter. By 2023 the pricing is expected to rise to US$0.00015 in 2023 and by 2025 US$0.0002. The ecosystem for this token is still in its developmental phase, and this year, the performance is bound to escalate. Given the internal fundamentals and overall market growth as driven-by Bitcoin Halving, Shiba Inu (SHIB) can have its pricing pushed higher.
Shiba Inu's price is set to close out the week with a loss after the bullish soft patch in the last week of June. Where some cryptocurrencies saw a complete collapse of the price action with lower lows against the lows from last week, SHIB price looks in far better shape and still has the bearish cap in hindsight, with bulls set to strike at any moment. For now, expect the bearish momentum to overweigh, but a turn in sentiment looks to happen over the coming summer weeks.
Shiba Inu's price slipped further to the downside after price action tried to pop above and break the 55-day Simple Moving Average (SMA) that has been hanging over the price action as a watchdog keeping the downtrend in play. Bulls saw their attempt cut short and got trapped in a bull trap, squeezing them to the downside and trying to have them cut their losses. However, an acceleration to the downside did not happen, as seen with some other cryptocurrencies.
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