- The SHIB price has been struggling since May of 2022.
- SHIB is currently trading at $0.00001034 after a 0.83% increase in price.
- The meme coin’s social dominance and active addresses have seen dramatic declines.
Shiba Inu (SHIB) has been in deep waters since the market collapsed in May of 2022. This has caused the meme coin trouble in maintaining the prices it had during a bullish market.
SHIB / Tether US 1D (Source: Binance)
When looking at SHIB’s daily chart, we see that the crypto continues to extend the bearish descending triangle as it hovers around the same levels at $0.0001. While the volatility around SHIB has dropped from 1.44% to 0.5% in just 30 days, the meme coin has still been trading below $0.000013 for some time. .
According to CoinMarketCap, SHIB is currently trading at $0.00001034 after a 0.83% increase in price. Although the crypto is in the green for the day, SHIB is still down more than 5% over the last week.
SHIB social dominance (Source: Santiment)
A variety of other factors are also counting against SHIB at the moment. According to Santiment, SHIB’s social dominance has dropped by more than 7% to as low as 1.015% in recent times.
SHIB supply on exchanges (Source: Santiment)
In addition to this, Santiment also reports that SHIB’s daily active addresses and supply on exchanges has also dropped dramatically. The meme coin’s supply on exchanges now stands at around 14.25% of the total supply.
SHIB total NFT trades count (Source: Santiment)
Adding to the pressure on the meme coin is the fact that its NFVT trade count has been maintaining a single-digit number for the last couple of months.
Unless the market conditions ease up a bit, it is more than likely that the Shiba Inu price will continue to remain in its bearish captivity.
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