The broader crypto market Enters the. correction phase.Bitcoin reached an all-time price high of about $68,950 on Wednesday after a report showed higher-than-expected inflation in October.
The cryptocurrency eventually returned some gains as short-term overbought signals appeared on the charts.
It’s not all merry for the meme coin and it’s doppelganger as DOGE and SHIB are trading down by 1.7% and 7.9% respectively.
SHIB after a spectacular run in the last couple of weeks is witnessing a steep dip today. The token is trading at $0.00005078 down by 7.3% in the last 24 hours.
Incase of a dip, the support can be found at $ 0.000049, however, if SHIB defies and starts a hike, the resistance levels are at $ 0.000054 and $ 0.000057 further.
However, on the brighter side, according to a recent analysis by research firm ICO Analytics, Shiba Inu has become the most popular cryptocurrency on Twitter.
Ether, Bitcoin, and Dogecoin are the second, third, and fourth most popular cryptocurrencies on Twitter, according to statistics from the research firm for the month of October. In fact, the research claims that while SHIB had a 22 percent popularity share on Twitter, Bitcoin had an 8.1 percent popularity share.
Shiba Inu Falls! SHIB Price Expected to dive Steeper
According to Mike McGlone, senior commodity strategist at Bloomberg Intelligence, the Shiba Inu (SHIB) could face some difficult times ahead.
McGlone describes the popular memecoin as a “Dogecoin wannabe” and “an illustration of excesses among 13,000 cryptos” in the latest Bloomberg Crypto Outlook.
Shiba Inu’s rise to a $40 billion market valuation, according to McGlone, puts the coin in a similar position to Dogecoin (DOGE), which fell from $0.74 in May to $0.16 in June this year.
McGlone believes that gravity will “likely overwhelm Shiba Inu” and that the memecoin would see reversion worthy of its parabolic rise.
“When the Shiba Inu game is up, the problem we see is that many assets could be prone to risk-off sentiment.”