The meme-inspired Shiba Inu cryptocurrency has earned itself a solid following in the crypto market. Venturing into the specialized segment of meme coins, it goes toe-to-toe with other canine-themed coins like Dogecoin. To build upon existing features, the developers of Shiba Inu launched Shibarium as a layer-2 scaling solution to enhance transaction speed and minimize fees. Unfortunately, this move has yet to leave a noteworthy effect on SHIB’s pricing. It’s no wonder then that SHIB had recently dropped and formed a “death cross” on its short-term chart. Will this bearish signal indicate deeper losses for Shiba Inu? A death cross is interpreted when a security’s short-term moving average falls below its long-term moving average, suggesting theuka of major selling. Since then SHIB had been retreating from 2021’s zenith and plunged noticeably in the past year. Opinion is divided in regards to the synthetic signal spawned by such crossovers, with some anticipating more dips and others denying weight to such speculations. Whatever the outcome, Shiba Inu lingers in its $0.000008000 mark for now.
