Meme coin Shiba Inu was in the red on Friday, as it lost 6.8% in 24 hours to trade at 0.00002555 at the time of writing. On Thursday, SHIB lost nearly $600 million of its market value in just ten minutes, signalling a strong bearish sentiment.
Following that loss, the token’s market capitalization dropped from $11.22 billion to $10.61. This is likely to give impetus to sceptics’ assertions that SHIB’s recent stratospheric rise is nothing more than a “pump and dump” bull run.
Shiba Inu price to be listed on BTCTurk
Despite recent setbacks, SHIB is still on track to be listed on BTCTurk, Turkey’s largest and oldest cryptocurrency exchange. Tokens will be available for deposit and withdrawal starting at 12:00 p.m. UTC on October 15th, according to an announcement made on Thursday.
Despite the criticism it has received because of its seemingly infinite supply, investor trust in SHIB is rising. The digital asset recently surpassed the 1 million followers mark on Twitter, underlining its growing popularity.
In a related development, an online petition asking Robinhood to list the SHIB coin has garnered over 240,000 signatures, and it is on course to reach its goal of 300,000. If Robinhood yields to the petition, it could spur further gains by SHIB, based on the recent experience with Coinbase.
Shiba Inu price technical analysis
SHIBUSD is currently on a downtrend, stretching back 3 days ago. The pair’s market momentum has weakened significantly, with the RSI decreasing from 92 to the current 65 over a nine-day period. If the bearishness continues, the SHIBUSD price is likely to fall further to find support at 0,00002277, beyond which it could head back below the psychological support at 0.0002000. For the downtrend to soften, and maybe even turn around, the price would need to trade above today’s high at 0.00002781. If this were to happen we might reach the 0.00003057 mark.
