Shiba Inu Investors Face Significant Losses

Shiba Inu Investors Suffer Heavy Losses

Shiba Inu (SHIB), once hailed as a "Dogecoin killer," has faced significant losses in recent times. Following impressive gains that propelled it to the second-largest meme coin status, SHIB has witnessed a substantial decline.

Current Status of Shiba Inu Investors

SHIB's price has plummeted mainly due to the drop in Bitcoin's value. As a result, the meme coin has fallen to one of its lowest points in months. Investors have suffered substantial losses and missed out on potential profits.

According to the Global In/Out of the Money (GIOM) indicator, around 66.75 trillion SHIB was purchased between $0.00002100 and $0.00002500. If SHIB's price had remained stable, this supply, worth $1.38 billion, could have yielded significant profits.

However, SHIB has fallen below these levels along with the overall market decline. At the time of writing, it continues to trade around $0.00002071.

The meme coin's RSI value has also dropped to 40.58, indicating a loss of buying strength. When the RSI falls below 50, selling pressure typically overcomes buying pressure.

SHIB Price Prediction

For some time, Shiba Inu's value fluctuated between $0.00002835 and $0.00002093. Investors anticipated a breakout from this range, but it did not occur as expected. SHIB has moved beyond these levels and is currently trading at $0.00002065.

If SHIB fails to regain support soon, it may decline further, potentially reaching $0.00001600 or even $0.00001473. However, if the $0.00002093 support level is reclaimed, the price could stabilize again. This would provide investors with another opportunity for profit and potentially reverse the current bearish outlook.