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The broader market rally failed to galvanize Shiba Inu (CRYPTO: SHIB), as the popular dog-themed memecoin plunged sharply after morning gains.
What Happened: SHIB, also known as Dogecoin (CRYPTO: DOGE) Killer, dropped nearly 2% in the last 24 hours, even as the rest of the market, including memecoins, recorded significant gains.
The canine coin moved 6% higher early in the morning on cooler-than-expected inflation numbers, but the Fed's hawkish projection caused a steeper decline vis-à-vis the rest of the market. With the latest drop, SHIB's weekly losses increased to 17%
Several technical indicators flashed a bearish signal for the second-largest memecoin, according to TradingView.
One of the most popular tools, the Moving Average Convergence Divergence indicator was in the negative zone, a typical sell signal.
The MACD is primarily used to gauge an asset's overall trend. The crossover of the signal line and the MACD line gives trading signals.
Similarly, the Momentum Indicator, which compares the current price with the previous price from several periods ago, showed a negative value, indicating bearish sentiment.
The Relative Strength Index hovered above 36, flashing a neutral signal. Like the Momentume Indicator, the RSI tracks the speed and change of price movements.
Why It Matters: The bearish projection come amid a sharp drop in the coin's burn rate.
According to the burn tracker, about 7.1 million SHIB tokens were kicked out of circulation in the last 24 hours, representing a fall of 96%. A drop in burn rates is typically construed as a bearish sign as it lessens the deflationary pressure on the coin.
Additionally, SHIB's whale transaction volume dropped more than 50% in the last 24 hours, according to IntoTheBlock
Price Action: At the time of writing, SHIB was exchanging hands at $0.00002156, according to data from Benzinga Pro.
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