Another year has passed, we’ve seen some interesting trends come and go in the crypto market. One of the things that is sure to have lasting effects is the trend of memecoins, led by none other than Shiba Inu (SHIB).
A new study by Global Data shows that conversations on social networks, including Shiba Inu (SHIB), increased by 16,000% in 2021.
According to this metric, the meme-inspired cryptocurrency and self-proclaimed DOGE destroyer will beat every other coin on the market in 2021.
Global Data’s senior social media analyst Smitarani Tripathy commented on the matter that “social media conversations around cryptocurrencies in 2021 increased by more than 400% compared to the same period last year”.
In fact, this year saw a huge hit in terms of general adoption of cryptocurrencies, possibly fueled by the massive bull market that saw Bitcoin price soar to $ 69,000, an all-time high.
However, despite the amazing growth in mentions on social media, SHIB still can’t keep up with Bitcoin.
Research shows that BTC leads the way with nearly 900,000 discussions, followed by Ethereum with 305,000 and Dogecoin with 150,000.
Cryptocurrency trends in 2021. Source: Global data
Shiba Inu price declines at $ 0.00004 as investors start cashing out on Christmas Eve. Price expectations looked grave throughout the day as low liquidity led to volatility. A drop to $ 0.00003 would be logical as it acts as the monthly pivot level and the Fibonacci level directly below it acts as a support.
After a good rebound on Christmas Eve but now it appears to be turning down as USD 0.00004 is in resistance. This movement is expected to be prolonged as liquidity continues to run dry. A complete reversal of the Christmas rally is possible, with a 20% decline expected today.
The SHIB price will then find support at around USD 0.0003, which has proven its importance in the past few days. Even if this pivot point is broken, price will move towards the 78.6% Fibonacci level, which is a difficult point for bears to break.
SHIB / USD daily chart
If the bulls can generate enough volume to take one final push, price could test and break the $ 0.00004 mark followed by a short-term accelerated move towards $ 0.000449 – a stop likely to be the rally trigger. Not only is this a technical resistance, it’s the 61.8% Fibonacci level and the 55-day SMA.
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