The Shiba Inu price experienced a strong sell-off as the crypto fear and greed index turned red for the first time this year. 📉 SHIB fell for three consecutive days, reaching this year's lowest level of $0.00001271. This is down almost 70% from its yearly high, vastly outperforming major cryptocurrencies like Bitcoin and Ethereum. The price of Shiba Inu has dropped due to the fear spreading in the crypto industry. The crypto fear and greed index fell to 38, its lowest level since November last year. There are many winds in the cryptoverse and beyond that are causing the Shiba Inu's downfall. Balances on Bitcoin exchanges increased as the German government, Mt.Gox and Bitcoin mining companies moved coins to the exchanges. Spot Bitcoin ETFs continue to lose assets. The latest data shows that eleven funds hold 865,947 coins worth almost $50 billion. There are also signs that the Federal Reserve will keep interest rates up for longer than expected following Friday's strong inflation and nonfarm payroll (NFP) data. SHIB price also fell due to its weak fundamentals. First of all, the latest data shows that demand is decreasing. On most days, its volume has been surpassed by other new meme coins such as Pepe and Dogwifhat. The Shiba Inu's Shibarium network is not in good shape either. Shibarium's total value locked (TVL) fell from a yearly high of $4 million to $1.35 million, according to DeFi Llama data. Technicals indicate that the Shiba Inu price will weaken further. The chart above shows that the SHIB token is about to form a death cross pattern. If this pattern occurs, there is an increased chance that the token will fall to this year's low of $0.0000085.