Despite the announcement about the forthcoming development, the price of the meme coin remains in the red. It currently trades at around $0.00002165, a 3% fall on a 24-hour scale and a 20% decline in the past two weeks.
The underperformance coincides with the broader decline of the entire cryptocurrency market since the latest FOMC meeting. Recall that Bitcoin (BTC) plummeted from over $108,000 on December 17 to its current $93,500 after America’s central bank hinted that the rate cuts might be paused in 2025 due to rising inflation concerns.
One factor signaling that #SHIB bulls might experience further pain in the near future is the exchange netflow. According to CryptoQuant, inflows surpassed outflows on most days last week. This suggests a shift from self-custody methods toward centralized platforms and could be viewed as a bearish factor since it increases the immediate selling pressure.
