Shiba Inu’s (SHIB) latest attempt to drum up excitement among its investors has failed to deliver. On Sunday, it shared updates about the much-anticipated launch of “Shib The Metaverse.” However, the news failed to stir up the market.

In the last 24 hours, the price of SHIB has dropped by almost 10% and is poised to drop even further.

Lack of enthusiasm for Shiba Inu owners

In a recent post on X, Shiba Inu’s marketing lead provided an update on the upcoming “Shib The Metaverse” project. The virtual space aims to be a central hub for community members, fostering user-generated content, collaboration, and creative expression.

It will also allow SHIB holders to discuss ideas and vote on proposals.

Read more: Best exchanges to buy Shiba Inu (SHIB)

Despite the announcement, SHIB holders remain largely unaffected. The memecoin is currently trading at $0.000018, down 7% in the past 24 hours.

Among the top five meme assets by market cap, SHIB recorded the most significant losses during this period.

Shiba Inu Open Interest. Source: Santiment

Additionally, SHIB’s declining open interest (OI) reflects a drop in market activity. After reaching a record high of $116 million on September 27, its OI has fallen by 11% to $103 million at the time of publication.

A drop in open interest suggests that traders are closing positions rather than opening new ones, indicating a reduction in market participation and a shift in sentiment, with traders becoming less bullish.

CMF da Shiba Inu. Fonte: TradingView

Additionally, SHIB’s Chaikin Money Flow (CMF) is on the verge of crossing into negative territory, signaling a potential liquidity outflow. The CMF, which tracks money flowing in and out of the market, is trending lower, sitting at 0.05 at press time.

This setup indicates that the liquidity outflow from the SHIB market is accelerating.

SHIB Price Prediction

SHIB’s recent attempt to break above the $0.0000189 resistance level failed, reinforcing the bearish trend. If interest and demand for the memecoin continue to wane, its price could drop further, potentially reaching the August 5 low of $0.000010.

On the other hand, Shiba Inu price could rise to $0.000028 if it witnesses a resurgence in demand and sentiment turns more bullish, invalidating the above bearish projection.

Shiba Inu Price Analysis. Source: TradingView

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