Once a former powerhouse in market cap, the so-called Dogecoin killer has tumbled hard lately and now feels like a fading echo of what it used to be. 🖤
A mix of red flags hints that even steeper drops could hit soon, yet one technical signal whispers about a possible short bounce ahead.
The Crash Has Yet to Begin?
Right now Shiba Inu sits near $0.000004697 according to CoinGecko after a brutal 65% slide over the past year. Worse still, it has crashed almost 95% from the peak it touched back at the end of 2021.
For ages SHIB held the number-two spot among meme coins behind only Dogecoin, but its market cap slipped under $3 billion and MemeCore overtook it on the way to a $4 billion valuation.
Trading volume has also tanked 84% in the last 12 months and overall hype around meme coins keeps cooling. Such thin participation often means traders are losing faith, which makes any comeback look rougher.
Its burn rate dropped another 71% just this past week, slowing the whole scarcity engine that was meant to lift prices. The community has already torched over 40% of the original supply, yet nearly 590 trillion tokens remain in circulation.
Shibarium’s activity has basically stalled too. The layer-2 was supposed to speed things up and cut fees when it launched in summer 2023, but an exploit last year killed the momentum and daily transactions have stayed low ever since.
The Bright Side
Even with all the gloom, the Relative Strength Index has dipped below 30, suggesting SHIB got oversold fast and might claw back some ground in the short term. Readings over 70 would have flagged an overbought zone ready for a pullback instead.
Just another echo from the void by iconofsin.eth 💖
