Shiba Inu (SHIB) crashed by more than 11% in the past 24 hours, losing a crucial support zone between $0.0000185 and $0.0000212 and trades at $0.00001765.
By Anisha Pandey
Edited by Julia Sakovich
Updated
3 mins read
Shiba Inu SHIB $0.000013 24h volatility: 2.0% Market cap: $7.47 B Vol. 24h: $190.28 M , the second-largest meme coin in the digital asset space, witnessed a significant crash in the past 24 hours, losing a crucial support level. On the other hand, the broader crypto market also collapsed, with market leader Bitcoin BTC $85 034 24h volatility: 2.8% Market cap: $1.69 T Vol. 24h: $28.98 B losing the $100,000 price level after making a new all-time high at $109,000 just a week ago.
According to the latest data provided by Shibburn on social media platform X (formerly Twitter), the Shiba Inu burn rate shot up 856.36% in the past day with 6,278,168 SHIB tokens being removed from circulation. Moreover, in the last seven days alone, a massive 28,389,728 SHIB tokens have been burned, stated Shibburn. A total of 410.743 trillion SHIB have been burned until now.
CoinMarketCap data shows that at the time of writing, SHIB is trading at $0.00001765, down 11.70% in the past 24 hours. Meanwhile, the trading volume of the digital asset increased 166.78% to $475 million in the same time period. Also, over 74.17% of the SHIB wallets have held the meme coin for more than a year, as the digital currency surged 95.66% in the past year.
As pointed out in an X post by Ali Martinez, the $0.0000185 to $0.0000212 price region stood as a critical support zone for SHIB. However, it is clear that the cryptocurrency dropped below it as the MACD indicator confirmed a bearish divergence on the daily chart for the meme coin. The MACD histogram has also turned red.
Further, the Relative Strength Index (RSI) for the SHIB price action reads a value of 32.62 which means that the bears are overpowering and the chances of lower prices are still quite high. If the bulls don’t take over, SHIB might enter oversold levels on the RSI.
It is important to note that the lead developer of Shiba Inu Shytoshi Kusama announced on Sunday that he would “no longer be the lead visionary” of the meme coin project. The developer explained his decision, stating that his project does not need any more vision but needs “something different”.
“Simply put, there is no more vision needed, only execution and communications,” said Kusama while adding that he is now taking a new role as lead ambassador of Shiba Inu. The developer’s new goal will be to push for the adoption of the meme coin across borders and work with other developers who want to migrate to the ShibOS.
Kusama also promised to search for new innovative partners, tie up loose ends, and ensure a smooth transition of control to the DAOs.
“Using our various technologies and my unique and sometime unorthodox strategies, I believe we can bring Shib as a brand, and all the associated projects to new heights,” the new lead ambassador of Shiba Inu said.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it's dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.
