The Relative Strength Index (RSI) for the Shiba Inu (SHIB) price action reads a value of 24.94, which means that the bears are now in control of the altcoin’s price action.
By Anisha Pandey
Edited by Julia Sakovich
Updated
3 mins read
Shiba Inu SHIB $0.000012 24h volatility: 2.3% Market cap: $7.24 B Vol. 24h: $129.69 M , the second-largest meme coin by market capitalization, has witnessed a massive drop in its burn rate in the past 24 hours while the price of the cryptocurrency also crashed massively. Meanwhile, lead developer Shytoshi Kusama dropped a mysterious video, hinting at a major upcoming development for the meme coin’s community.
According to the data from Shibburn, the Shiba Inu burn rate plunged 97.77% in the past day with close to 700K SHIB tokens being removed from supply. Until now, the SHIB community has turned a whopping 410 trillion tokens, but there are no signs of stopping. As per a previous report, the project burned about a billion SHIB tokens to celebrate the debut of ShibTorch V2.
On the other hand, CoinMarketCap data shows that in the past day, SHIB has crashed a significant 18% and is trading at $0.00001449 at the time of writing, with a 317% surge in its trading volume, which stands at $1.47 billion. Also, the digital asset is down 83.91% from its all-time high of $0.00008845 and now needs to break above $0.000020 and reclaim it as support.
Shiba Inu lead developer Shytoshi Kusama, who is now transitioning to a new role as the ambassador of the platform, dropped a mysterious video on social media platform X. The 23-second video caught the attention of the SHIB community on X with interesting phrases such as “something is shifting” and “the key to the future is about to be unlocked”.
— Shytoshi Kusama™ (@ShytoshiKusama) February 1, 2025
Kusama’s X post suggests that SHIB investors should brace for a massive change in the meme coin’s ecosystem with the video asking crypto market participants to “prepare themselves [yourself], this change is everything”. The video posted by the developer ended with the statement that “something big is coming”.
The Relative Strength Index (RSI) for the Shiba Inu (SHIB) price action reads a value of 24.94, which means that the bears are now in control of the altcoin’s price action. SHIB is currently oversold. However, such levels are often followed by traders buying the dip in anticipation of higher prices.
Also, the Moving Average Convergence/Divergence indicator remains bearish for Shiba Inu with the MACD line (blue) continuing below the signal line (red). The MACD histogram is also red while the intensity of the bars increases. Further, the price action of SHIB crashed from the bearish region of the Bollinger Band, suggesting lower prices.
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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.
