Overview

Shiba Inu (SHIB) has recently experienced a significant dip in its value, falling by 20% over the last two weeks. The cryptocurrency is now valued at approximately $0.000006127, leading analysts to speculate about possible further declines.

Analyses Point Towards Potential Crash

Current data indicates SHIB’s market cap has fallen to around $3.6 billion, positioning it as the 30th largest cryptocurrency, down from nearly $10 billion last year. Ali Martinez, a well-known analyst, noted that SHIB’s recent trade below $0.00000667 may signal an impending deeper drop towards $0.00000138, representing a staggering 77% potential crash.

Additionally, a 99% decrease in Shiba Inu’s burn rate over the last 24 hours raises concerns about its price trajectory.

SHIB Supply

Sources: shibburn.com

Behavior trends among SHIB investors suggest a shift towards self-custody, reducing selling pressure as more coins are held outside exchanges.

Indicator of Overvaluation

The Relative Strength Index (RSI) for SHIB recently indicated that it might be overbought, supporting the bearish outlook. Many traders are awaiting a reversal before making drastic moves.

SHIB RSI

Sources: RSI Hunter

Contrasting Perspectives

Despite the grim forecasts from some analysts, Vuori Trading claimed that SHIB could bounce back, suggesting that the current low is a manipulation tactic before a potential rally towards $0.00014, marking an unprecedented rise.

The cryptocurrency scene remains dynamic, and investors are urged to conduct their research before engaging with SHIB’s fluctuating landscape.