Shiba Inu is one of the leading cryptocurrencies in the world after its rally since the start of the year. The second most widely adopted meme coin in the world is also wanted if it could be expanded to the cryptocurrency space.
Shiba Inu, the leading meme coin globally, is expected to endure a massive burn. The total number of SHIB coins in circulation is expected to be reduced by the burn. The current supply of tokens is 589,736,561,989,744.
According to the founder of the Shiba Inu, Ryoshi, “The coin burn will pave the path for the project to start its Metaverse journey.” The Metaverse is a rapidly growing technology, and its integration with the crypto space will create a boom, especially after the entry of tech giant Facebook.
Trade Shiba Inu with eToro
Shiba Inu’s CEO announced that The Shiba Inu Core Devs (SICD) is striving to develop the “Oshiverse”, their own Metaverse space. A development team member revealed that ” We are working on creating multiple aspects of the Shiba Inu’s Metaverse, including Shibarium, Shi, Shibanet, The Decentralized Shiboshi Game, Incubator and much more.
Degrading Value of SHIB
In the past few months, Shiba Inu has faced a degradation of SHIB’s value. It was dropped by more than 40%. The crypto token of Shiba Inu “SHIB” is currently trading at $0.0000358, which is almost more than 50% down from its highest value. Although, now SHIB is again in the pace and has increased by 375% to its value in the past three months.
MACD line of SHIB is below the neutral zone.
While we look at the technical indicators of the SHISB, the cryptocurrency is still underperforming. SHIB is moving towards the oversold region, as shown by the RSI of 38.
However, the MACD line of the SHIB is below the neutral zone. The trading rate of SHIB is still lessened than its 50 day moving average at $0.0000478.
If the token continues to follow the same momentum, the value of SHIB will go down. The cryptocurrency could drop below the $0.000030 level in the coming hours and days unless the market recovers.