When Cryptocurrency Goes to the Dogs đŸ¶: Shiba Inu’s Dramatic Fall and Lead Developer’s Exit!

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Oh, the drama! Shiba Inu, the second-largest meme coin in the digital asset space, has suffered a most unfortunate tumble in the past 24 hours, losing a crucial support level. But fear not, dear reader, for the broader crypto market has also taken a dive, with market leader Bitcoin losing the $100,000 price level after reaching a new all-time high at $109,000 just a week ago. It seems even cryptocurrencies can’t escape the whims of fate!

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. One wonders if these tokens have gone to that great blockchain in the sky…

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. How loyal these holders must be, clinging to their coins like shipwrecked sailors to their life rafts!

Shiba Inu Price Analysis

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. One can only imagine the red faces of those poor traders who were hoping for a green light!

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. Will the bulls come to the rescue, or will they leave poor SHIB to its fate?

Shytoshi Kusama Steps Down as Lead Developer

And now, dear reader, for the piĂšce de rĂ©sistance: 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. One can only hope that this new role will bring about a change in fortune for our furry friend!

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 sometimes 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. May the odds be ever in your favor, dear Shytoshi!

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2025-01-27 14:08