Shiba Inu (SHIB), once a leading meme coin by market cap, has seen its value plummet 65% over the past year. Trading volume has collapsed 84% in the same period, and key ecosystem metrics like its token burn rate and layer-2 network activity have declined sharply. However, a key technical indicator suggests a short-term price rebound may be possible despite the concerning trends.
The self-proclaimed Dogecoin killer has seen a steep decline and now stands as a shadow of its former glory. Multiple factors suggest the meme coin may suffer even greater losses in the near future.
Shiba Inu is currently worth around $0.0000047, representing a 65% decline over the past year. The coin has collapsed by nearly 95% since its all-time high reached at the end of 2021.
Its market cap fell well below $3 billion, and it was overtaken by MemeCore (M). The token’s poor performance comes alongside a declining trading volume, which has plummeted by 84% over the last 12 months.
The coin’s burn rate has fallen by 71% over the past week, another cause for concern. Since the program launched, the team and community have scorched more than 40% of the total supply.
Shibarium’s stalled activity is another factor, with daily transactions drastically declining after an exploit last year. The layer-2 scaling solution was designed to advance the project by improving speed and reducing fees.
Amid a landscape filled with worrying signals, Shiba Inu’s Relative Strength Index stands out as one of the few indicators signaling a short-term rebound is possible. The technical analysis tool’s ratio has dropped below 30, indicating the price could be due for a resurgence.
