- SHIB struggles to break resistance, risking further decline toward $0.00001000.
- Massive SHIB burns increase scarcity, but price impact remains uncertain.
- Shytoshi Kusama’s absence fuels speculation amid ongoing ecosystem development.
Shiba Inu (SHIB) continues to face a tough downtrend, despite a slight price increase in the last 24 hours.
The key question for investors: can SHIB break out, or is this just a temporary blip?
SHIB’s Current Price Action
As of press time, SHIB trades at $0.00001276, a 2.17% increase over the last 24 hours. However, the price remains down 1.15% over the past week.
Trading volume stands at $163,987,891, with a market cap of $7.47 billion. Despite the short-term gain, the bigger picture shows ongoing weakness. According to analyst SHIB KNIGHT, the cryptocurrency has been in a steady decline since December 2024, with lower highs consistently forming and blocking any substantial breakout.
While a strong support level has emerged near $0.00001250, repeated failures to breach the descending trendline highlight the prevailing bearish momentum. A decisive breakout with significant volume is necessary to confirm a trend reversal; otherwise, investors should be prepared for a potential drop toward $0.00001000.
Related: Shiba Inu Faces Adoption Dip, Yet BONE Token Seen as Mirroring XRP, ADA Success
SHIB’s Technical Indicators
Mixed signals abound. The Relative Strength Index (RSI) is at 39.56, indicating weak momentum but not yet reaching oversold conditions. A push above 41.17 could confirm a short-term rebound.
The Moving Average Convergence Divergence (MACD) indicator remains slightly negative, with the signal line hovering around zero. This points to a lack of strong momentum in either direction. However, a bullish crossover, where the MACD line moves above the signal line, could signal a trend shift in favor of buyers.
Related: Shiba Inu (SHIB) Set for 480% Surge? Analyst Price Target Sparks Hope
Are Token Burns Enough?
On-chain activity has seen a significant reduction in SHIB’s circulating supply due to substantial token burns. On March 13, a single transaction permanently removed 459.29 million SHIB from circulation. Smaller burns followed, including 14.62 million SHIB, 13.67 million SHIB, and 12.84 million SHIB in separate transactions.
Data from Shibburn, a dedicated tracking platform, reported a 112.85% increase in daily burns, with 1.81 million SHIB burned within 24 hours. However, despite the daily surge, the weekly burn volume dropped by 47.46% to 57.63 million SHIB.
While these burns theoretically increase scarcity, their impact on price remains uncertain. With SHIB’s circulating supply still at 590 trillion, a more aggressive burn strategy or higher demand is needed to drive meaningful price appreciation.
Where’s Shytoshi Kusama?
Meanwhile, Shiba Inu’s lead developer, Shytoshi Kusama, has been noticeably absent from social media, fueling speculation within the community.
His last post on X was on February 21, when he discussed improved liquidity pools on ShibaSwap. Since then, he has only retweeted select SHIB-related content, with the most recent activity on March 7.
This silence has led to various theories about his whereabouts. However, SHIB marketing lead Lucie reassured the community that Kusama’s absence is intentional. According to her, he is working behind the scenes on expanding Shiba Inu’s reach, possibly engaging in strategic partnerships.
She stressed that his efforts are focused on bringing global awareness to the project. But for some investors, the lack of communication is a concern.
Kusama’s History of Social Media Breaks
Kusama’s sporadic social media presence is not new. In previous instances, he has taken extended breaks before returning with major announcements.
In May 2024, after a long silence, he revealed that he had been in the Middle East for business and personal reasons. Additionally, during the holiday season, he mentioned working nearly 20 hours a day on ecosystem development while most were on break.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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