It has been a difficult week for the entire cryptocurrency market. Several assets witnessed a major plummet. Meme coins like Shiba Inu [SHIB] saw immense volatility. After its January gains, SHIB dipped to a low of $0.00001189 all the way from a high of $0.00001562. At press time, SHIB was trading at $0.00001238 with a 7.39% daily drop.
According to My Gov Capital, Shiba Inu’s price might linger around the $0.000015 zone. However, if the bears take over, the meme coin might dip to $0.000014. Prominent indicators were inclining toward the bears and this trend might persist through the weekend.
As seen in the one-day chart of Shiba Inu, the asset was currently in a downtrend. The MACD indicator further strengthened this notion as it formed a bearish crossover. The signal line took over the MACD line on Thursday.
The Relative Strength Index [RSI] indicator, however, noted that buyers were still in the SHIB market. The RSI marker was seen dipping down from the overbought zone on Wednesday. This further indicates that investors were trying to pocket Shiba Inu at discounted prices.
Furthermore, several could continue pouring funds into the ecosystem considering Shibarium is just around the corner.
More than half of Shiba Inu holders are now at a loss
While the holder count of SHIB continues to surge, the profitability rate has been depleting. Recently, the network welcomed 1.3 million holders. At press time, the number of SHIB holders making money at the asset’s current price was at a low of 36%. An astounding 56% were enduring a loss.
In addition to this, the burn rate of the network was down by 90% over the last 24 hours. This was quite surprising as the burn rate surged to 10,000% earlier this week. Despite this, SHIB was seen trending on Twitter.