Shiba Inu has made a name for itself when it comes to surprising market movements. The meme coin displayed similar behavior again today, but in the midst of the developments, the market observed an unlikely anomaly.
Shiba Inu gains and loses
The ongoing market rally has resulted in pretty much every altcoin posting a green candle today, with the latest in the mix being Shiba Inu. After picking up over 11% in the last 4 hours, SHIB’s total rise at the time of writing crossed 20%.
Right now, the biggest resistance for the altcoin is at $0.000003381, which coincides with the 23.6% Fibonacci level. Keeping price uptrend under control, this zone has not allowed the altcoin to even reach 1 SATS in months now.
However, investors must note that the Relative Strength Index is actively inching toward the overbought zone. A breach into it could be an indication of a trend reversal since a cool down could follow if the market is overheated.
Shiba Inu price action | Source: TradingView – AMBCrypto
But if the altcoin is able to test the Fibonacci line as support, it could see a potential comeback from its investors.
The reason why it would be a comeback over addition is because, in the last 13 days, the network has noticed the exit of over 70k SHIB holders.
Shiba Inu investors | Source: Intotheblock – AMBCrypto
However, it did not make much of a difference in the on-chain transactions, and the overall volume since both have been on a downtrend for a while now. Oscillating in the lower $50 million to $70 million range, SHIB is yet to make a mark this year.
Shiba Inu transaction volume | Source: Intotheblock – AMBCrypto
Change in tact
But despite the rally today, the drop in Shiba Inu investors continued at press time too, which is surprising since the SHIB community is known for their loyalty, regardless of Shiba Inu’s absurd price action.
Talking about absurdity, Shiba Inu recently put out a blog discussing their plans going forward. While most networks usually discuss their strategies in a more technical manner, Shiba Inu chose the ‘cynic’ route to explain their plans of “world domination.”
Talking about the goals of the meme coin network, Shiba Inu intends to completely saturate its Shib Wallet. But it doesn’t want to stop there as it plans on bringing The Shib Collectible Card Game (x Playside), Shib Fashion (x John Richmond), Shib Food (Welly’s) to life soon.
It is yet to be seen how these ideas pan out and how it will affect SHIB’s credibility as a cryptocurrency – or will it just remain the memecoin it is made out to be.
