Shiba Inu is one of the leading cryptocurrencies in the world, following its rally since the start of the year. It is also the second biggest meme coin in the world, and it now wants to expand its presence in the cryptocurrency space.
Shiba Inu to Undergo Massive Burn
Shiba Inu, one of the leading meme coins in the world, is expected to undergo a massive burn in the coming weeks. The burn is expected to reduce the total number of SHIB coins in circulation. At the moment, there are 589,736,561,989,744 SHIB tokens as the total supply.
Shiba Inu’s founder, Ryoshi, revealed that the burn is expected to pave the way for the project to enter the metaverse space. The metaverse space has become one of the fastest-growing in the cryptocurrency space, thanks to the entry of social media giant Facebook.
Ryoshi revealed that The Shiba Inu Core Devs (SICD) is working towards developing its metaverse known as “Oshiverse.” “The anonymous developer stated that “We are working on so many aspects of Shiba Inu including Shibarium, Shi, Shibanet, The Decentralized Shiboshi Game, Incubator and much more that won’t become evident until the near future.”
SHIB Continues to Underperform
Shiba Inu has underperformed in recent months. Over the past month, SHIB’s value has dropped by more than 40%. SHIB is currently trading at $0.0000358, down by more than 50% from the all-time high it achieved a few weeks ago. In the past three months, SHIB’s value has increased by 375%.
However, SHIB’s technical indicators show that the cryptocurrency is currently underperforming. The RSI of 38 shows that SHIB is heading towards the oversold region. Meanwhile, the MACD line is below the neutral zone, and SHIB is trading below its 50-day moving average at $0.0000478.
If the current momentum is maintained, then SHIB’s value could drop lower over the coming hours. The cryptocurrency could drop below the $0.000030 level in the coming hours and days unless the market recovers.