The meme coin market faced a brutal 24 hours, with Shiba Inu bearing the brunt of the bearish onslaught. The token plummeted over 8.5% in a day, wiping out gains and sparking widespread fear, uncertainty, and doubt among investors. Trading at $0.000009638, SHIB’s value has been decimated, prompting critics to declare the project dead. However, the Shiba Inu team’s confidence has sparked a fresh wave of optimism.
SHIB Price Dips 26%
Aligning with the broader crypto market trend and the meme coin sector crash, the Shiba Inu token saw a massive downfall today, with its price plummeting by over 9%. Currently valued at $0.000009638, the meme token is down by 21% and 26% over the past week and month, respectively.
Despite this downtrend, the community is largely optimistic about the meme coin’s potential rally, which is visible in the 70% surge in the 24-hour trading volume, currently at $297 million. This indicates that the participants are actively engaging with the market, potentially accumulating or repositioning. This high trading volume could be a sign of underlying strength, indicating that investors are taking advantage of the current price levels to build their positions. This increased activity might also hint at a potential trend reversal as the market sentiment begins to shift.
Team Head Sparks Optimism
Amidst this chaos, SHIB’s marketing lead Lucie has shared a glimpse of hope, sparking widespread enthusiasm. She summoned the SHIBArmy with a message of resilience, depicting a race car making a U-turn toward the sunrise as a symbol of the token’s potential turnaround. Her statement, “SHIB is scarred by the past, but unstoppable in the future,” suggests that the project is gearing up for a significant transformation or rebirth rather than a simple recovery.
The team’s response implies that new developments, such as announcements, partnerships, or utility launches, could be on the horizon, aiming to reposition the meme coin in the market. By framing past setbacks as opportunities for growth, Lucie conveyed confidence in the project’s ability to innovate and thrive, leveraging its maturity to navigate current challenges.
This development comes amid Shiba Inu’s strategic collaboration with TokenPlayAI, an innovative AI gaming platform. The team has announced the rollout of the project’s first phase, which is expected on October 22.
140M SHIB Token Burn
Another major catalyst for a potential memecoin price surge is the massive SHIB token burn that recently took place. Reportedly, a massive 140 million SHIB tokens were burned in a single transaction on October 15, marking one of the largest burns in months. The tokens were sent to a burn address from a newly created wallet linked to Coinbase, according to data from Shibburn and Etherscan. The wallet, which was funded with a small amount of ETH, had only one visible transaction, suggesting a deliberate effort to facilitate the token burn.
This marks the largest single burn in nearly three months. The last major burn occurred on July 28, when 600 million SHIB tokens were destroyed. Between then and now, most burns were relatively small, typically under 100 million tokens, making this recent Coinbase-linked transfer a notable exception.
Will SHIB Price Rebound?
Short-term charts suggest a potential relief rally for SHIB. The 3-hour RSI near 25 indicates oversold conditions, which could trigger a bounce. If SHIB reclaims the $0.0000098-$0.0000105 range, it could shift the momentum in favour of the bulls. A close above this zone could attract buyers and restore short-term positivity. Until this happens, the path of least resistance remains downward.
Key resistance levels to watch are $0.0000098 and $0.0000105, with stronger barriers at $0.0000112 and $0.0000124. A breakout above $0.0000124 could pave the way for a move toward $0.0000138.
