Centered Image

Heads up, SHIB fans! The party might be winding down soon.

Shiba Inu (SHIB) has been on a tear lately, skyrocketing by 50% in just under two weeks. It's currently sitting pretty at around $0.0000196, a high it hasn't seen in ten weeks. With its market cap soaring past $11.5 billion, SHIB has clawed its way up to become the 14th largest cryptocurrency.

But, hold your horses! Despite the hype, there are signs that SHIB’s joyride might hit a speed bump soon. According to crypto analytics platform Santiment, the FOMO (Fear of Missing Out) is off the charts. When FOMO kicks in, everyone rushes in to avoid missing out on gains, often pushing prices up more on emotion than on solid fundamentals. And guess what? That usually means a pullback is just around the corner.

Another red flag? SHIB’s Relative Strength Index (RSI) has shot up to 90, a level it hasn’t seen in seven months. The RSI measures how fast and how much prices are moving, and when it hits above 70, it generally means the asset is overbought and might be due for a correction.

SHIB’s recent price surge is part of a broader upswing in the crypto market. Bitcoin is hovering just below $66,000, and Ethereum has crossed $2,650. But SHIB has a few more tricks up its sleeve. The Shibarium layer-2 scaling solution is making strides, and the burn rate has gone through the roof, spiking by nearly 34,000% in the past 24 hours.

And let's not forget the buzz around the upcoming stablecoin, SHI. The SHIB team, led by Shibarium’s Marketing Strategist LUCIE, has announced they’re working on launching SHI once the infrastructure is solid. This stablecoin aims to bring price stability, boost adoption, enhance utility, integrate with DeFi, and empower the community.

So, while the ride’s been thrilling, keep your seatbelt fastened. SHIB’s rocket could face some turbulence ahead!

Subscribe To CryptoGunner
Weekly Newsletter

Subscribe

* indicates required

Intuit Mailchimp