TL;DR

• Shiba Inu’s price has fallen substantially lately, with declining burn rates and large transaction volumes signaling continued bearish momentum.
• On the other hand, reduced exchange reserves and SHIB’s RSI nearing oversold territory suggest that a potential rebound may be on the horizon.

The Bad Days for the Bulls Might Not be Over

The past two weeks have been quite successful for most leading cryptocurrencies. Bitcoin (BTC), for instance, saw its price surging by 10%, while Ethereum (ETH) pumped by 4%.

However, some assets have not performed so well. The popular meme coin Shiba Inu is among the biggest losers, with its valuation plummeting by over 15% for that period. Currently, it trades at around $0.00002575 (per CoinGecko’s data), representing a 6% decline on a daily scale.

Some factors and on-chain metrics signal that the bears might continue to prevail in the near future. One example is the red wave going through the entire meme coin sector. The market capitalization of the niche is down 4% in the last 24 hours, with well-known assets like Dogecoin (DOGE), Pepe (PEPE), dogwifhat (WIF), Bonk Inu (BONK), Floki Inu (FLOKI), Peanut the Squirrel (PNUT), and many more charting substantial losses. 

Another element worth mentioning is Shiba Inu’s burning mechanism. Data shows