Crypto Catastrophe: Will Shiba Inus Sink Deeper? 🐶💸

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Crypto Catastrophe: Will Shiba Inus Sink Deeper? 🐶💸

Ah, the forlorn saga of Shiba Inu — that delightful, barking meme turned crypto lament. As if the market’s latest downturn wasn’t enough to make investors consider a career in interpretive dance, our beloved SHIB continues its inexorable decline. Thursday saw Shiba Inu’s price languish at a pitiful $0.00001275, marking its lowest since brave May 9, down a grievous 28% from its May peak. One must wonder if this is the end of the line or merely the opening act of a tragic comedy.

Demand has waned, and the meme coin’s fortunes seem to follow the whims of a particularly petulant cat. As investors abandon ship (or perhaps just swim to safer waters—like fiat), the on-chain data reveals that SHIB’s realized profit/loss (NPL) has been mired in negativity for months. In layman’s terms: coins are being sold at a loss, which, on Wall Street and in the world of blockchain alike, is rarely a sign of impending prosperity. The bearish sentiment is so thick you could cut it with a dull shovel.

Worshippers of whales, those monstrous holders of crypto, have watched as their erstwhile flocks dwindled from 748 trillion tokens in January to a mere 718 trillion today. It appears the whales, like tired old sailors, are abandoning their ships. Meanwhile, the supply of SHIB on exchanges increases, hinting that the selling pressure is mounting—perhaps to fund a vacation in the Bahamas or just to buy more avocado toast.

Shiba Inu Network Realized Profit/Loss Chart

In news slightly more alarming than a teacup pig in a hurricane, Shiba Inu’s spot market volume has plummeted to a modest $141.8 million in the past 24 hours—less than a drop in an ocean of other meme coins. Dogecoin stands proudly at $764 million—a number almost enough to buy an average yacht—while Pepe’s market activity boasts $1.08 billion, demonstrating that meme coins are perhaps more like fleeting fancies than serious investments.

Technical analysis: The dog days are coming?

Shiba Inu Price Chart

The daily chart reveals that SHIB hit a high of $0.00001762 on May 11 amidst the broader crypto rally, only to tumble down to today’s dismal levels. It has shattered below the lower boundary of an ascending broadening wedge—probably a pattern more suited to a fancy pastry than a crypto asset. Moving below the 50-day and 100-day Exponential Moving Averages (EMAs), our canine friend signals bearishness louder than a Collie in a thunderstorm.

While the Relative Strength Index (RSI) remains stubbornly above oversold levels, suggesting a glimmer of hope—or the delirium before the crash—further decline seems inevitable. Support levels at $0.000010 (the lowest since April 7) beckon like a siren song to weary sellers. To turn this tragedy around would require surpassing the 200-day moving average at $0.00001570, which, given current circumstances, resembles hoping for a unicorn in your backyard.

So, dear reader, brace yourself—unless you’re fond of watching our inarticulate, meme-loving pup chase its tail in the descending abyss of market despair. 🚀💥

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2025-06-05 19:52