Shiba Inu: The Doghouse Drama You Didn’t Know You Needed! 🐶💔

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Well, folks, it looks like Shiba Inu is taking a little trip to the doghouse, and not the cute kind with a little red roof. We’re talking about a local technical bear market after plummeting over 17% from its peak this month. Ouch! 😬

As of this fine Sunday, Shiba Inu (SHIB) is trading at a whopping $0.000014. Yes, you read that right. And its 24-hour volume? A mere $158 million. That’s like bringing a salad to an all-you-can-eat buffet—just not enough to compete with the big boys like Dogecoin (DOGE), Pepe (PEPE), Official Trump (TRUMP), and Bonk (BONK). 🍔💸

So, what’s causing this underwhelming performance? Well, it seems the whales are bailing faster than you can say “cryptocurrency crisis,” and the burn rate is dropping like it’s hot—85% down to 2.14 million! The biggest burn transaction was a staggering 23.5 million on Thursday. Talk about a hot mess! 🔥

Shiba Inu usually thrives when more tokens are being burned, which reduces the supply and boosts confidence among holders. But with over 410 trillion tokens already burned, it’s like trying to light a fire with wet matches. 🥴

According to Santiment data, whales have been on a selling spree since January. Their total supply was over 743 trillion on January 19, and now it’s down to 725 trillion. That’s over 18 trillion tokens sold! It’s like they’re expecting the price to keep falling. Spoiler alert: they might be right! 📉

And just when you thought it couldn’t get worse, Bitcoin (BTC) surged to a record high of nearly $112,000 last week, and Shiba Inu just sat there like a sad puppy. In the past, a Bitcoin surge would have sent Shiba Inu soaring, but now? Crickets. 🦗

Another fun fact from Nansen: smart money investors have also ditched their SHIB tokens. They now hold 14.13 billion tokens, down from 14.53 billion on April 8. It’s like watching your friends leave a party because the music is terrible. 🎶🚪

With the burn rate falling faster than my motivation to go to the gym, investors are likely flocking to faster-growing meme coins like Fartcoin and Dogwifhat. Yes, you heard that right. Fartcoin. 💨

Shiba Inu Price Technical Analysis

But wait! There’s a glimmer of hope! The SHIB price might have hit rock bottom. The daily chart shows it’s stuck at the 100-day Exponential Moving Average. It’s like being stuck in traffic but at least you’re not moving backward! 🚗💨

It has also formed a cup and handle pattern, with the upper side at $0.00001733. The recent decline is just part of the handle section. This cup has a depth of about 40%. So, if we measure the same distance from its upper side, we’re looking at a target of $0.00002443. That’s a notable target since it coincides with the highest point in January. Fingers crossed! 🤞

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2025-05-25 17:41