It is a truth universally acknowledged that a meme coin in possession of a strong following must, eventually, suffer a most lamentable reversal of fortune. Such is the fate that has, this week, befallen both Dogecoin and Shiba Inu, much to the consternation of the ton (or rather, the denizens of Crypto Twitter) and the investors who nurse these coins almost as tenderly as a favourite lapdog. Pray, fetch your handkerchiefs, for the numbers are displeasing indeed.
On the Unfortunate Decline of Dogecoin and Shiba Inu
According to the most reputable sources at CoinMarketCap—whose reports circulate faster than Lady Catherine’s gossip—the values of Dogecoin and Shiba Inu have declined with an alacrity usually reserved for overripe soufflés at a summer ball. The misfortune began in earnest on June 13th, which shall be henceforth known as The Day of Unmitigated Doge Disaster. Israel, it seems, deemed fit to bestow its affections (or perhaps cannons) upon Iran, with what one could only describe as unfortunate timing for the state of meme coins everywhere.
This diplomatic exchange was met with all the grace of an unchaperoned debutante caught sneaking into the punch. Iran retaliated, and suddenly, the markets were struck by terror more swift and dreadful than a rumour of an impending rainstorm might strike the assembly room at Netherfield. Blasts were heard far and wide (though, not as wide as the panic felt by crypto traders), and the mere threat of war acted much like a chaperone at a ball—putting an immediate damper on everyone’s spirits—especially Dogecoin and Shiba Inu.
If this were not enough, the price of oil chose this precise moment to shoot upwards, as though vying for some invisible trophy. Imagine: while the gentlemen discuss the price of tea, the value of oil threatens their pocketbooks, and through a most obtuse series of circumstances, even meme coins must pay the price! Prospects for the Dogecoin and Shiba Inu holders became, if possible, even worse, as American monetary policy threatened to tighten (or, as I call it, ‘pinch more than just the penny’). The result? Liquidity is off to another country for the season.
Coinglass, that oracle of statistics, reports that Dogecoin’s open interest has lost more than 2%—falling to the historical low of $1.78 billion, no less. This is almost as dramatic as Mrs. Bennet discovering Mr. Bingley has left Netherfield! DOGE’s trading volume plummeted by 37%, indicating traders have all the enthusiasm for meme coins as Mr. Collins has for lively conversation. With the long-to-short ratio at 0.9, the majority are not in the mood for optimism, preferring instead to bet against our beleaguered canine.
Shiba Inu does not fare much better. Its derivatives trading volume has suffered a grand decline of 38%, for a tragic total of $173 million. Most traders, ever the pessimists, have shorted SHIB (again, that lacklustre long-to-short ratio of 0.9), though—astonishingly!—open interest crept up by nearly 1% to $142 million. Hope springs eternal, like Lady Lucas’ pursuit of advantageous matches for her daughters.
A Prospect of Recovery? Or Merely Delusion?
Is there, gentle reader, any hope amidst this canine calamity? Crypto analyst Trader Tardigrade—a name fit for a Regency character, if ever I saw one—declares that Dogecoin may have reached its tragic nadir. According to this seer (and one suspiciously optimistic chart), the coin has concluded ‘wave 4’ of its journey, and a dazzling ascension in ‘wave 5’ looms. We are assured that this may push Dogecoin above $0.65—almost as astonishing as Mr. Darcy admitting his feelings.
Another scholar, InvestingHaven, holds out hope for Shiba Inu. In a message delivered by way of ‘X’ (an establishment I cannot but suspect to be most improper), he notes SHIB has faithfully guarded its ‘ultra-strong’ $0.000012345 level (a price so modest, it would barely buy tea at Rosings Park). This, coupled with a ‘W-reversal’ on the charts, may herald a restoration to $0.0000666, which surely invites all manner of numerological speculation.
Thus concludes the tale—for now—of Dogecoin and Shiba Inu: two coins once the pride of the crypto assembly, now consigned to endure the scandal of precipitous decline. Will they rise in fortune, or are their best days behind them? Gentle reader, only time—and the whims of the market—shall tell. 🐾📉💕
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2025-06-14 19:13