Shiba Inu’s Descent into Madness?

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Oh dear heavens, the price of Shiba Inu hath been as flat as a failed soufflé this month, leaving investors in a state of utter bewilderment 🤔.

This Ethereum-based meme coin, once the darling of the crypto world, now finds itself trading at a paltry $0.00001200, a mere whisper above its year-to-date low of $0.000010. Mon dieu, the horror! 😱

Alas, the token faces a multitude of headwinds that threaten to send it tumbling further down the abyss. Firstly, demand hath dried up like a prune, as evidenced by its daily trading volume, a measly $140 million on Wednesday. A pittance, really.

This figure, dear reader, is a far cry from the volumes of other meme coins, including that upstart Pepe (PEPE), Official Trump, Bonk (BONK), and the inimitable Fartcoin. The low transaction volume, a sign that Shiba Inu hath lost its je ne sais quoi among users.

And if that were not enough, the burn rate of Shiba Inu hath collapsed like a house of cards in recent days. A 98% decline to 11.19 million tokens, equivalent to a mere $143, a drop in the ocean for a project with a market capitalization of over $7 billion. Mon dieu, the humanity! 😂

Furthermore, Shibarium’s layer-2 network, once touted as the savior of Shiba Inu, hath struggled to gain traction among developers and users. A paltry 18 dApps and a total value locked of $2.3 million, a far cry from the likes of Base, Unichain, and Arbitrum. The shame! 🙈

And, as if the gods themselves were conspiring against Shiba Inu, whale holdings have dropped to 33.8 billion tokens, down from a recent high of 34 billion. A decline, dear reader, that doth not inspire confidence among retail participants.

And, the final nail in the coffin, Shiba Inu’s futures open interest hath declined sharply over the past few weeks. Open interest currently stands at $156 million, down from a year-to-date peak of nearly $600 million. The writing, as they say, is on the wall. 📝

A Technical Analysis of Shiba Inu’s Price, or A Descent into Madness

On the daily timeframe, the SHIB price remains below both the 50-day and 200-day Exponential Moving Averages, a clear indication of sustained bearish pressure. The token, dear reader, is in a state of free fall. 😱

And, as if fate itself were conspiring against Shiba Inu, an inverse cup-and-handle pattern hath formed, a harbinger of doom, or so the technical analysts would have us believe. The token, dear reader, is currently in the process of forming the handle portion of the setup, a mere whisper away from disaster. 😨

A break below the lower edge of the cup at $0.00001025 would confirm the worst fears of investors, a move that could signal further losses, potentially pushing the price below $0.000010. The horror! 😱

And yet, dear reader, there is a glimmer of hope, a double top with a neckline at $0.000017, a breakout above which would indicate a strong bullish reversal for SHIB. A chance, dear reader, for redemption, or perhaps merely a cruel joke played by the crypto gods. 🤣

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2025-07-09 16:21