Shiba Inu’s Plunge: A Canine Comedy of Financial Woes

by

Ah, the noble Shiba Inu, once the darling of the crypto carnival, has descended into the abyss of financial obscurity, reaching a price so minuscule it could make a miser blush-$0.00000507. The last time this digital hound trotted near such depths was in September 2021, when it graced us with a price of $0.00000510. How quaint.

The crypto market, ever the dramatic prima donna, extended its sell-off on Friday, dragging poor Shiba Inu and its brethren into the quagmire of losses. In a mere 24 hours, $2.44 billion evaporated into the ether of liquidated bets, according to the ever-watchful CoinGlass. Of this sum, $1.9 billion were long positions, the optimistic fools, while short positions claimed a modest $535 million. A tragedy, or perhaps a farce, depending on one’s penchant for schadenfreude.

HOT Stories
Morning Crypto Report: One of Biggest XRP Sellers Revealed, -80% for Cardano (ADA): Founder Admits $3 Billion Loss, Binance Delists 20 Pairs After $2.6 Billion Liquidation Tsunami: Bitcoin Affected Too

‘Be Greedy’: Ripple CEO Reacts to XRP Price Crash

Cryptocurrencies, those fickle sirens of the digital age, have been on shaky ground since the brutal sell-off last October, which drained the market of its confidence like a vampire at a blood bank. This week, selling intensified as leveraged bets unraveled and volatility reigned supreme. A spectacle, indeed, for those who delight in the theater of financial despair.

Where to from here?

Shiba Inu, poor creature, marked three days of declines in February, with Thursday’s drop being the most dramatic-a plunge from $0.0000067 to $0.00000558. Friday saw it sink further to the rarefied low of $0.00000507, only to rebound to $0.00000620. It now trades in the red, down 3.44% in the last 24 hours to $0.00000615 and a staggering 16% weekly. A tale of woe, wrapped in the trappings of digital currency.

Amid this debacle, crypto market sentiment has plummeted to its lowest since the FTX collapse, with the Fear and Greed Index languishing at 9-a state of “extreme fear.” Traders, those nervous Nellies, are adjusting their positions as the market crashes around them. Yet, history whispers that extreme fear often heralds local bottoms, as panic flushes out the leveraged and the short-term holders. A rebound, perhaps, awaits in the wings.

A positive precedent exists, for in September 2021, when SHIB last flirted with the $0.000005 low, it soared 830% in the following month, reaching an all-time high of $0.000088 in October. Ah, the fickleness of fortune! The next key resistances lie at $0.0000077 and $0.00001-the daily MA 50 and 200-should the market deign to rebound.

In other news, Coinbase, ever the opportunist, is set to launch COIN50 Perpetual-Style Futures, a contract that includes Shiba Inu and allows investors to dabble in the top 50 digital assets. A new playground for the financially adventurous, or perhaps another stage for the crypto circus.

Read More

2026-02-06 19:47