Shiba Inu’s Price Plunge: Whales Flee Like It’s a Sinking Ship! 🐳💔

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Ah, the Shiba Inu price, a tragic tale unfolding on this fine Saturday! As the whales, those mighty investors of the deep, decide to sell off their treasures, the sentiment in the crypto ocean grows murky and dark. 🌊

Our beloved Shiba Inu (SHIB), the reigning meme coin of Ethereum’s chain, has taken a nosedive for four consecutive days, plummeting to a dismal low of $0.00001238. This is its lowest level since the fateful day of April 22. It seems we have entered a technical bear market, with a staggering fall of nearly 30% from its glorious heights in May. 🐻

What’s the cause of this decline, you ask? Well, it’s the ongoing crypto sell-off, a calamity that has swept through all coins like a bad cold. Even Bitcoin (BTC), once soaring high at an all-time peak of $111,900, has tumbled down to $103,000. Talk about a rollercoaster ride! 🎢

But wait, there’s more! SHIB’s downfall is compounded by the fact that its network is facing some serious challenges. The data reveals that SHIB whales have been on a selling spree this year, with their supply dwindling from 743 trillion to a mere 723 trillion. It’s as if they expect the price to keep falling, and who can blame them? 🐋

And let’s not forget about Shibarium, the layer-2 network that’s struggling to stay afloat with a total value locked of just $2.92 million. In stark contrast, Unichain, launched by Uniswap (UNI) earlier this year, boasts a TVL of over $600 million. Ouch! That’s gotta hurt! 😬

Moreover, Shiba Inu’s token burn rate has lost its fiery momentum in recent weeks. The biggest burn this week was a paltry 18 million transaction that occurred on Wednesday. Just a few months ago, we were celebrating over 1 billion burns! What a fall from grace! 🔥

Shiba Inu Price Analysis

The daily chart tells a sorrowful story, showing that the SHIB price peaked at $0.00001755 on May 12, only to embark on a relentless downtrend, hitting a low of $0.00001235, its lowest point since April 22. It has slipped below the 50-day moving average and the lower side of the rising wedge pattern. A rising wedge, you say? More like a falling wedge of despair! 😱

Thus, it seems the coin will likely continue its descent, with the next target being the year-to-date low of $0.00001033, a drop of 16% from its current level. Buckle up, folks! It’s going to be a bumpy ride! 🎢

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2025-05-31 15:09