Shiba Inu: The Tragic Tale of a Memecoin’s Descent into the Abyss of Bearish Sentiment

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Ah, the illustrious Shiba Inu, that most noble of memecoins, now languishing in the depths of despair at a paltry SHIB price of $0.000016. One might say it has all the charm of a soggy biscuit. 🍪

With a 24-hour volatility of a mere 2.4% and a market cap that once sparkled like a diamond but now resembles a tarnished penny at $9.20 B, our dear Shiba Inu has seen better days. The trading volume, a modest $205.28 M, is akin to a whisper in a cacophony of howling bears. 🐻

And let us not forget its more illustrious cousin, Ethereum, which struts about with a price tag of $2,745 and a market cap of $330.85 B. With a 24-hour volatility of 1.7% and a trading volume of $22.38 B, it is the belle of the blockchain ball, while Shiba Inu is left to nibble on the crumbs. 🍰

Since the second inauguration of the illustrious Donald Trump, our dear SHIB has plummeted more than 30 percent, trading at a dismal $0.00001621 on that fateful Monday, February 17. One can only imagine the tears shed over this tragic turn of events. 😢

A Closer Look at Shiba Inu’s Market Outlook

Once a mere jest, Shiba Inu has endeavored to transform itself into a utility-based memecoin, launching the Shibarium layer two scaling solution, Shibosis, and the ShibaSwap decentralized exchange (DEX). The Shibarium network, with its total value locked (TVL) now at a staggering $2.3 million, has doubled since the fourth quarter of 2024. Bravo! 🎉

Yet, amidst this newfound utility, the SHIB burn rate has soared by an astonishing 1,373 percent in the last 24 hours, leaving us with a net burned token count of around 41 percent of the total circulating supply. A valiant effort, indeed! 🔥

However, the winds of fortune have not been kind, as whale and retail activities have dwindled, leaving our dear Shiba Inu gasping for breath. Transactions exceeding $100K have plummeted from 115 on February 11 to a mere 58 by February 17. The average transaction size has shrunk by a staggering 88 percent, from around $39K to a pitiful $4,707. Oh, the humanity! 😱

Mid-term Expectations of SHIB Price

Since March 2024, SHIB has been embroiled in a tragic macro reversal pattern, marked by a double top at around $0.0000338 and a bearish divergence of the weekly relative strength index. It has failed to maintain its dignity above the crucial support level of $0.000021, thus inviting the scorn of bearish sentiment. 😒

From a technical analysis perspective, it appears that Shiba Inu’s price may continue its descent until it retests the crucial support level around $0.000012. The daily time frame reveals a bearish flag, setting the stage for a potential drop of 25-30 percent in the near future. How delightfully tragic! 🎭

Yet, fear not, dear reader! Should our beloved memecoin manage to close above the established falling logarithmic trend in the weekly time frame, it may yet rise from the ashes, poised to reclaim its former glory and rally towards its all-time high set in November 2021. A tale worthy of a Shakespearean drama! 🎭

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2025-02-17 20:31