Shiba Inu’s Daring Dance: Will It Rise or Fall? 🐕💸

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In the realm of cryptocurrencies, the Shiba Inu, affectionately known as SHIB, finds itself in a rather precarious position. Currently, it trades at a modest $0.00001355, having suffered a rather alarming decline of 9.41% within the last 24 hours. This unfortunate turn of events places the token well beneath the 20-day exponential moving average (EMA) of $0.00001570, suggesting that further misfortunes may befall it. One cannot help but wonder, amidst this veritable bloodbath, why the esteemed developers of SHIB have not considered the rather radical notion of burning tokens from the original protocol. 🤔

According to the esteemed CoinMarketCap, a staggering 92.78% of Shiba Inu addresses are occupied by those who have invested less than $1,000 in this meme token, while a mere 7.06% have ventured beyond that, yet remain below the $100,000 mark. Only a paltry 0.16% of addresses boast investments exceeding $100K. Furthermore, data from IntoTheBlock reveals that a mere 39% of wallets are basking in the glow of profit at current prices. How delightful! 🎉

On the Subject of Burning Tokens

Despite these rather disheartening statistics, the burn rate of our beloved meme coin has soared to an astonishing 531.09% in the last 24 hours, with 13,938,285 SHIB tokens meeting their fiery demise. Data from Shibburn indicates that a staggering 410 trillion SHIB tokens have been removed from circulation. Yet, in a series of rather enlightening posts on X, the Shiba Inu team elucidated why burning tokens from the original protocol is not the panacea one might hope for.

It appears that the original Shiba Inu protocol is devoid of a built-in burn function, a limitation imposed by its ERC-20 smart contract. Since the enigmatic Ryoshi, the anonymous creator of SHIB, relinquished control of the project, no one possesses the authority to modify the contract to facilitate automatic burns. Thus, while community-led burns may gradually diminish supply, the vast total supply of SHIB remains a formidable obstacle to any hopes of price appreciation. Alas! 😩

“To alter the current state of affairs would necessitate a new contract, which is rather impractical without migrating all to a different token — a move that would undoubtedly disrupt the entire ecosystem and likely provoke resistance from the community,” the developers lamented.

Price Analysis of Shiba Inu

As previously mentioned, SHIB currently languishes below the 20-day EMA. Should it fail to maintain its position above this critical level, it may find itself in a short-term bearish phase. For any semblance of recovery, SHIB must reclaim and steadfastly hold above this key EMA to restore momentum in favor of the bulls. 🐂

Interestingly, the analyst known as “JAVON MARKS” on X has predicted a rather audacious 402% rally for the SHIB token, aiming for the lofty target of $0.000081. This analyst has identified a “large Inverse Head & Shoulder” pattern on the 3-day SHIB price chart — a bullish pattern that could potentially send our meme token soaring to new heights.

$SHIB (Shiba Inu) prices maintaining the structure of a large Inverse Head & Shoulder and with the $0.000081 target still in play, an over 402% run to reach it could come out of this!

— JAVON⚡️MARKS (@JavonTM1) February 22, 2025

Meanwhile, the daily chart reveals that the Relative Strength Index (RSI) stands at 31.46, perilously close to the oversold territory (below 30). This data suggests that a potential rebound may be on the horizon, should buyers choose to intervene and defend current levels. However, unless the RSI ascends above 40, any bounce may prove to be but a fleeting moment of joy. 😅

Conversely, the MACD line (blue) remains below the signal line (orange), confirming that our dear meme token persists in a bearish trend, as evidenced by a bearish divergence. The MACD histogram has turned a rather ominous red, with the intensity of the bars increasing gradually. How delightful! 🙄

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2025-02-25 12:32