Ah, the Shiba Inu price, that whimsical creature, has been on a rather dramatic downward spiral, akin to a tragic hero in a Wildean play, after reaching a dizzying height of $0.0000329 in the frosty month of December.
Our dear Shiba Inu (SHIB) has plummeted by a staggering 61%, crashing down to its lowest level since the fateful day of September 5, 2024. How poetic! This unfortunate descent has coincided with the overall malaise gripping the crypto realm, particularly the meme coins, which seem to have taken a collective tumble. Even the likes of Dogecoin (DOGE), Pepe (PEPE), and Floki (FLOKI) have succumbed to the double-digit blues. 😢
Yet, fear not, for Shiba Inu price possesses three potential catalysts that may propel it skyward in the coming days. First, its burn rate has soared like a phoenix, jumping by an astonishing 3,253% to 29.3 million on this very day, March 8. 🔥
This fiery feat means that the network has incinerated over 410 trillion coins since its inception, leaving a mere 584 trillion in circulation. A token burn, dear reader, is a delightful mechanism where cryptocurrencies are whisked away to an inaccessible address, much like a forgotten love letter. 💌
Secondly, Shiba Inu price has become a veritable bargain, as revealed by the Z score of the Market Value to Realized Value (MVRV) indicator. Santiment data, in its infinite wisdom, shows that the MVRV-Z score has plummeted to minus 2.143, its lowest level since the sultry days of August last year. It has fallen from the December high of 0.35, a true tragedy of Shakespearean proportions.
The last time the MVRV indicator sank to such depths, it triggered a magnificent 215% surge to its December highs. Could this be a sign that investors will begin to buy the dip? One can only hope! 🤞
SHIB technicals
The daily chart reveals that the SHIB price has crashed to a key support level, where it has valiantly resisted falling below four times since the balmy days of July last year. A sign, perhaps, that the bears are quaking in their boots at the thought of shorting this coin below that level. 🐻💔
The accumulation and distribution indicator continues to rise, a delightful sign that the smart money investors are indeed buying. Furthermore, the Relative Strength Index and the Moving Average Convergence/Divergence (MACD) indicators have formed a bullish divergence pattern, as if they are winking at us from the shadows. 😉
Additionally, Shiba Inu price has formed a falling wedge pattern, with the two lines poised to converge. Thus, it is likely that this coin will experience a robust bullish breakout, with the next target to watch being the December high of $0.00003325, a tantalizing 155% increase from its current level. How thrilling! 🎉
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2025-03-08 20:51