Ah, Shiba Inu. The cryptocurrency that makes you wonder if it’s a digital asset or a dog-themed rollercoaster. This year, SHIB’s price has taken a nosedive so dramatic it could make a skydiver jealous, wiping out a cool $12 billion and leaving its market cap at a mere $7.4 billion. 🐕💸
This retreat happened as Bitcoin and other meme coins joined the pity party, all thanks to concerns about a potential self-inflicted recession in the U.S. Because, of course, why not blame the economy for everything?
But wait! There’s hope on the horizon. First, the amount of SHIB coins being burned has skyrocketed recently. According to ShibBurn, the burn rate jumped by over 62,000% in the last 24 hours. That’s not a typo—someone really sent almost 460 million SHIB coins to a dead wallet. Over 410 trillion SHIB coins have now been incinerated since its inception, leaving the circulating supply at about 584 trillion. 🔥💰
Macroeconomic factors could also give Shiba Inu a boost. The stock market might bounce back after recent declines driven by Trump’s tariff policy. Historically, both the stock and crypto markets drop when risks rise but tend to rebound shortly afterward. Remember COVID-19? Both markets crashed immediately after it was declared a pandemic but recovered soon after. 📈🦠
A potential catalyst could be the upcoming Federal Reserve interest rate decision. With the odds of a recession rising, the Fed may signal additional rate cuts this year. Shiba Inu, Bitcoin, and other cryptocurrencies typically perform well when the Fed is cutting interest rates. 🏦📉
Shiba Inu price technical analysis
Technical indicators suggest that SHIB may be poised for a strong bullish breakout this year. The daily chart shows that Shiba Inu has been forming a falling wedge pattern, characterized by two descending and converging trendlines. These trendlines have converged at $0.00001260, which coincides with the lowest swings in July, August, and September last year, making the current price a crucial support level. 📊📉
The Relative Strength Index has moved slightly above the descending trendline that connects the highest swings since December last year. Similarly, the Percentage Price Oscillator has formed a bullish crossover. Therefore, Shiba Inu price will likely have a strong bullish breakout, with the next psychological level to watch being $0.000020, up by 60% from the current level. 🚀📈
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2025-03-14 20:51