Ah, Shiba Inu—the meme coin that refuses to sit still. Like a restless pup chasing its tail, SHIB’s price has tumbled in the last three days, wiping out some of last week’s gains. 📉
SHIB retreated to $0.00001270, a 20% drop from its recent high. Why? Fear, dear reader. Fear has gripped both stock and crypto investors. US equities took a nosedive on Friday, with the Dow Jones and S&P 500 plunging over 2%. 🏢💔
The crypto market wasn’t spared either. Bitcoin, the king of coins, fell from near $89,000 to below $82,000. The total crypto market cap dropped to $2.7 trillion, and the fear and greed index sank to a pitiful 24. 😱
SHIB, despite its rising burn rate, couldn’t escape the carnage. The 24-hour burn rate surged 30% to 2.01 million, bringing cumulative burns to over 410 trillion. 🔥💰
Token burns, you see, are like a dog burying its bone—they reduce supply, theoretically increasing value. In SHIB’s case, users voluntarily incinerate tokens, while Shibarium network fees do the rest. Two users recently burned a whopping two billion tokens. 🐾💸
Meanwhile, Shibarium’s total value locked (TVL) rose 24% in the last 30 days to $2.5 million. ShibaSwap’s TVL jumped 37%, while WoofSwap and ChewySwap climbed 31% and 20%, respectively. 🚀📊
Shiba Inu Price Analysis: The Drama Continues 🎭
The daily chart reveals SHIB’s struggle. It’s been under pressure for months, crashing from $0.00003345 in November to $0.00001268. 📉💔
SHIB remains below the 50-day and 100-day Exponential Moving Averages, a sign that bears are still in control. 🐻📉
But wait! There’s hope. SHIB is holding above the crucial support level at $0.00001235, a level it’s retested multiple times. A break-and-retest, as the traders say, is a bullish continuation signal. 🐂📈
SHIB has also formed a giant falling wedge pattern on the daily chart. If it breaks out, the coin could bounce back in the coming weeks. A move above $0.00001560, the March 26 high, would confirm the bullish trend. 🚀📊
If that happens, the next target is $0.00002215, the 50% retracement point—a 75% jump from current levels. But if SHIB drops below $0.000010, the bullish outlook goes out the window. 🐕💨
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2025-03-30 19:30