Shiba Inu’s Price Plunge: Is It Time to Panic? 😱

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Ah, the Shiba Inu price, that lovable little rascal, continues to be the underdog in the meme coin race. It seems to be under more pressure than a soda can at a summer picnic, trailing behind its more popular counterparts. 🥤

Currently, our furry friend has plummeted to a key support level of $0.000020, which is about as low as it’s been since December 20. If you’re keeping score, that’s a significant drop, and it’s not looking good for our canine companion.

Rumor has it that a strong bearish breakdown is on the horizon, as SHIB is busy forming a collection of risky chart patterns. It’s like watching a dog chase its tail—entertaining, but ultimately a bit concerning.

Shiba Inu is about to form a death cross

Now, let’s talk about the ominous “death cross.” No, it’s not a new horror movie; it’s when the 200-day and 50-day weighted moving averages decide to cross paths. And guess what? They’re getting closer together, like two awkward teenagers at a school dance. 💃

Last time SHIB formed a death cross on June 20, 2024, it was a disaster. The price nosedived by over 40%, plummeting from $0.000017 to a dismal low of $0.000010. Ouch! That’s a hit that would make even the toughest Shiba Inu whimper.

But wait, there’s a twist! It later formed a golden cross on October 20, leading to an 80% surge. Talk about a comeback! It’s like watching a dog that was once a couch potato suddenly become an Olympic sprinter. 🏅

Now, SHIB has also formed a small double-top chart pattern, which is just as delightful as it sounds. This pattern features twin peaks and a neckline, with the double-top at $0.00002488 and the neckline at $0.00001970. It’s a classic bearish reversal pattern, which is just a fancy way of saying, “Things might get worse.”

So, if we see a clear break below the strong pivot point at $0.00001788, we might be in for a bumpy ride down to $0.00001192, the ultimate support of the Murrey Math Lines. Sounds like a thrilling rollercoaster, doesn’t it? 🎢

SHIB burn rate falls

In other news, Shiba Inu is experiencing a decline in addresses, which is about as welcome as a rainstorm at a picnic. According to IntoTheBlock, new and active addresses have dropped by 27.5% and 25% in the last week. It seems many traders have decided to sell their coins, possibly to invest in the latest meme coins like Fartcoin and Official Trump (TRUMP). Yes, you read that right. Fartcoin. 💨

Other alarming data reveals that the daily Shiba Inu burn rate has plummeted by nearly 94%. On Sunday, a mere 656,468 coins worth a paltry $15 were burned. That’s less than the price of a fancy coffee! ☕

This decline is likely due to the waning momentum on Shibarium, its layer-2 network. According to ShibariumScan, the average transaction fee has dropped to 0.0001 BONE from 0.0003 BONE in November. The total BONE spent on gas fees is also dwindling, which is a clear sign that the network isn’t exactly thriving.

To add insult to injury, several newer meme coins have overtaken Shiba Inu’s daily volume. While SHIB’s daily volume was $160 million, Official Trump was raking in a staggering $4.56 billion. Talk about a popularity contest! 🏆

Pudgy Penguins managed to snag $188 million, while Fartcoin, yes, that’s right, Fartcoin, brought in $226 million. It seems investors are

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2025-01-26 19:18