There is, at the crest of crypto absurdity, a certain garish dog by the name of Shiba Inu (SHIB), whose return to the exalted ranks of the top 20 cryptocurrencies by market capitalization has amused, and perhaps slightly alarmed, the more serious-minded denizens of CoinMarketCap. Only last week, our plucky canine hero fell from grace—if grace is the word for a list populated by coins bearing the hallmarks of an online slot machine. Yet, here SHIB is again, thrust aloft by the brisk thermals of Ethereum’s latest rally. The entire spectacle is a bit like watching the family fortune resuscitated by a racetrack tip and a soundly ignored sense of trepidation.
For now, SHIB has staged a modest recovery. Content to remain approximately 7% lower than a week before, it can be found wagging its tail in the so-called “demand zone” between $0.00001150 and $0.00001270—a region that has, since late June, seen more accumulation than the luggage lounge at King’s Cross Station during a rail strike.
The price, like an over-excited spaniel, keeps bouncing from this zone. The implication, if one must be serious, is that there exist buyers lurking in the shadows, wallets poised, ready to pounce once the world feels sufficiently ridiculous again. On the daily charts, SHIB appears to be valiantly attempting to perch itself above the vaunted $0.00001400 line, as if that number carried any innate dignity.
Meanwhile, Ethereum, ever the unwitting protagonist, has reshuffled the altcoin pecking order merely by continuing its relentless ascent, trading at the robust price of $3,835—a sum which, in more civilised times, would have secured a very nice second-hand Bentley. These new riches have prompted an effusion of funds into various Ethereum-based tokens, with SHIB acting as the grateful recipient, despite possessing all the gravitas of a rubber duck in the financial bath.
The blunt truth remains: nothing about SHIB’s underpinnings has improved, but the mere whiff of collective risk-lust is enough to set the entire enterprise frothing once more. Occasions like this remind one that, in crypto as in life, conviction is at least as powerful as competence, though rather less reliable. 🦴💸
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2025-07-27 16:23