Ah, dear reader! Gather ’round as we delve into the curious case of the Shiba Inu, that plucky little pup who, after a dramatic plunge to the depths of despair at a woeful $0.00001090, has decided to rise from the ashes like a phoenix—or perhaps more accurately, like a dog who just spotted a squirrel.
Lo and behold! The Shiba Inu (SHIB) has bounced back to a respectable $0.000014, a staggering 32% increase from its March low. It now frolics near heights not seen since the fateful day of March 3, when the world was a different place, and so was the price of SHIB.
But wait! What’s this? The recent surge in SHIB’s price coincides with a burn rate that has skyrocketed to an absurd 34,655% on this very Thursday! One brave soul decided to incinerate 1 billion SHIB, while another, perhaps feeling particularly generous, did the same earlier this month. Who knew that burning money could be so popular? 🔥
These token burns, dear friends, are what make SHIB a deflationary asset. Over the years, the network has burned more than 410 trillion tokens—yes, trillion!—leaving a circulating supply of a mere 584 trillion. It’s like trying to find a needle in a haystack, if the haystack were made of money!
As if this tale couldn’t get any more thrilling, SHIB’s recovery coincided with a modest rally in Bitcoin (BTC) and other altcoins. After a dramatic fall to $76,000 in March, Bitcoin has risen to $87,000, while the total valuation of all coins approaches the staggering $3 trillion mark. Truly, a spectacle worthy of a grand opera!
Shiba Inu price technicals point to more gains
Now, let us consult the oracles of technical analysis! The indicators suggest that the Shiba Inu price may continue its ascent in the short term. The daily chart reveals that SHIB has formed a falling wedge—a bullish reversal pattern that signals the end of a downtrend. It’s like a dog finally catching its tail after a long chase!
The upper trendline connects swing highs since December 8, while the lower trendline links the lows since November 15. These two lines have converged near $0.000010, which also marks the lowest level from August 2023. A dramatic intersection, indeed!
SHIB has now bravely broken above the wedge’s upper boundary, confirming a bullish breakout. It has also crossed above the 25-day moving average, reinforcing its momentum. It’s as if the little dog has found its bark again!
The wedge pattern projects an initial target of $0.00002020, a delightful 40% gain from current levels, based on the pattern’s maximum height extrapolated from the breakout point. Who wouldn’t want to see a doggy dream come true?
But beware! Should the price drop below $0.000010, this bullish forecast would be dashed, like a dream of chasing a car that drives away too fast. Let us hope for the best, dear reader, and keep our fingers crossed for our furry friend!
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2025-03-27 19:25