Shiba Inu’s Dramatic Dance: Will It Ever Stand Tall Again?

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Ah, the Shiba Inu! That delightful little crypto canine is currently having a rather tough time trying to scamper above the dizzying heights of $0.000006, after taking a rather abrupt tumble to the depths of $0.000005 on the rather infamous day of February 6.

As I pen this missive, our furry friend SHIB is experiencing a slight hiccup, trading down a charming 0.28% over the last 24 hours, and down a staggering 13% in the weekly stakes. One could say it’s been on an exciting downward trajectory since February 7, as investors, in a fit of enthusiasm, decided to take their profits and dash off to the nearest café for a celebratory cappuccino.

With “extreme fear” reigning supreme in the realm of sentiment, the Crypto Fear and Greed Index has taken a nosedive to a mere 10. It’s enough to make one long for a comforting cup of tea.

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In the wake of this chatter, it seems the majority of cryptocurrencies have decided to join Shiba Inu in its loss-fest, despite the dramatic plummet witnessed last week.

No death cross yet

Our Shiba Inu pal is still down 12% on the weekly leaderboard, having faced a rather robust sell-off since the start of February. This unfortunate performance follows a brief gallop of exuberance at the beginning of 2026, when it reached a high so lofty it touched $0.0000010-ah, those were the days!

Since reaching such dizzying heights, Shiba Inu has dropped nearly 50%, landing at a low of $0.000005 on February 6. You would assume that such a dramatic plunge would warrant the appearance of death cross signals faster than a butler can serve tea, but alas! No such grim indicators have graced the one-hour to four-hour charts this February-not a single one, I assure you!

For the uninitiated, a death cross occurs when the 50-day moving average takes a dive beneath the 200-day moving average, sending shivers down the spines of traders everywhere. The last time we saw such deathly signals on the one-hour, two-hour, three-hour, and four-hour charts was in late January-a time when the markets were merely a bit peaky.

This glaring absence of clear signals, whether they be a death cross or a golden cross, reflects a market lost in uncertainty. Futures data suggests some deleveraging going on, supported by negative funding rates on major exchanges, while the options markets keep hinting at an imminent stabilization-if only they could be a bit more direct about it!

The bearish momentum in the futures arena is ramping up, with open interest (OI) continuing to dwindle. It appears our dear market is still deep in its deleveraging phase-a situation that could make even the most optimistic trader reach for the smelling salts.

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2026-02-10 18:53