Well, folks, it seems like our furry friend Shiba Inu (SHIB) is in a bit of a pickle. The crypto market’s gone and gotten itself into a right ol’ mess, with prices plummeting faster than a raccoon down a drainpipe. And SHIB, being the dog-themed cryptocurrency that it is, is getting dragged along for the ride.
Now, I know what you’re thinkin’, “What in tarnation is goin’ on here?” And I’ll tell you, friend. It’s a whole lotta sellin’ goin’ on. Investors are takin’ their profits and runnin’ for the hills, leavin’ the rest of us to pick up the pieces. And them pieces, well, they’re lookin’ mighty bleak.
According to CoinGlass, a whoppin’ $131 million worth of liquidations have swept the crypto market in the last 24 hours. That’s a whole lotta moolah, if I do say so myself. And $83 million of that was in long positions, just gettin’ wiped out like a cow in a tornado.
Now, I know some of you are thinkin’, “But what about SHIB? What’s its story?” Well, friend, it’s like this. There’s a key on-chain level that’s got everyone’s attention, where 23.21 trillion SHIB are bein’ held. That’s a whole lotta dog treats, if you know what I mean. And the price is currently hoverin’ around that level like a hawk on a fencepost.
According to IntoTheBlock data, them 23.21 trillion SHIB are bein’ held at an average cost basis of $0.000012 by 60,380 addresses. That’s a whole lotta folks, if I do say so myself. And they’re all just waitin’ with bated breath to see what happens next.
So, what does come next? Well, that’s the million-dollar question, ain’t it? SHIB’s been droppin’ like a stone since June 11, and it’s tested support at $0.00001141. But them bulls, well, they just can’t seem to get no momentum goin’.
And then, to make matters worse, a death cross emerged on SHIB’s hourly chart during the Friday sell-off. That’s like the kiss of death, if you know what I mean. And since then, SHIB’s price has just been stalled, like a mule in the mud.
At the time of writin’, SHIB was tradin’ down 1.37% in the last 24 hours to $0.000012, and down 4.79% weekly. That’s a whole lotta red, if you ask me.
So, what’s the takeaway from all this? Well, it’s like this, friend. If SHIB can’t hold that $0.000012 level, it might just be in for a world of hurt. But if it can, well, then maybe, just maybe, it’ll be off to the races. And them 23.21 trillion SHIB tokens will be lookin’ like a mighty fine investment indeed.
And that’s the story of SHIB, folks. It’s a wild ride, full of twists and turns. But hey, that’s just the way the crypto crumbles, ain’t it? 🐕
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2025-06-15 12:57