Ah, the Shiba Inu (SHIB), that delightful little meme coin that has captured the hearts of many, much like a stray dog that finds its way into your home and refuses to leave. Today, it seems to be following the age-old patterns of its predecessors, as two on-chain metrics hint at the possibility of a local bottom. Yes, you heard it right! The Market Value to Realized Value (MVRV) ratio is falling, while the age consumed is spiking. It’s like watching a soap opera where the plot twists just keep coming! 📉
But let’s not get too excited just yet. After a steep decline in Shiba Inu’s price over the last week, it appears that most meme coins are struggling against the relentless tide of bearish market sentiment. It’s like watching a group of puppies trying to swim in a pool of molasses. 🐶
Today, on this fine day of May 31, Shiba Inu has decided to grace us with an 8% intraday loss. It’s currently fluctuating between a daily low of $0.0000123 and a high of $0.0000133. At the time of writing, SHIB is trading at a modest $0.0000125, with a trading volume of $289 million in the last 24 hours. Not too shabby for a coin that’s essentially a digital dog! 🐕
However, this decline in price coincides with the recent meme coin crash, where the entire meme token market cap has shed a staggering $10 billion in value within a week. It’s as if the entire meme coin community collectively decided to take a long walk off a short pier. The sell-side pressure from long liquidations is palpable, and one can’t help but wonder if this is the end of the line for our furry friend. Or is it just a temporary setback? Only time will tell! ⏳
For those who wish to dive deeper into this canine conundrum, you can read more at Coingape.com.
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2025-05-31 23:03