Market Mayhem: 463 Trillion SHIB Holds On While Crypto Crashes! 😂💔

by

Ah, the cryptocurrency market, that grand theater of human folly, where fortunes are made and lost in the blink of an eye! On this fateful Sunday, as the sun rose, so too did the specter of despair, casting a long shadow over the digital assets that once promised untold riches.

Bitcoin, that once-mighty titan, now finds itself in a pitiful state, trading down for the third consecutive day, slipping beneath the hallowed threshold of $100,000. What a tragic comedy! The markets, sensing the impending doom, have donned their risk-off attire, retreating into the shadows of caution.

As if choreographed by some malevolent puppeteer, the larger cryptocurrency market plummeted alongside BTC, with CoinGlass reporting a staggering $539 million in liquidations. Altcoins, those poor wretches, suffered grievously, some enduring losses that would make even the most stoic investor weep.

And what of our dear Shiba Inu? Even this whimsical dog-themed coin could not escape the clutches of the bearish trend, tumbling down by 6.33% in the last 24 hours, now languishing at a meager $0.00001731—a 14% decline over the week. Oh, the irony! A coin named after a dog, now chasing its own tail in despair.

Shiba Inu, having extended its Saturday’s drop, fell from $0.00001924 to $0.00001747, and today, it dared to dip even lower, reaching a dismal $0.00001689. Yet, lo and behold! The bulls, those brave souls, have stepped in to rescue this beleaguered token from the abyss.

Behold the 463 Trillion SHIB Token!

After three days of what could only be described as a euphoric rise, Shiba Inu faced a reckoning, as profit-taking swept through the market like a thief in the night. The descent continued into Sunday, where the coin tested a crucial support range, holding a staggering 463 trillion SHIB tokens, as if clinging to life itself.

According to the wise sages at IntoTheBlock, 463.03 trillion SHIB are being held in a precarious range between $0.000017 and $0.000018 by 45,900 addresses. One can only hope that buying activity will surge forth like a knight in shining armor, as those who once bought at this price range may come to the rescue.

As the clock ticks, Shiba Inu’s price clings to this vital support range, trading within it as we speak. The coming sessions will be a spectacle to behold, as we watch with bated breath to see if SHIB can maintain this crucial price support. Will it rise like a phoenix from the ashes, or will it succumb to the relentless tide of despair?

If, by some miracle, SHIB holds firm, a potential rebound may be on the horizon. A break above the moving averages of 50 and 200 at $0.0000216 and $0.0000193 would signal a glimmer of hope for our canine companion. Yet, alas, it fell below the daily SMA 200 in late January, and now it languishes beneath it, like a forgotten relic of a bygone era.

But should the declines continue, the loss of the 463 trillion SHIB support might unleash a torrent of selling, with the next key support lurking ominously at $0.000015. Oh, the drama! The suspense! One can hardly contain their laughter—or tears—in this grand farce of the cryptocurrency market.

Read More

2025-02-02 19:23