Shiba Inu: The Comeback Kid? 3 Reasons for an 80% Price Recovery!

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Ah, the Shiba Inu price—currently plummeting faster than a lead balloon at a children’s party. The bulls, bless their hearts, are lounging on the sidelines, sipping their lattes while the social sentiment score takes a nosedive. Demand? What demand? It seems to have vanished into thin air, much like my enthusiasm for Monday mornings. Yet, fear not! The SHIB price may soon rise from the ashes, as it appears to be oversold and the Shibarium transactions are soaring like a particularly ambitious kite. 🪁

The Great Shiba Inu Price Crash and the Disappearing Active Addresses

Our dear SHIB is in freefall, sending traders and speculators scurrying away like cockroaches when the lights come on. According to the ever-reliable IntoTheBlock, daily active addresses have plummeted by a staggering 23% in just a week. Active addresses? Down by 32%! And zero balance addresses? Over 50%—it’s a veritable ghost town out there!

But wait! Not all is lost. The Shiba Inu whales, those magnificent creatures of the crypto deep, have not yet abandoned ship. They hold a whopping 58% of all tokens in circulation. One particularly bold whale even scooped up 275 billion coins on Tuesday—clearly, they’re betting on a price rebound. 🐋

It’s a classic tale: retail traders panic and sell when prices drop, while the whales, with their insatiable appetites, feast on the scraps. It’s almost poetic, really, if you enjoy a bit of dark humor.

Shibarium Transactions: The Unsung Hero of SHIB

Now, let’s turn our attention to the Shibarium network, which is apparently thriving like a well-watered houseplant. Data from ShibariumScan reveals that transactions have surged, crossing the 800 million milestone and now soaring past 863 million. Who knew Shibarium was the life of the party? 🎉

This upward trajectory suggests we might hit 1 billion transactions by the end of the first quarter. With over 2.01 million total addresses, the Shibarium ecosystem is bustling, and that’s good news for Shiba Inu. More transactions mean more SHIB token burns, which is like a diet for the coin—less fluff, more muscle!

SHIB: The Oversold Underdog

Technically speaking, the SHIB price is on the verge of becoming oversold. The Relative Strength Index (RSI), that trusty old indicator, has plummeted from a high of 82.7 in November to a mere 36. At this rate, it’s bound to hit the oversold point of 30 soon. Last time it did, back in August, the token skyrocketed by over 200%. Talk about a glow-up! 💥

SHIB Coin Price Targets: The Crystal Ball Says…

On top of all this excitement, Shiba Inu has been forming a falling wedge pattern, which is nearing its confluence level. This could signal a potential comeback, with the next target being $0.00003325—an 80% increase from its current level. Fingers crossed! 🤞

However, let’s not get too carried away. If the coin dips below the support at $0.000016, it would invalidate our lovely falling wedge pattern, and we’d be back to square one. But hey, that’s the thrill of the game, isn’t it?

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2025-01-29 15:17