Shiba Inu Plunges 5% as SHIB-DOGE Ratio Rebounds From Historic Lows
Memecoins face another volatility test as Shiba Inu takes a sharp 5% dive.
The Bounceback Nobody Predicted
While SHIB struggles, its pairing with Dogecoin stages an unexpected recovery from record-low territory. The SHIB-DOGE ratio—watched by degenerate traders and serious analysts alike—shows signs of life after hitting unprecedented depths.
Market Mechanics Exposed
Trading volumes spike as speculators reposition across the meme ecosystem. The 5% drop in Shiba Inu contrasts sharply with the ratio's rebound, creating arbitrage opportunities that hedge funds would kill for—if they bothered with these 'assets' in the first place.
Another day in crypto where the 'fundamentals' are whatever the crowd decides to pump before lunch.
Key insights
- SHIB encountered considerable downward pressure throughout the preceding 24-hour period from Sept. 21, 15:00 to Sept. 22, 14:00, retreating from $0.000012888 to $0.000012188, constituting a 5% depreciation.
- The comprehensive trading range extended to $0.000009441 (79%), with the most pronounced movement materialising on Sept. 22, 06:00, when valuations plummeted to $0.000011975 amid exceptionally elevated volumes of 5.29 trillion tokens, thereby establishing formidable resistance at the $0.000012373 threshold.
- Critical support materialized at $0.00001197, accompanied by substantial buying interest, while conventional resistance consolidated around $0.00001290, where valuations consistently encountered downward pressure throughout the initial trading sessions.
SHIB-DOGE bounces from record low
While SHIB fell 5%, dogecoin suffered a bigger loss of over 8%, resulting in a notable recovery in the Binance-listed SHIB-DOGE pair from record lows.
The pair's daily MACD histogram is on track to turn positive, marking a bullish shift in momentum, which suggests that SHIB could continue to outperform DOGE in the coming days.
That said, the overall outlook WOULD remain bearish as long as the descending trendline from the March 2024 highs remains intact.
