Oh, look! The Shiba Inu, that plucky little meme coin, has decided to grace us with a “golden cross” on its hourly chart. Because nothing says “financial stability” like a dog-themed cryptocurrency doing cartwheels while the economy teeters on the edge of an inflationary abyss.
Earlier this week, Shiba Inu took a nosedive for two straight days, presumably because someone whispered “interest rates” in its furry ear. Crypto and gold, those star-crossed lovers, also took a tumble, leaving us all to wonder if we should start hoarding canned beans instead of digital tokens.
But fear not! The market rebounded after the consumer price index reading came in as expected. The CPI rose a modest 0.5% for the month, putting the annual inflation rate at 4.2%. The Bureau of Labor Statistics was kind enough to deliver this news on a Wednesday, because nothing says “midweek excitement” like inflation data.
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On Thursday, investors were treated to a higher-than-expected rise in May’s producer price index, because apparently, wholesale inflation needed to remind us who’s boss. The index jumped 1.1% for the month, pushing the annual rate to 6.5%. Thanks, Bureau of Labor Statistics, for keeping us on our toes.
Shiba Inu’s Golden Cross: A Blip or a Miracle?
Shiba Inu, ever the optimist, rebounded from Wednesday’s low of $0.00000455, with bulls (or perhaps just very enthusiastic HODLers) lifting its price to an intraday high of $0.00000489 on Friday. This brief moment of glory produced a “golden cross” on the 1-hour chart, with the 50 MA crossing above the 200 MA. Cue the confetti and the tiny dog-shaped balloons.
But let’s not get too carried away. The broader trend remains as weak as a kitten in a rainstorm. Shiba Inu is still locked in a downtrend that took its price to a multi-year low of $0.00000431 on June 6. The price rebounded slightly as momentum indicators hit deeply oversold levels, but let’s be real: this dog is still on a leash.
Derivatives positioning and funding rates suggest that traders are sitting on the sidelines, probably sipping coffee and muttering, “Not today, Shiba.” The current relief rally will face its first major test at the daily MA 50 at $0.00000573, followed by the daily MA 200 at $0.0000066. Good luck, little doggy.
In brighter news, Mercari, one of Japan’s major marketplaces, has added SHIB to its cryptocurrency lineup, giving its 23 million monthly users access to the token. Because nothing says “mainstream adoption” like a meme coin on a Japanese shopping site. Woof.
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2026-06-12 16:25