Shiba Inu Price Drop: Understanding the Recent Market Volatility

The Shiba Inu price drop has left many investors wondering what's going on in the market. The price of Shiba Inu has dropped significantly over the past few weeks.

The recent market volatility can be attributed to a decrease in demand for the cryptocurrency. The Shiba Inu price drop is not an isolated incident, as other cryptocurrencies have also experienced similar price fluctuations.

Investors are advised to be cautious and do their own research before making any investment decisions. This includes understanding the potential risks and rewards associated with investing in cryptocurrencies.

For more insights, see: Shiba Inu Market Cap All Time High

Shiba Inu's price has been on a downward trend since March, and it's threatened to fail the breach of the downtrend line, potentially falling back to $0.00002093.

Losing this support would result in a significant correction to $0.00001491. Shina Inu must print a daily candlestick close above $0.00002584 to invalidate the bearish thesis.

The meme coin failed to reclaim the support of $0.00002800, and the increasing bearishness is due to the broader market bearish cues triggered by the decline in Bitcoin price.

SHIB investors are likely going to extend this decline not by doing something but by actually not doing anything. The minimal activity from Shiba Inu holders is a crucial reason for the lack of support for price action.

The network growth is declining, suggesting Shiba Inu is losing traction with every passing day. Over the past four days, more than 23 trillion SHIB worth $582 million moved into the hands of short-term holders.

Here are some key statistics about the decline in SHIB's price:

A Shiba Inu whale dumped 101 billion SHIB, worth $2.15 million, to Coinbase, raising concerns among investors surrounding the token’s continued bearish movement in the market.

The Shiba Inu drop has sent shockwaves through the market, and it's essential to understand its impact. SHIB's price has fallen 2.86% in the past 24 hours, trading at $0.00002168.

A massive whale dump of 101 billion SHIB, worth $2.15 million, has raised concerns among investors about the token's continued bearish movement. This whale, identified as 0x9f5, accumulated these tokens a week ago with an investment worth $2.71 million.

For another approach, see: Shiba Inu Whales

SHIB's market capitalization has fallen by 2.26% to $12,807,649,994, while its 24-hour trading volume has increased by 8.17% to $749,452,444. This suggests that traders may be taking advantage of the sell-off to buy the dip.

A 6.21% drop in SHIB's open interest and liquidations totaling $794.29 million have primarily reflected SHIB's slumping price action in the market.

Shiba Inu's price has been trading under a downward trendline since March, with a recent attempt to break out failing to retain the rally.

The meme coin is threatened to fail the breach of the downtrend line and fall back to $0.00002093, which would result in a significant correction to $0.00001491.

To invalidate the bearish thesis, Shiba Inu must print a daily candlestick close above $0.00002584, which could break the descending trendline and push prices toward $0.00002835 or higher.

Shiba Inu's price is trading at $0.00002542, after failing to reclaim the support of $0.00002800, and the increasing bearishness is due to the broader market bearish cues triggered by the decline in Bitcoin price.

A decline in the network growth metric suggests Shiba Inu is losing traction with every passing day, and new investors are pulling away from the second-biggest meme token in the world.

Over the past four days, more than 23 trillion SHIB worth $582 million moved into short-term holder wallets, increasing the potential of corrections due to profit-taking.

The 100-day EMA could act as the support level from where SHIB bounces back, and if the meme coin changes direction, it could climb back toward the resistance at $0.00002835.

A whale dumped 101 billion SHIB, worth $2.15 million, to Coinbase, raising concerns among investors surrounding the token's continued bearish movement in the market.

The whale's loss of $560K while selling SHIB amidst the downturn has sparked bearish sentiments among investors.

SHIB traded remarkably in the red today, aligning with a stockpile of bearish on-chain data and the whale dump mentioned above.

Here are some key statistics to consider:

Shiba Inu's price trajectory waned over the past month, falling roughly 20%, and a renowned crypto market analyst anticipated SHIB to scale the $0.00007 mark ahead.