The Shiba Inu price has taken a nosedive, crashing below $0.000022 and tumbling by over 20% within a week. This staggering decline has plunged 43% of SHIB investors into losses. The recent downturn in Shiba Inu’s price coincides with a widespread decline across the meme coin market, where prominent coins like Dogecoin, Pepe, and Bonk are also facing significant price drops.
Investors In Loss As Shiba Inu Crashes Below $0.000022
The struggle for stability continues for Shiba Inu after this devastating decline. With its price dipping to $0.000020, many investors have received a harsh wake-up call, marking it as one of the steepest declines in recent memory. Despite earlier optimistic forecasts predicting price surges for Shiba Inu, reality has instead proven disappointing, with the coin losing its gains. This downturn primarily follows broader market conditions characterized by a bearish trend and the recent declines in Bitcoin, negatively impacting the entire crypto market.
For those who entered the market during price highs, this recent crash serves as a stark reminder of the inherent volatility in cryptocurrency. Meme coins like Shiba Inu, often seen as speculative assets, are particularly susceptible to sudden and sharp declines that can catch investors off guard.
According to data from IntoTheBlock, 43% of Shiba Inu investors are now facing losses, with only 53% reporting profits. The on-chain signals from ITB suggest that Shiba Inu is primarily bearish, highlighting concerning trends in metrics like Net Network Growth and large transaction volumes.
CoinMarketCap indicates that Shiba Inu is on a downward trajectory, having lost 12.6% of its value in a mere 24 hours. Over the past week, this dog-themed meme coin has seen an eye-watering 25% drop, which adds to its previous losses this month, totaling a 15% decline.
As the price of SHIB continues to falter, whales are rapidly selling off their holdings. A recent report from LoonOnChain uncovered that an anonymous whale unloaded 250 billion SHIB, equating to about $6.05 million. This whale had originally acquired 15.28 trillion SHIB for just $3,800 in August 2020, raking in a staggering $109 million profit.
Meme Coins See Sharp Decline; Analyst Calls Bottom
News from Bitfate on X suggests that meme coins have entered what can only be described as the red zone this week, with sharp declines largely influenced by panic selling among holders. Coingecko has reported that the meme coin market cap has fallen by 16%, plummeting to $97.4 billion.
Expert analyst Nick Garcia has indicated there may be a potential bottom for meme coins, noting that larger-cap coins currently lag while mid-tier cryptocurrencies have taken some of the hardest hits. Isak, a crypto trader, also weighed in on the poor performance of meme coins, attributing the downturn to the recent declines in Bitcoin. According to him, most meme coins sit about 90% down from their all-time highs, and altcoins have suffered significant dips as well. This has raised concerns that the bear market is in full effect, signaling the closing chapter of the previous bull market.
With the SHIB price now hovering dangerously close to $0.000020, investors are left to ponder the future of this beloved meme coin amidst a turbulent market.
