The price of Shiba Inu has fallen below $0.000022, dropping over 20% in just one week. This massive crash has led to 43% of SHIB investors facing losses. Additionally, the recent decline in Shiba Inu's price coincides with a broader downturn in the meme coin market, with top coins like Dogecoin, Pepe, and Bonk also experiencing price crashes.
Shiba Inu's price has fallen below $0.000022, resulting in losses for investors.
After experiencing a devastating decline recently, the price of Shiba Inu is struggling to stabilize. The meme coin fell to $0.000020, causing significant damage to its investors, marking one of the largest declines in recent months.
Despite many analysts predicting that Shiba Inu's price would soar, this meme token has been retracing its gains. This decline has largely been influenced by the overall bearish market conditions and Bitcoin's recent drop, which continues to weigh down the entire cryptocurrency market.
For investors who entered the market at peak prices, the recent crash has been a wake-up call, reminding them of the inherent volatility of the cryptocurrency market. Specifically, meme coins, known for their high speculation, can easily experience instability and sharp declines, often catching the market off guard.
According to IntoTheBlock, 43% of Shiba Inu investors are in a losing position, while only 53% have made a profit. Additionally, ITB's on-chain signals indicate that Shiba Inu is mostly bearish, with key indicators such as net network growth, trading volume, and concentration all showing negative values.
CoinMarketCap reports that the price of Shiba Inu is on a downward trend, depreciating by 12.6% in the past 24 hours. Over the past week, this dog-themed meme coin has plunged 25%, exacerbating last month's losses, during which it fell by 15%.
In the case of SHIB's price decline, whales are also rapidly selling off their holdings of SHIB. Blockchain wallet tracker LoonOnChain revealed on X (formerly Twitter) that an anonymous whale recently sold 250 billion SHIB for $6.05 million. This whale had purchased 152.8 trillion SHIB for $3,800 back on August 6, 2020, realizing a profit of up to $109 million from this investment.
Meme coin prices have plummeted significantly; analysts say they have reached a bottom.
According to Bitfate's report on X, meme coins have entered the red zone this week, with significant declines mainly due to panic selling by holders. Coingecko also revealed that the market cap of meme coins has fallen by 16%, down to $97.4 billion.
Related: Dogecoin price trend: What happens when Dogecoin RSI climbs back to 90%?
Cryptocurrency analyst Nick Garcia believes that meme coins may have reached a bottom and emphasized that large meme coins are currently underperforming, while mid-sized cryptocurrencies have experienced some of the most severe declines.
Furthermore, cryptocurrency trader Isak commented on the bearish performance of meme coins, emphasizing that Bitcoin's recent decline has had a significant impact on this downturn. The trader revealed that most meme coins have fallen by 90% from their all-time highs, while altcoins have seen substantial declines. Therefore, Isak believes that the bear market has fully unfolded, signaling the end of the bull market.
