According to U.Today, Shiba Inu (SHIB) is currently trading at approximately $0.000012, a significant drop from its previous value of around $0.0002. This sharp decline has raised concerns among investors about the cryptocurrency's ability to maintain its value. The recent downturn in the cryptocurrency market has not spared Shiba Inu, which has been caught in a downward spiral due to bearish sentiment and widespread market liquidations.

The price of SHIB has fallen by 65% since its peak earlier this year, breaking below key support levels and indicating a clear downtrend. The meme coin's price is now hovering near the $0.00001 level, a critical psychological threshold that adds to the pressure. A further drop below this level could lead to additional losses and potentially add another zero to its value, signaling increased bearishness among investors.

On-chain metrics also paint a grim picture. Prior to the price drop, over 1.2 trillion SHIB were exchanged, indicating low transaction volume and a continued exodus of large holders, or 'whales.' Despite this, a small number of wallets still hold 73% of the SHIB supply, showing a high concentration of large holders. While 47% of holders remain profitable, the market outlook remains bearish due to significant outflows and weak purchasing pressure.

Despite these challenges, there is still hope for a recovery. If market conditions stabilize, the community and the speculative nature of meme coins could drive a comeback. However, this would require a substantial shift in sentiment and new inflows of capital.