- Shiba Inu dropped by 4.90%, closing at $0.00002562 amid increased selling pressure.
- The token’s market cap shrank to $15.09 billion, with 24-hour volume hitting $716.5 million.
- Analysts highlight mixed signals as Shiba Inu holds key support near $0.00002500.
Shiba Inu (SHIB) faced a sharp decline over the past 24 hours, trading at $0.00002562, marking a 4.90% drop. The meme-based cryptocurrency struggled to maintain its earlier upward momentum as bearish sentiment weighed on the market. SHIB began the day trading near $0.00002662 before a wave of selling pulled the price lower.
The token’s market capitalization has now fallen to $15.09 billion, representing a decline of 4.9%. Trading volume in CoinMarketCap over the past 24 hours surged to $716.5 million, suggesting significant activity as both sellers and opportunistic buyers reacted to the movement. The broader market’s uncertainty and the pullback in meme coin demand appear to have contributed to SHIB’s current weakness.
Price Movement and Support Levels
Shiba Inu initially showed some strength during early trading hours, with buyers attempting to push prices above $0.00002650. However, the momentum failed to hold as selling pressure increased. A gradual decline followed, with SHIB dropping to $0.00002500, a crucial support level that traders are watching closely.
Technical indicators suggest that Shiba Inu may continue to face short-term volatility. The Relative Strength Index (RSI) indicates mild bearish conditions, but it remains near neutral territory, signaling that buyers could return if SHIB holds its key support levels. If the price fails to defend $0.00002500, further downside toward $0.00002450 remains a possibility. On the other hand, a reversal above $0.00002600 could pave the way for a recovery rally.
Market analysts point to the increased trading volume as a sign of ongoing interest, although much of the activity appears driven by short-term speculators rather than long-term investors. Shiba Inu’s vast circulating supply, currently at 589.25 trillion tokens, continues to influence its price dynamics, with large movements requiring significant capital inflows.
Sentiment and Market Outlook
Shiba Inu’s decline aligns with broader weakness in the meme coin sector, reflecting shifting sentiment among cryptocurrency traders. The token, which gained popularity due to its community-driven initiatives and speculative appeal, remains a focal point for short-term traders seeking volatility. Analysts note that SHIB could stabilize if broader market conditions improve or if new catalysts emerge to reignite demand.
While the current price decline reflects market uncertainty, Shiba Inu retains a substantial following and liquidity, positioning it for a potential rebound should market sentiment recover. Investors are advised to monitor key support levels and trading volumes as indicators of SHIB’s next move.
