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Shiba Inu

Shiba Inu Price Crash To $0.000022 Plunges 43% Of Investors Into Losses

Scott Matherson
by Scott Matherson
8 months ago
·
Posted in Altcoin News, Shiba Inu
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Shiba Inu price has crashed below $0.000022, declining by more than 20% in just one week. This massive crash has left 43% of SHIB investors facing losses. Moreover, the recent drop in the Shiba Inu price comes alongside a broader meme coin market decline, with top coins like Dogecoin, Pepe, and Bonk also experiencing a price crash. 

Investors In Loss As Shiba Inu Crashes Below $0.000022

The Shiba Inu price is struggling to maintain stability after experiencing devastating declines recently. The meme coin’s fall to $0.000020 has been a significant blow to its investors, marking one of the steepest declines in recent months.

Related Reading: CMT-Certified Analyst Says The XRP Price Rally Still Has A Long Way To Go

While many analysts had forecasted price surges for Shiba Inu, the meme coin has instead been shedding gains. This downturn has been heavily influenced by the broader bearish market conditions and the recent declines in Bitcoin, which continue to weigh on the entire crypto market. 

For investors who entered the market during price highs, the recent crash has been a sobering experience and a reminder of the crypto market’s inherent volatility. Specifically, meme coins, known for their highly speculative nature, are prone to erratic and sharp declines that typically take the market unawares. 

According to data from IntoTheBlock, 43% of Shiba Inu investors are at a loss, while only 53% have seen profits. Additionally, ITB’s on-chain signals indicate that Shiba Inu is mostly bearish, with key indicators like Net Network Growth, large transaction volume, and concentration in the negative.  

CoinMarketCap reports that Shiba Inu is on a downward trajectory, losing 12.6% of its value in the past 24 hours. Over the last week, the doggy-themed meme coin plummeted by a staggering 25%, compounding its losses from the past month, when it recorded a 15% decline. 

Amidst the declining SHIB price, whales are also selling off their holdings rapidly. Blockchain wallet tracker LoonOnChain revealed on X (formerly Twitter) that an anonymous whale recently sold 250 billion SHIB valued at $6.05 million. The whale had initially spent $3,800 to buy 15.28 trillion SHIB as early as August 6, 2020, making gains of up to $109 million from his investment. 

Meme Coins See Sharp Decline; Analyst Calls Bottom

According to Bitfate on X, meme coins have entered the red zone this week, with sharp declines driven primarily by panic selling among holders. Coingecko has also disclosed that the meme coin market cap has experienced a 16% decline, spiraling down to $97.4 billion. 

Related Reading: Dogecoin Price Action: What To Expect As The DOGE RSI Climbs To 90% Once Again

Nick Garcia, a crypto analyst, has called a potential meme coin bottom, highlighting that large-cap meme coins are currently lagging while mid-tier cryptocurrencies have seen one of the worst declines. 

Furthermore, a crypto trader, Isak, commented on the bearish performance of meme coins, highlighting that the recent decline in Bitcoin has significantly influenced this downturn. The trader revealed that most meme coins are 90% down from their ATH, while altcoins have plummeted significantly. Consequently, Isak has suggested that the bear market is in full swing, signaling the end of the bull market.

Shiba Inu price chart from Tradingview.com
SHIB price drops below $0.00002 | Source: SHIBUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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