Shiba Inu (SHIB) faced intense selling pressure over the past 24 hours, dropping 9.81% to trade at $0.000009404 at press time. Despite a surge in trading activity, the popular meme coin couldn’t hold above the crucial $0.000010 mark, slipping into red territory as bearish sentiment dominated the broader market.
Recent Price Action and Bearish Momentum
SHIB’s market cap currently stands at $5.54 billion, reflecting a near 10% decline in just one day. However, trading volume spiked by 51.07% to $276.8 million, indicating heightened market participation primarily from sellers locking in profits or cutting losses. The volume-to-market cap ratio of 4.93% shows moderate liquidity, suggesting that SHIB remains actively traded despite the downturn.
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The meme coin maintains a massive total supply of 589.5 trillion SHIB, with 2.87 million holders. Its fully diluted valuation (FDV) matches its market cap at $5.54 billion, signalling that most tokens are already circulating.
24-hour price chart Source: CoinMarketCap
The 24-hour chart paints a bearish picture. SHIB opened the day around $0.00001035 but quickly faced resistance and slipped below $0.000010, triggering a wave of sell-offs. The lowest point reached was $0.000009296, while the day’s high remained at $0.00001051. The price action exhibits a sharp correction phase following a brief consolidation, during which short-lived recovery attempts fail to gain traction.
Long-Term Performance and Market Volatility
Even with the current decline, Shiba Inu’s long-term growth remains remarkable. From its all-time low of $0.00000000008165 on September 1, 2020, SHIB has soared by over 11,555,546%. However, it’s still down 89.33% from its October 28, 2021 all-time high of $0.00008845, a stark reminder of the volatility that defines the meme coin market.
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In the short term, Shiba Inu needs to reclaim and sustain levels above $0.000010 to revive bullish momentum. Failing that, further dips could test lower support zones near $0.0000092. The recent uptick in trading volume suggests traders are actively repositioning, a potential precursor to either a sharp rebound or extended consolidation. For now, the market watches closely as SHIB attempts to stabilize after its latest correction.
