Shiba Inu (SHIB) has endured a challenging month, sliding by 22.83% as its price dropped to $0.0000099. This marks one of its most notable declines in recent months, with bearish pressure dominating trading sentiment. The meme-inspired token, which once captured investor excitement during the bull runs of 2021, is now grappling with fading momentum and growing uncertainty across the altcoin market.
SHIB Struggles to Reclaim Key Resistance Levels Amid Selling Pressure
Despite the price slump, SHIB’s 24-hour trading volume rose 3.78% to $162.62 million, suggesting that investor activity hasn’t completely dried up. The market cap, however, slipped by 3.05% to $5.83 billion, reflecting an overall decrease in valuation.
1-month price chart. Source: CoinMarketCap
With a circulating supply of 589.5 trillion SHIB, the token’s price remains heavily influenced by broader market sentiment rather than direct scarcity. Over the past month, SHIB’s value fluctuated between a low of $0.000009876 and a high of $0.00001032, highlighting modest volatility amid a general downward trend.
Related article: Shiba Inu Slides 9.8%: Can SHIB Recover After Losing Key Support?
The steepest declines occurred between October 10 and October 14, when selling pressure intensified following a failed attempt to reclaim the $0.000012 mark. Although brief rebounds occurred mid-month, they proved short-lived as bears regained control.
Community Strength Holds as SHIB Battles Bearish Sentiment
Looking back, SHIB remains 88.8% below its all-time high of $0.00008845 recorded on October 28, 2021, during the height of meme-coin mania. Yet, the token’s massive historical gain of over 12,138,000% since its all-time low of $0.00000000008165 in September 2020 still positions it as one of the most explosive crypto stories ever told.
Related article: SHIB Breakout Incoming? Traders Eye Critical Resistance Zone
Currently, Shiba Inu’s holder base stands at 2.87 million, showcasing a strong community despite price weakness. However, investor sentiment has turned cautious as macroeconomic factors and Bitcoin’s consolidation weigh on risk assets. The Vol/Mkt Cap ratio of 2.77% indicates moderate trading activity, but not enough to spark a recovery trend yet.
Shiba Inu’s recent 22% decline underscores persistent bearish conditions in the meme-coin space. While its loyal community continues to support the token, market momentum remains uncertain. For SHIB to regain traction, renewed interest, network upgrades, or a broader crypto market rebound may be necessary in the coming weeks.
