THE The price of the Shiba Inu has collapsed below $0.000022, down over 20% in just one week. This massive crash left 43% of SHIB investors facing losses. Additionally, the recent drop in Shiba Inu price is accompanied by a broader decline in coin marketwith top coins like Dogecoin, Pepe and Bonk also seeing a price drop.
Investors Lose as Shiba Inu Crashes Below $0.000022
Shiba Inu price is struggling to maintain stability after experiencing devastating declines recently. The meme coin’s fall to $0.000020 was a blow to its investors, marking one of the sharpest declines in recent months.
While many analysts had price increases planned for the Shiba Inuthe meme coin instead lost gains. This slowdown was strongly influenced by bearish market conditions and by the recent declines in Bitcoinwhich continue to weigh on the entire crypto market.
For investors who entered the market when prices were higher, the recent crash was a sobering experience and a reminder of the volatility inherent in the crypto market. Specifically, meme coins, known for their highly speculative nature, are prone to erratic and sharp declines that usually take the market by surprise.
According to data According to IntoTheBlock, 43% of Shiba Inu investors are losers, while only 53% have made a profit. Additionally, ITB’s on-chain signals indicate that Shiba Inu is rather bearishwith key metrics such as net network growth, significant trading volume, and negative concentration.
CoinMarketCap reports that Shiba Inu is on a downward trajectorylosing 12.6% of its value in the last 24 hours. Over the past week, the dog-themed coin has fallen 25%, compounding its losses from last month, where it saw a 15% decline.
Amid the decline in SHIB price, whales also sell their holdings quickly. LoonOnChain blockchain wallet tracker 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 purchase 15.28 trillion SHIB as early as August 6, 2020, making gains of up to $109 million from its investment.
Meme Coins See Sharp Decline; The analyst calls downstairs
According to Bitfate on X, meme coins have between the red zone this week, with sharp declines mainly due to panic selling among holders. Coingecko also revealed that the market capitalization of meme coins saw a 16% decline, falling to $97.4 billion.
Nick Garcia, a crypto analyst, called a potential bottom for meme coins, highlighting that large-cap meme coins are currently lagging while mid-tier cryptocurrencies have seen one of the worst declines.
Additionally, a crypto trader, Isak, commented on the bearish performance of meme coins, highlighting that the recent decline in Bitcoin has significantly influenced this slowdown. The trader revealed that most meme coins are 90% below their ATH, while altcoins have fallen significantly. Therefore, Isak suggested that the the bear market is in full swingsignaling the end of the bull market.
Featured image created with Dall.E, chart from Tradingview.com