Shiba Inu price is under the claws of bears after a fresh sell-off pushed its value down by 3.46% today to $0.00001225. The meme token’s market capitalization slipped to $7.21 billion, while 24-hour trading volume fell 12.26% to $183.75 million.
Wondering what led to the fall? Well, there are several factors weighing heavily on sentiment. SHIB’s daily burn rate collapsed by 98.89%, weakening its deflationary appeal. Also, Shibarium network activity fell 22% to 3.65 million daily transactions. In addition, $111,840 worth of long positions were liquidated in just one hour versus only $16.50 in shorts. Thereby, triggering panic selling and amplifying downward pressure.
Despite the bearish backdrop, we do have a brighter side. Billions of SHIB are leaving exchanges, including 3 trillion tokens from Coinbase and 110 billion from Binance. Further, indicating whale accumulation rather than mass selling. Moreover, Valour has launched a SEK-denominated Shiba Inu ETP in Europe.
Technically speaking, SHIB price broke below the 20-day SMA at $0.00001224 and is now testing the Fibonacci 38.2% support near $0.000013207. The MACD histogram turned negative, confirming weakening bullish momentum. The RSI at 39 suggests bearish pressure with room for further downside before hitting the oversold territory.
Traders need to know that the key support lies at $0.00001164. A decisive close below this level could open the door to a 15% slide toward July lows around $0.000010. On the upside, immediate resistance sits near $0.00001311, and a breakout above this level would signal renewed buying strength.
Lower burn rates, weaker Shibarium activity, and long liquidation spikes have pressured SHIB.
$0.00001164 is critical, a close below may push SHIB toward $0.000010.
Yes, large outflows from exchanges and a new Shiba Inu ETP launch indicate continued investor interest.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
The Bombay High Court has upheld CoinSwitch’s right to recover stolen digital assets following the…
The crypto market is lighting up as privacy tokens make a strong comeback. Big names…
Zcash (ZEC) price is witnessing a notable price surge today, capturing the attention of both…
October has a special place in the crypto world. Over the years, the month has…
The Bombay High Court ruled in favor of CoinSwitch, allowing it to secure stolen crypto…
Solana is feeling the weight of market hesitation again. After a strong run earlier this…
