The Shiba Inu price has taken a devastating hit, plummeting below $0.000022 in just one week and leaving 43% of investors facing significant losses. This decline is not isolated to Shiba Inu; the broader meme coin market is also experiencing sharp drops, with top coins like Dogecoin and Pepe experiencing similar crashes.
Analysts had predicted price surges for Shiba Inu, but the meme coin’s recent fall has been more substantial. The downturn is attributed to broader bearish market conditions and declining Bitcoin prices, which are weighing heavily on the entire crypto market.
According to data from IntoTheBlock, 43% of Shiba Inu investors have incurred losses, while only 53% have seen profits. ITB’s on-chain signals also indicate that Shiba Inu is mostly bearish, with key indicators like Net Network Growth and large transaction volume in the negative.
Shiba Inu’s price decline has been particularly pronounced, losing 12.6% of its value in the past 24 hours. Over the past week, the dog-themed meme coin plummeted by 25%, compounding its losses from the previous month when it recorded a 15% decline.
The sale of large holdings by whales is also contributing to the downturn. A recent whale sold 250 billion SHIB valued at $6.05 million, marking one of the most significant sales in recent history.
Crypto analysts are calling for a potential meme coin bottom, with mid-tier cryptocurrencies experiencing some of the worst declines. Nick Garcia notes that large-cap meme coins are lagging while altcoins have plummeted significantly, signaling the end of the bull market.
Source: https://bitcoinist.com/shiba-inu-price-crash-43