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The wider crypto market saw selling pressure during the Asia session on Wednesday. Meme coins were impacted in the crypto market drop, with Shiba Inu recording a near 5% drop in the last 24 hours.
Wednesday's drop suggests a rise in risk-off sentiment from traders. U.S. equities also fell in pre-market trading, with the Nasdaq 100 futures dropping as well.
The crypto market has seen over $465 million in liquidations over the past 24 hours, with longs accounting for over 50% of the figure. This is in stark contrast to the trend seen over the last two days, when shorts faced the brunt of liquidations.
Meme coins surged in early 2026, with dog-themed tokens, including Shiba Inu, posting double-digit gains. Shiba Inu saw four days of sharp increases at 2026's start, reaching a high of $0.00001017 on Jan. 5 before it declined.
At the time of writing, SHIB was down 4.96% in the last 24 hours to $0.00000896 and up 26.69% weekly.
Shiba Inu volume crashes 53%: Is it concerning?
Amid the market drop, Shiba Inu trading volumes have dropped 53.33% in the last 24 hours to $194.67 million, according to CoinMarketCap data.
More often, trading volumes might reflect trader positioning in the markets. In this case, a drop might suggest less activity.
Shiba Inu's trading volume drop aligns with the broader drop in the markets, as liquidity remained thin following the sell-off in the last few months of 2025.
According to on-chain analytics platform Glassnode, Bitcoin and aggregate altcoin spot volumes reached their lowest levels since November 2023.
Glassnode highlighted a weakening demand despite the price surge seen across the market at 2026's start, with the volume drop suggesting thin liquidity.
The good news is that the meme coin market's dominance is seeing a rebound after reaching rare lows last December. If this trend is sustained, it might usher in a massive meme coin season where tokens see significant price surges.
Tomiwabold Olajide
Gamza Khanzadaev
Godfrey Benjamin