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Shiba Inu is now trading at about $0.000012, a dramatic decrease in price from roughly $0.00002. Investors are concerned about this sudden drop, which suggests that problems may lie ahead as the cryptocurrency fights to hold onto its value. Shiba Inu is not exempt from the recent decline on the cryptocurrency market.
Due to a combination of bearish sentiment and marketwide liquidations, SHIB, like many other digital assets, has been trapped in a downward spiral. Concerns have been raised regarding SHIB's capacity to recover after its significant sell-off, driving it to its current lows.
SHIB broke below important support levels, indicating a clear downtrend. The price decline of 65% since its peak earlier this year is a clear indication of growing difficulties. The meme coin's price is near the $0.00001 level, a crucial psychological zone, which is adding to the pressure.
Yuri MolchanA drop below this barrier may result in additional losses and possibly add another zero to its value, which would be a sign of bearishness for investors. Grim images are also painted by on-chain metrics. Prior to the price drop, more than 1.2 trillion SHIB were exchanged, a sign of low transaction volume and the ongoing exodus of whales.
Still, a small number of wallets hold 73% of the SHIB supply, indicating a high concentration of large holders. Despite the fact that 47% of holders are still profitable, there is still a bearish outlook on the market, as seen by the large outflows and weak purchasing pressure. There is still hope in spite of these obstacles.
If market conditions settle, the community and speculative nature of meme coins may propel a comeback. But doing so would necessitate a major change in attitude as well as fresh funding.
Yuri Molchan
