Shiba Inu to $0.00001 Dream Paused Despite 20.9 Trillion SHIB Market Activity

Shiba Inu extended its drop from its Oct. 21 high of $0.0000105, pausing bulls' mission to decisively erase a zero from its price tag.

Shiba Inu's pullback from Monday's high of $0.0000105 marked a setback to the recovery from the Oct. 17 low and is indicative of how fragile sentiment remains heading into the final stretch of October.

At press time, SHIB was down 0.68% in the last 24 hours to $0.000009915, coinciding with Bitcoin's price drop.  Bitcoin briefly surpassed $114,000 on Monday before losing most of its gains, leading to significant liquidations on the crypto market.

Over $748 million in leveraged positions were liquidated according to CoinGlass data, split between long and short positions.

20.9 trillion SHIB traded

According to CoinMarketCap data, over 20.9 trillion SHIB were traded in the last 24 hours, amounting to a trading volume of 210.09 million, a 28% rise.

As the Shiba Inu price attempts to recoup its losses, eyes are on a retest of the $0.00001 mark once again. Sustained volumes will be watched out for, as well as a positive shift in crypto market sentiment. 

The Fear and Greed Index, which reflects market sentiment, has stayed in fear territory for seven consecutive days, but positivity remains that this signal has historically foreshadowed local bottoms.

If this is the case, Shiba Inu might erase a zero from its price tag once again, potentially targeting $0.0000119 and $0.0000127 to kickstart a fresh uptrend. 

Meanwhile, on-chain data shows a measure of choppiness on the market, suggesting that the price may continue to consolidate before the next major move.