The Shiba Inu price has plummeted below $0.000022, experiencing a significant decline of over 20% in just one week. This sharp crash has resulted in 43% of SHIB investors facing losses. Additionally, this drop in the price of Shiba Inu coincides with a broader decline in the meme coin market, with other popular coins like Dogecoin, Pepe, and Bonk also witnessing price decreases.
The struggle to maintain stability in the Shiba Inu price comes after the devastating declines it has recently faced, dropping to $0.000020 and causing substantial losses for its investors. Despite earlier predictions of price surges for Shiba Inu, the meme coin has been shedding gains, influenced by the overall bearish market conditions and recent declines in Bitcoin.
For investors who entered the market during peak prices, this recent crash serves as a stark reminder of the inherent volatility in the crypto market. Meme coins, known for their speculative nature, are especially prone to sudden and erratic declines that catch many off guard.
Data from IntoTheBlock reveals that 43% of Shiba Inu investors are currently at a loss, with only 53% seeing profits. On-chain signals indicate that Shiba Inu is mostly bearish, with key indicators like Net Network Growth, large transaction volume, and concentration in the negative.
According to CoinMarketCap, Shiba Inu is on a downward trajectory, losing 12.6% of its value in the past 24 hours alone. Over the course of the last week, the dog-themed meme coin has plummeted by a staggering 25%, compounding its losses from the previous month when it saw a 15% decline.
As the SHIB price continues to decline, whales are also rapidly selling off their holdings. An anonymous whale recently sold 250 billion SHIB valued at $6.05 million, after initially investing $3,800 to acquire 15.28 trillion SHIB back in August 2020, resulting in gains of up to $109 million.
Meme coins, in general, have seen a sharp decline recently, with Bitfate reporting that they have entered the red zone this week due to panic selling among holders. Coingecko has disclosed a 16% decline in the meme coin market cap, which has spiraled down to $97.4 billion.
Crypto analyst Nick Garcia has suggested a potential bottom for meme coins, noting that large-cap meme coins are lagging while mid-tier cryptocurrencies have experienced significant declines. Another trader, Isak, highlighted the bearish performance of meme coins, attributing it to the recent decline in Bitcoin and suggesting that the bear market is in full swing, marking the end of the bull market.
In summary, the recent crash in the Shiba Inu price, along with the broader decline in meme coins, reflects the overall volatility and unpredictability of the crypto market. Investors are facing losses, and market conditions remain uncertain as the bear market appears to be taking hold.
