the The price of the Shiba Inu has crashed Less than $0.000022, down over 20% in just one week. This massive collapse resulted in 43% of SHIB investors suffering losses. Furthermore, the recent drop in the price of the Shiba Inu comes along with The broader coin market declineswith major coins such as Dogecoin, Pepe, and Bonk also witnessing a price collapse.
Investors are at a loss as the Shiba Inu collapses to less than $0.000022
The price of the Shiba Inu struggles to maintain stability after his experience Recent devastating declines. The memecoin’s drop to $0.000020 was a major blow to its investors, marking one of the biggest declines in recent months.
While many analysts were Shiba Inu prices expected to riseInstead, the meme currency lost its gains. This decline has been heavily influenced by broader bearish market conditions and Recent declines in Bitcoinwhich continues to affect the entire cryptocurrency market.
For investors who entered the market during a price surge, the recent collapse was a sobering experience and a reminder of the inherent volatility of the cryptocurrency market. Specifically, meme currencies, known for their highly speculative nature, are prone to irregular and sharp declines that usually take the market by surprise.
according to Data From IntoTheBlock, 43% of Shiba Inu investors are at a loss, while only 53% are profitable. In addition, ITB signs on the chain indicate this The Shiba Inu is mostly bearishwith key indicators such as net network growth, large transaction volume, and negative concentration.
CoinMarketCap reported this The Shiba Inu is on a downward trajectoryIt lost 12.6% of its value during the past 24 hours. Over the past week, the comic-themed meme coin has fallen a staggering 25%, doubling its losses from last month, when it posted a 15% decline.
Amidst the decline in the price of SHIB Whales also sell their possessions quickly. LoonOnChain Blockchain Wallet Tracker open On X (formerly Twitter) an anonymous whale recently sold 250 billion SHIB worth $6.05 million. The whale initially spent $3,800 to buy 15.28 trillion SHIB as early as August 6, 2020, achieving gains of $109 million on its investment.
Meme currencies are experiencing a sharp decline; Analyst calls bottom
According to Bitfate on X, meme currencies exist I entered Red zone this week, with sharp declines driven primarily Panic selling among owners. Coingecko also revealed that the market cap of memecoins saw a 16% decline, reaching $97.4 billion.
said Nick Garcia, a cryptocurrency analyst Named A potential bottom for meme coins, highlighting that large-cap value meme coins are currently lagging while mid-tier cryptocurrencies have seen one of the worst declines.
Furthermore, cryptocurrency trader, Isaac, Comment On the bearish performance of cryptocurrencies, highlighting that the recent decline in Bitcoin has greatly influenced this decline. The trader revealed that most meme coins are down 90% below their ATH, while altcoins are down significantly. Accordingly, Isaac suggested that The bear market is in full swingwhich signals the end of the bull market.
Featured image created with Dall.E, chart from Tradingview.com