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The price of Shiba Inu has fallen below $0.000022, dropping more than 20% in just one week. This massive collapse has led to 43% of SHIB investors facing losses. In addition, the recent drop in Shiba Inu prices has been accompanied by a broader decline in the meme coin market, with top coins like Dogecoin, Pepe, and Bonk also experiencing price collapses.
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Shiba Inu price falls below $0.000022, investors suffer losses
The price of the Shiba Inu coin has been struggling to maintain stability after experiencing a devastating decline. The meme coin has dropped to $0.000020, causing a significant impact on its investors, making it one of the largest declines in recent months.
Although many analysts had predicted that the price of Shiba Inu would soar, the meme token has been giving back its gains. This decline is largely due to the overall bearish market conditions and the recent drop in Bitcoin, which continues to weigh on the entire crypto market.
For investors who entered the market at the price highs, the recent collapse has been a wake-up call, reminding them of the inherent volatility of the crypto market. Specifically, meme coins known for their high speculative nature are prone to instability and sudden drops, often catching the market off guard.
According to data from IntoTheBlock, 43% of Shiba Inu investors are in a state of loss, while only 53% have realized profits. Additionally, ITB's on-chain signals indicate that Shiba Inu is predominantly bearish, with negative values for key metrics such as net network growth, transaction volume, and concentration.
CoinMarketCap reports that the Shiba Inu coin's price is on a downward trend, depreciating by 12.6% in the past 24 hours. Over the past week, this dog-themed meme coin has plummeted by 25%, exacerbating the losses from the previous month, when it declined by 15%.
As the SHIB price has declined, whales have also been rapidly selling off their SHIB holdings. Blockchain wallet tracker LoonOnChain revealed on X (formerly Twitter) that an anonymous whale recently sold 25 billion SHIB for $6.05 million. This whale had originally purchased 152.8 trillion SHIB for $3,800 back in August 2020, making a profit of $109 million from their investment.
Meme coin prices plummet; analysts say they have hit bottom
According to a report by Bitfate on X, meme coins have entered the red zone this week, with the significant decline primarily driven by panic selling by holders. Coingecko also revealed that the market capitalization of meme coins has dropped by 16%, falling to $97.4 billion.
Crypto analyst Nick Garcia believes that meme coins may have hit the bottom and emphasizes that large meme coins are currently underperforming, while mid-cap cryptocurrencies have experienced some of the most severe declines.
Additionally, crypto trader Isak commented on the bearish performance of meme coins, highlighting the significant impact of Bitcoin's recent decline. The trader revealed that the prices of most meme coins have dropped by 90% from their all-time highs, and altcoin prices have also seen substantial declines. As a result, Isak believes that the bear market is fully underway, signaling the end of the bull market.
