The The Shiba Inu price has crashed below $0.000022, down more than 20% in just a week. This massive crash resulted in 43% of SHIB investors suffering losses. Furthermore, the recent decline in the Shiba Inu price comes with one broader decline in the meme coin marketwith top coins such as Dogecoin, Pepe and Bonk also seeing a price drop.
Investors suffer losses as Shiba Inu plunges below $0.000022
The Shiba Inu price is struggling to maintain stability after some experiences devastating declines recently. The meme coin’s drop to $0.000020 was a major blow to its investors and marked one of the sharpest declines in recent months.
While many analysts had done so predicted price increases for Shiba InuInstead, the meme coin has lost profits. This downturn was heavily influenced by broader declining market conditions and the recent declines in Bitcoinwhich continue to weigh on the entire crypto market.
For investors who entered the market during price peaks, the recent crash was a sobering experience and a reminder of the crypto market’s inherent volatility. In particular, meme coins, which are known for their highly speculative nature, are prone to irregular and sharp declines that usually surprise the market.
Accordingly Data According to IntoTheBlock, 43% of Shiba Inu investors are stumped while only 53% have made profits. Furthermore, ITB’s on-chain signals suggest this Shiba Inu is predominantly bearishwith key indicators such as net network growth, large transaction volume and negative concentration.
CoinMarketCap reports this Shiba Inu is on a downward trendand lost 12.6% of its value in the last 24 hours. In the last week, the dog-themed meme coin plunged a staggering 25%, compounding last month’s losses when it posted a 15% decline.
Given the falling SHIB price Whales also sell their stocks fast. Blockchain wallet tracker LoonOnChain revealed on X (formerly Twitter) that an anonymous whale recently sold 250 billion SHIB worth $6.05 million. The whale had already spent an initial $3,800 to purchase 15.28 trillion SHIB on August 6, 2020, earning a profit of up to $109 million on its investment.
Meme Coins See Sharp Decline; Analyst calls bottom
According to Bitfate on X, meme coins have entered in the red this week, with sharp declines largely due to this Panic selling among holders. Coingecko also revealed that the market cap of meme coins fell 16% to $97.4 billion.
Nick Garcia, a crypto analyst, has called a potential meme coin bottom, illustrating that large-cap meme coins are currently underperforming, while mid-cap cryptocurrencies have experienced one of the worst declines.
Additionally, a crypto trader, Isak, commented about the bearish trend of meme coins and emphasized that Bitcoin’s recent decline has significantly influenced this downturn. The trader revealed that most meme coins are 90% below their ATH, while altcoins have plummeted significantly. Consequently, Isak suggested that the The bear market is in full swingsignaling the end of the bull market.
Featured image created with Dall.E, chart from Tradingview.com