Shiba Inu (SHIB) is experiencing a pronounced downturn in the cryptocurrency market. The meme token has recorded a 26% price decline over the past month. It currently trades at $0.00001476.
SHIB maintains a market capitalization of approximately $8.7 billion. Despite registering a modest 1.35% uptick in the last 24 hours, the overall trajectory remains bearish. This downward trend reflects broader market anxieties.
Large investor withdrawal is threatening SHIB's market position. Transaction data shows whale activity on the Shiba Inu network has decreased by more than 80% during the previous 12 weeks. This dramatic reduction in major player engagement has raised concerns about diminishing institutional confidence.
Some analysts detect potential positive signals amid the decline. Crypto specialist Javon Marks identified an Inverse Head & Shoulders pattern in SHIB's price action. "SHIB prices maintaining the structure of a large Inverse Head & Shoulder and with the $0.000081 target still in play, an over 402% run to reach it could come out of this," Marks stated on February 22.
The token processes $111 million in daily trading volume. This represents 0.30% of the total cryptocurrency market. Such figures contrast sharply with the declining whale engagement, creating a contradictory market narrative that has left investors uncertain.
Market watchers are closely monitoring two critical support thresholds. The primary level stands at $0.000011, with secondary support established at $0.000008. These price points represent key areas where buying pressure has historically emerged to counter negative momentum. A breach below these levels could trigger further decline, while successful defense may restore buyer confidence.
The coming weeks will likely prove decisive for Shiba Inu's market standing. Following an 8% weekly decline and equivalent monthly losses, the token faces mounting challenges. The stark contrast between waning whale interest and optimistic technical forecasts has created significant market ambiguity. SHIB's near-term trajectory will likely depend on its ability to maintain current price levels within a secure range.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.