Shiba Inu (SHIB), the popular meme coin, experienced a sharp 7.55% drop over the past 24 hours, pushing its price down to $0.00001534. This decline follows a broader trend of sell-offs and volatility in the altcoin market. At the day’s high, SHIB touched $0.00001757 before tumbling to a low of $0.00001484, highlighting the coin’s vulnerability to short-term fluctuations.
Despite the price fall, trading activity surged. SHIB’s 24-hour volume jumped by 38.69% to $738.11 million, indicating strong trader engagement. This spike in volume against a falling price suggests increased selling pressure, likely driven by short-term profit-taking and cautious investor sentiment.
24-hour price chart. Source: CoinMarketCap
SHIB’s market cap now sits at $9.04 billion, down 7.55% from the previous day. The fully diluted valuation (FDV) mirrors this at $9.04 billion as well, showing no disparity between current and potential valuation based on total token supply. The unlocked market cap is slightly higher at $9.05 billion.
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Interestingly, SHIB’s holders community remains strong at 1.5 million wallets, indicating solid retail support despite market turbulence. The token maintains a massive circulating and total supply of 589.5 trillion SHIB, keeping the price per coin extremely low and attractive to speculative buyers.
All-Time Metrics Paint a Bigger Picture
Zooming out, SHIB is still down 82.63% from its all-time high of $0.00008845 set on October 28, 2021. However, it remains up an astonishing 18,819,087.66% from its all-time low of $0.00000000008165 in September 2020. These figures highlight SHIB’s extreme volatility, potential for explosive rallies, and steep corrections.
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The price hovered near $0.0000153 at press time, slightly rebounding from its intraday low. Still, the red zone dominates the chart, reflecting bearish momentum throughout most of the previous day and early morning.
Is a Reversal in Sight?
While short-term sentiment looks bearish, increasing trading volume could signal a possible bounce if demand strengthens. SHIB’s loyal community and frequent mentions across social platforms may offer support. However, without a clear catalyst or bullish momentum, the price may struggle to recover soon.
Investors should watch for signs of consolidation or fresh buying activity before making moves. SHIB remains a high-risk, high-reward asset, and today’s dip is just another reminder of its roller-coaster nature.
