Shiba Inu (SHIB) 1,000,000,000 Sell-off Triggered, Price to Drop Even More?
Shiba Inu (SHIB) is experiencing a significant sell-off, with around 1 billion SHIB sold in the past 24 hours, causing the price to drop below $0.000010. The selling activity has increased panic, leading to oversold conditions as per the RSI (34.47). A death cross formation suggests further bearish momentum, with risks of SHIB falling below $0.000009, which could trigger additional losses. The market is showing low liquidity and increased volatility, making recovery difficult without substantial buying activity. Investors are advised to exercise caution as further price declines appear likely.
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Shiba Inu Faces Significant Sell-Off
With around 1,000,000,000 SHIB being sold on exchanges in the last 24 hours, Shiba Inu is undoubtedly in a significant sell-off phase. The price has dropped significantly as a result of this enormous selling volume, as the most recent chart breakdown illustrates. The abrupt increase in selling activity highlights the current bearish trend, raising serious doubts about SHIB's near future.
SHIB Price Breaches Key Support Levels
As of press time, the price has broken through significant support levels and fallen below the $0.000010 mark. The most recent sell-off has coincided with an increase in trading volume, often a critical indicator of market capitulation. Panic selling has erased the coin’s minimal bullish momentum, pushing the price closer to the $0.000009 threshold. While the market's bottom remains unclear, the RSI (Relative Strength Index) at 34.47 suggests that SHIB is approaching oversold conditions.
Potential for Further Losses
The formation of a death cross, where the 50-day moving average crosses below the 200-day moving average, is a bearish technical signal that could negatively impact SHIB's price performance in the coming weeks. This pattern typically points to protracted bear markets, with the $0.000009 level being a crucial threshold. A breakdown below this level may result in additional losses, potentially driving SHIB to even lower price points.
Low Liquidity and Heightened Volatility
Shiba Inu may face a period of low liquidity and increased volatility as selling intensifies and weaker holders exit the market. This environment makes any meaningful recovery difficult without strong buying volume returning. Until then, investors should exercise caution and be prepared for the possibility of a deeper price decline in the near future.