The post Crypto Market Down: Shiba Inu and Dogecoin Face 10% Drop Amid Market Sell-off appeared first on Coinpedia Fintech News
The memecoin industry, led by Dogecoin (DOGE) and Shiba Inu (SHIB), was heavily impacted in the past 24 hours as Bitcoin (BTC) slipped below $100k earlier on Monday. According to the latest market data, the memecoin’s valuation slipped by 10 percent in the past 24 hours to hover about $99.8 billion at the time of this writing.
With the rising fear of crypto sell-off in the near term, amid the rising calls of a Western stock market crash due to the innovative AI breakthrough in China via DeepSeek, the memecoin industry faces further downward pressure. Furthermore, with heavy crypto liquidations involving over $625 million in the past 24 hours, with the majority being long traders, the odds of a long squeeze have dramatically increased.
Shiba Inu Retests Crucial Support Range
From a technical analysis standpoint, SHIB’s price has been trapped in a macro triangular consolidation, akin to Ripple Labs XRP before the ongoing macro bullish outlook to a new all-time high. According to crypto analyst Ali Martinez, SHIB’s price is currently retesting a crucial support range between 0.0000185 to $0.000021.
In case of short-term aggregated crypto selling pressure, SHIB price will likely drop 10 percent towards the support level of about $0.000016. Furthermore, the weekly Relative Strength Index (RSI) has dropped below the 50 percent level, suggesting the short-term bears are in control.
Bigger Picture
Through the Shibarium layer 2 scaling solution, the Shiba Inu project has gradually shifted to a utility-based memecoin. As of this writing, the Shibarium network had a dozen Decentralized Financial (DeFi) projects, with a total value locked of about $2.75 million.
As the second largest memecoin by market cap of about $10.6 billion, has attracted more than 1.4 million on-chain holders. With the growing online community and utility, SHIB is well-positioned to perform well in the long haul.
