Shiba Inu Tanks 5%: SHIB-DOGE Ratio Bounces From Record Lows in Wild Meme Coin Swing

Memecoins prove they're still the market's most volatile players as Shiba Inu takes a sudden dive.

The 5% Plunge

Shiba Inu cuts deep into recent gains, wiping out a solid chunk of momentum in a single session. The drop comes as traders rotate out of riskier assets—or maybe just realized they're betting on a dog-themed token.

DOGE-SHIB Ratio Rebound

Meanwhile, the SHIB-DOGE pairing bounces from its lowest point ever. That historic ratio reversal suggests even meme coins have their hierarchy—apparently, the original dog still has more bite than the Shiba army.

Market analysts shrug—it's just another Tuesday in crypto land, where fundamentals take a backseat to Elon Musk's tweets and Reddit hype. Traditional finance folks are clutching their pearls while degens keep stacking positions.

Key insights

• SHIB encountered considerable downward pressure throughout the preceding 24-hour period from Sept. 21, 15:00 to Sept. 22, 14:00, retreating from $0.000012888 to $0.000012188, constituting a 5% depreciation.
• The comprehensive trading range extended to $0.000009441 (79%), with the most pronounced movement materialising on Sept. 22, 06:00, when valuations plummeted to $0.000011975 amid exceptionally elevated volumes of 5.29 trillion tokens, thereby establishing formidable resistance at the $0.000012373 threshold.
• Critical support materialized at $0.00001197, accompanied by substantial buying interest, while conventional resistance consolidated around $0.00001290, where valuations consistently encountered downward pressure throughout the initial trading sessions.

SHIB-DOGE bounces from record low

While SHIB fell 5%, dogecoin suffered a bigger loss of over 8%, resulting in a notable recovery in the Binance-listed SHIB-DOGE pair from record lows.

The pair's daily MACD histogram is on track to turn positive, marking a bullish shift in momentum, which suggests that SHIB could continue to outperform DOGE in the coming days.

That said, the overall outlook WOULD remain bearish as long as the descending trendline from the March 2024 highs remains intact.