Shiba Inu Plummets to 2023 Lows: SHIB Faces Critical Support Test
Shiba Inu's price just hit its lowest point since 2023—a gut-check moment for the meme coin that once promised to 'flip' Dogecoin.
The Support Cliff
SHIB is now trading at levels not seen in over three years. The chart paints a brutal picture: a relentless descent that's vaporized gains from the last bull cycle. Every minor bounce gets sold into—classic bear market behavior.
What's Dragging It Down?
The usual suspects are lined up. Broader crypto market weakness acts as an anchor. Speculative capital has dried up, fleeing to safer yields or, dare we say, actual productive assets. Without constant hype and fresh 'army' recruits, the tokenomics engine sputters.
A Glimmer in the Burn?
The community's perpetual burn mechanism ticks along, a digital ritual to reduce supply. But it's a drop in an ocean of trillions of tokens. For now, it's a narrative lifeline more than a price catalyst—the financial equivalent of rearranging deck chairs, but it gives holders something to watch.
The Road Ahead
All eyes are on whether this 2023-level support holds. If it breaks, the search for a bottom gets uglier. A reclaim above this zone could signal a desperate consolidation, but conviction buying remains absent. In the high-stakes casino of meme coins, SHIB is reminding everyone that what goes parabolic on vibes alone can come down just as fast—proving once again that in crypto, 'fundamentals' is sometimes just what we call the hopium we bought last week.
Why Is Shiba Inu (SHIB) Crashing?
Shiba Inu is among the biggest losers in the cryptocurrency market this year. The crash comes after bitcoin plummeted to the $74,600 range early Monday in a 6% downswing. Even BlackRock’s IBIT Bitcoin ETF has now turned red, giving institutional clients a taste of how harsh the cryptocurrency market can be.
Murmors of Bitcoin falling to the $50,000 level are now doing the rounds in the community circles. If BTC plunges to $50,000, Shiba Inu will be among the worst-hit tokens in the cryptocurrency market. Taking an entry position at this level is risky as SHIB is expected to further move south. Investments are most likely to erode in the coming weeks due to high selling pressure.
Apart from Bitcoin and Shiba Inu, Ripple’s XRP, Dogecoin, Cardano’s ADA, and Solana’s SOL have fallen nearly 5%. XRP fell to the $1.5 level, sending shivers that it could plummet below the $1 mark. The cryptocurrency market is at a turning point that could soon test the patience of investors. Even the US stock market indexes, Dow Jones, Nasdaq Composite, and the S&P 500 closed in the red on Friday.
The instability in the broader market has led to this crash, which is affecting Bitcoin and Shiba Inu. The decline also comes as Trump’s tariffs and trade wars are being escalated. Even leading commodities like gold and silver faced the axe of the market last week. If bigwigs are heading towards the red, then SHIB is a small fish in the ocean.
