Shiba Inu Price Dips; Is The Bull Run Over For Shiba Inu?

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Shiba Inu Price Dips; Is The Bull Run Over For Shiba Inu? – Crypto News

Published

2 years ago

March 6, 2024

Dripp

Shiba Inu price has dropped by 12 % from what it was yesterday and might rebound back to the hike zone. This price drop was quick, even when SHIB performed very well over the last few days. So, why did Shiba Inu drop? Is the bull run over for it? Let’s discuss that in this blog.

Shiba Inu Price Analysis

Shiba Inu is the second largest meme currency, with a market cap of $22,584,396,577. It is currently trading at $0.00003542 after a 12% drop in the price. The trading volume has also been affected by that. It is at $12,286,757,181 after dropping by 9%. Regardless, it is still positioned at the tenth rank on coinmarketcap.

Shiba Inu price started moving upward on 26 February, and the rest meme coins followed the same path. With a value of $0.000009515 and a trading volume of $173.44, it has hiked more than 200% from then.

Its recent drop has created suspicion about the liquidity of coins in the market.

Why Did Shiba Inu Price Dip?

According to the on-chain analytics, active SHIB accounts have increased by 140%. Whale activity and transactions have also surged by 160% within a day. The whale transactions over $100.000 increased to 2222 on Monday, whereas the number was way less a day earlier. On Sunday, the transactions were only 845. The same happened with the number of active accounts. It was 788 on Sunday, whereas it was 1896 on Monday.

And yet the Shiba Inu price has dropped by 12%. There were two primary reasons for this liquidity issue on the Coinbase exchange and panic selling.

Coinbase Price Drop

On Tuesday Morning, Shiba Inu price dropped on the Coinbase because of a glitch due to liquidity overreach. The price dip on Coinbase came to 50% but soon recovered. It might happen when the market volatility is high, or the sell order exceeds the available market depth. The last noted market depth of SHIB on Coinbase was around 1.2 Million.

Panic Selling

Panic selling happens when a mass number of people follow a similar trend of selling their tokens to save themselves before the price drops. The same happened in this case, where it led to the price drop as a result.

The Shiba Inu community has talked about this recent selling through X, where they mocked the sellers and appreciated the people who bought more in dip, calling it the right approach for the growth of the meme coin.

It is also related to Bitcoin 12% dip after crossing the previous all-time-high value. The overall crypto market has dropped a little from yesterday.

Sorry $SHIB Panic Sellers
Congrats to #ShibaInu Dips Buyers #Altseason hasn’t Started yet!

Altseason will Start May 2024 after Halving

Accumulate and HODL your Altcoin Bags with patience

Early Sellers will Regret later

Avoid FOMO Buying or Panic selling – always Buy d Dip pic.twitter.com/aiwe3cqTNm

— SHIB Bezos (@BezosCrypto) March 5, 2024

Conclusion

Shiba Inu price has dipped after performing well over the last few days. It happened because of the recent market downturn and liquidity issue on one of the major crypto exchanges. The graph hasn’t dropped to the worse, and the community is supporting the comeback. It has to see how SHIB will perform throughout March. Read more about how high Bitcoin can go in 2024.