Shiba Inu Price Drops 040% in 24 Hours Amid Market Uncertainty

Generated by AI AgentCoin World
Sunday, Mar 9, 2025 3:17 am ET1min read
SHIB
--

Shiba Inu (SHIB) has been experiencing significant volatility, with its price struggling near key support levels following recent market corrections. The token has been trading below a critical level, reflecting ongoing market uncertainty. SHIB dropped from its December peak of $0.0000329 and has been in a downward trend, leaving analysts to predict a possible rebound while acknowledging the uncertainty in its next direction.

Shiba Inu's price has dropped sharply as the broader meme coin market faced losses. After a strong start to March, assets like Dogecoin and SHIB saw a downturn, pushing Shiba Inu lower in market rankings and reflecting the overall weakness in the crypto sector. Meme coins, including Dogecoin, WIF, PENGU, BONK, and PEPE, have recorded notable price decreases, following the broader market correction affecting digital assets. Shiba Inu’s price movement has been in line with this sentiment, signaling uncertainty among traders.

Despite the slump, there are three potential catalysts that could boost SHIB’s price. The most significant factor is its rising burn rate. On March 8, the daily burn rate surged by 3,250% to 29 million tokens. Since its inception, over 410 trillion SHIB tokens have been removed from circulation, reducing supply to 584 trillion. This reduction in supply could potentially drive up the price of SHIB.

Crypto analysts have reported that the SHIB price may have broken out of a Falling Wedge pattern, suggesting a potential price surge. Projections hint at a significant increase, with the asset potentially experiencing a rise exceeding 422%, targeting $0.00008841. Market sentiment around Shiba Inu remains strong, with traders monitoring technical signals. The meme-based asset has drawn attention amid discussions about its bullish trajectory.

As of March 9, the SHIB price is trading at $0.00001254, reflecting a 0.40% decline over the past 24 hours. The price remains within a narrow range as bearish sentiment persists. Key support is holding near $0.00001, while resistance sits around $0.000015. SHIB has struggled to break past these levels, signaling weakened momentum. The MACD indicator