Shiba Inu (SHIB) has crashed to a price of approximately $0.000004104, its lowest level since May 2021. Despite a 15% weekly decline, it has reclaimed its position as the second-largest meme coin after the collapse of MemeCore. Market-wide bearish conditions, waning meme coin interest, and significant whale activity are cited as contributing factors to its current state.
Shiba Inu has declined 15% over the past week, trading near $0.000004104. The broader market’s bearish conditions and reduced interest in meme coins are evident reasons for the pullback.
Recent whale activity has also drawn attention, as BSCN revealed a major investor moved 600 billion SHIB, worth $2.83 million. The whale’s position was valued at $9.1 billion during SHIB’s 2021 all-time high.
Trader James Wynn, known for risky bets, described the asset as “old, dead, and boring.” He suggested a potential revival could occur in 5-10 years from nostalgia.
Despite its slump, SHIB regained its status as the second-biggest meme coin after MemeCore plunged 76% in a day. Dogecoin remains the niche leader with a $11.5 billion market cap, while SHIB holds less than $2.5 billion.
The amount of SHIB tokens stored on crypto exchanges has risen sharply from a recent five-year low. This shift from self-custody to centralized platforms increases the likelihood of additional sell pressure.
The market’s unstable conditions could lead to further declines for SHIB in the near term.
