Shiba Inu (SHIB) fell more than 7% early Monday amid a broad cryptocurrency market sell-off. According to CoinGecko, the token dropped to a 2023 low of $0.0000065.
The meme token has lost nearly 62% over the past year, leaving many holders with unrealized losses. Most SHIB investors are now holding positions below their entry prices.
Bitcoin plunged to about $74,600 in a roughly 6% downswing, triggering wider market declines. BlackRock’s IBIT Bitcoin ETF also turned negative, showing losses for institutional clients.
Community chatter suggested BTC might fall to $50,000, a level that would further pressure altcoins. If that scenario materializes, Shiba Inu would likely be among the most affected tokens.
Other major tokens slid about 5% during the session. These included Ripple’s XRP, Dogecoin, Cardano’s ADA, and Solana’s SOL, with XRP falling to roughly $1.5 and raising concerns it could fall below $1.
Equity indexes closed lower on Friday, adding to selling pressure in crypto markets. (Ed. note: Tariff and trade tensions rose while gold and silver weakened last week.)
High selling pressure pushed prices lower across markets this week. Volatility and losses remain widespread among digital-asset holders.
