Shiba Inu price has plunged alongside the broader crypto market, with a staggering 10% decline in the last 24 hours. The recent downturn has pushed SHIB to its lowest level since February 2024, despite heightened activity on Shibarium after transactions rose to 1 billion.
Shiba Inu Price Plunges to 13-Month Low
Shiba Inu price trades at $0.0000108 at press time, its lowest level in more than 13 months. Traders are actively dumping this top meme coin after President Trump spooked investors after the “Liberation Day” tariffs led to 34% retaliatory tariffs from China.
As the downtrend continues, SHIB’s open interest has declined by $454M from the peak of $542M recorded in mid-January. As open interest declines alongside the price, it highlights a strong bearish trend.
At the same time, SHIB funding rates have plunged into negative territory. This setup shows a negative outlook where short-sellers are looking to make profits during the ongoing turmoil.
SHIB Funding Rates
Shibarium Transactions Soar to 1 Billion
The bearish momentum with Shiba Inu price comes despite the growth of the Shibarium layer 2 network. This network has surpassed 1 billion transactions, marking a major milestone in the meme coin’s growth.
Shibarium has processed more than 10.3 million blocks since its launch, and has a daily transaction count of approximately 4.4 million. These figures make it one of the fastest-growing layer-2 networks on the Ethereum blockchain.
Shibarium Transactions
A previous Coingape article reported that attaining this milestone could be bullish for Shiba Inu price. However, with the bloodbath across the crypto market, SHIB may fail to rally.
Shiba Inu Price Risks Crash to $0.000009
The SHIB community might have to wait longer for a price rally to $0.0001 as the current trend shows that the most likely target is a drop to $0.000009.
SHIB is trending within a descending parallel channel on its weekly chart. This indicates that selling activity has been gradually increasing, making a crash to $0.000009 even more likely.
Technical indicators also support this bearish Shiba Inu price prediction. The RSI has declined to 35 and has been making a series of lower lows. This points to a gradual rise in sell-side activity. The negative MACD line further highlights a bearish momentum.
SHIB/USDT: 1-Week Chart
Shiba Inu price has dropped to a 13-month low despite the growth of the Shibarium network, which recently attained 1 billion transactions. The decline comes as crypto traders unwind their positions due to concerns about the impact of President Trump’s tariffs on risk assets. This suggests that SHIB may crash to $0.000009.
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muthoni
Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience dissecting blockchain trends, price movements, and market dynamics. With a sharp eye for technical analysis and an in-depth understanding of on-chain metrics, she delivers insightful, data-driven content that helps investors navigate the fast-paced world of digital assets.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
