- SHIB has declined by 19.91% over the past 24 hours.
- Shiba Inu declined to a four-month low as holders panic sell.
Over the past day, as the crypto market crashed, memecoins have not been spared. One of these memecoins is Shiba Inu [SHIB] which has experienced a strong dip.
Over this period, SHIB has declined to a four-month low of $0.0000116. Since hitting this level, the memecoin has made a slight recovery.
At the time of writing, Shiba Inu was trading at $0.0000141, marking a 19.91% decline in daily charts. The memecoin has also dropped on weekly and monthly charts by 20.21% and 42.19%, respectively.
These recent market conditions raise a vital question: what’s driving the dip?
Why is Shiba Inu down today?
According to AMBCrypto’s analysis, SHIB has declined to a four-month low as investors turn bearish, resulting in panic selling.
As such, most traders have started selling their assets over the past day to avoid further losses thus minimizing loss while those who were in profitable positions closed their trades to maximize profit.
It was observed that this trend of investors closing their positions, especially as Futures Open Interest (OI) declines to a record low.
According to Coinglass data, Shiba Inu’s Futures OI has declined by 41.64% to $165.51 million. Such a dip reflects investor’s lack of confidence in the market.
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Author: Gladys Makena
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