Shiba Inu has faced renewed downside pressure over the past 24 hours, extending its short-term bearish trend. At the time of writing, SHIB is trading around $0.000007154 , marking a 1.53% decline on the day. Although the move appears modest, it reflects persistent selling activity and weakening confidence among short-term traders.
SHIB Slides Toward Daily Lows as Sellers Maintain Control
Over the last 24 hours, SHIB traded within a clearly defined downward range. The price reached a session high near $0.000007348 before slipping to a low of approximately $0.000007121. Early attempts at stabilization failed to gain traction, allowing sellers to maintain control throughout the session. As a result, price action gravitated steadily toward daily lows.
24-hours price chart. Source: CoinMarketCap
This pattern suggests growing exhaustion on the buy side. Each minor rebound was met with fresh selling, keeping SHIB pinned below previous short-term support levels. Consequently, the market structure continues to favor consolidation with a bearish bias rather than a meaningful recovery.
Related article: SHIB Breaks Out: 1.32% Daily Surge Hints at Bullish Momentum
Trading activity increased slightly during the period. SHIB recorded a 24-hour trading volume of about $96.46 million, representing a 7.82% increase. Rising volume alongside falling price often signals distribution rather than accumulation. Traders appear to be actively exiting positions rather than building new ones.
Meanwhile, market capitalization declined to approximately $4.21 billion, down 1.53% in line with the price move. The volume-to-market-cap ratio stands at 2.28%, indicating moderate liquidity but limited conviction among buyers.
Key Support in Focus as SHIB Tests Market Patience
Shiba Inu’s circulating supply remains massive at roughly 589.24 trillion tokens, closely aligned with its total and maximum supply of 589.55 trillion SHIB. With supply fully unlocked, price movement remains highly sensitive to sentiment and speculative flows.
Related article: Shiba Inu (SHIB) Rebounds 1.4% as Trading Volume Soars 47% in 24 Hours
From a historical perspective, SHIB remains about 91.9% below its all-time high of $0.00008845 recorded in October 2021. However, it is still dramatically higher than its all-time low from August 2020, reflecting the extreme volatility that has defined its long-term price history.
Despite ongoing weakness, community sentiment remains surprisingly resilient. About 86% of participants remain bullish, while 14% are bearish. This optimism may help slow downside momentum in the near term.
Looking ahead, the $0.0000071 level is critical. A sustained break below this zone could extend losses. However, holding above it may trigger short-term consolidation. For now, SHIB remains under pressure as traders wait for a clearer directional signal.
