Shiba Inu (SHIB) has faced a challenging day as the broader cryptocurrency market experiences a sell-off, driven by a sharp rise in bond yields and stronger-than-expected U.S. jobs data. This has led investors to shy away from riskier assets, including cryptocurrencies. Bitcoin's decline to a two-month low has set the tone for the market, with other crypto assets like Ether also seeing significant drops. Alex Kuptsikevich, chief market analyst at FxPro, noted, "The start of the new year has not been easy for the crypto market," highlighting the market's struggle to maintain upward momentum.
Adding to the pressure on Shiba Inu, significant liquidations by large investors have contributed to its price decline. On-chain data reveals that major SHIB holders have offloaded a substantial portion of their holdings, leading to a notable drop in the token's price. This behavior shift among big-time investors has raised concerns about SHIB's short-term outlook, as they appear to be moving towards new opportunities like the emerging PropFi token. Despite these challenges, some analysts suggest that SHIB's current undervaluation, as indicated by its negative MVRV ratios, could present a buying opportunity for those willing to trade against the market.
Shiba Inu's price has decreased by 1.48% today, with the current price at $0.000021. The token reached a high of $0.000022 and a low of $0.000020 during the day.