Shiba Inu (SHIB) has faced significant downward pressure today, driven by a broader market downturn affecting cryptocurrencies. The market's bearish sentiment has been exacerbated by a massive $770 million in bullish liquidations, as reported by CoinDesk. This has led to a sharp decline in major cryptocurrencies, including Shiba Inu, which has been underperforming compared to other meme coins. The formation of risky chart patterns, such as the death cross and double-top, has further fueled concerns about SHIB's potential for a bearish breakdown. Additionally, the number of active addresses has decreased, indicating a shift in investor interest towards newer meme coins like Fartcoin and Official Trump.
The broader cryptocurrency market has been impacted by external factors, including the emergence of DeepSeek, a Chinese AI company that has disrupted global tech markets. This development has raised concerns about U.S. technological dominance and has led to a sell-off in tech stocks, which in turn has affected digital assets. The correlation between digital assets and the tech sector remains strong, as noted by Standard Chartered's Geoff Kendrick. The cautious approach of market participants ahead of the upcoming FOMC meeting has also contributed to the decline in risk assets, including Shiba Inu.
Shiba Inu's price has dropped by 4.05% today, with the current price at $0.000018. The token reached a high of $0.000019 and a low of $0.000018 during the day.