Shiba Inu (SHIB) Back in 2023: Mind-Blowing Price Action

Shiba Inu is one of the most severely impacted assets in the cryptocurrency market following the flash crash that appeared Friday. As macroeconomic pressures reverberate throughout the digital asset space, SHIB has fallen to its lowest level in years.

Risk assets taking plunge

The current U.S. economic landscape has brought on a new wave of uncertainty due to the tariff war, which has caused risk assets, including cryptocurrencies, to plummet. Previously thriving on retail hype and speculative momentum, SHIB has not shown any signs of resiliency in this most recent sell-off.

A crucial psychological and technical support level of $0.000010 has been breached by the token, which has broken decisively below its multi-month consolidation triangle. The breakdown is evident on the chart: SHIB’s price structure has finally given way after months of tightening volatility, resulting in an accelerated decline exacerbated by liquidations and declining market confidence.

Structural SHIB decline

While macro factors like tightening dollar liquidity, growing tariff disputes and global market stress can be linked to the broader crypto correction, SHIB’s decline points to a more serious structural problem: a lack of fundamental support. Shiba Inu is still primarily a speculative stock with no underlying utility that can maintain value during times of market trepidation, in contrast to Bitcoin or Ethereum, which have expanding institutional narratives and ecosystem adoption.

The recent candle indicates a total loss of bullish momentum from a technical standpoint. There is now a long-term bearish bias indicated by the 200-day moving average (black line) flattening and turning downward.

At around 30, the RSI indicates oversold conditions, but historically this hasn’t been sufficient to bring about a consistent recovery in SHIB’s price action in the absence of fresh speculative inflows. The following obvious support, which is the lowest range since early 2023, is located around $0.000008 if sentiment doesn’t improve.

Shiba Inu’s hollow fundamentals have fueled the collapse, even though the macro catalyst (tariffs) may have started the fire. Without a fresh story or sincere adoption, SHIB’s future appears to be becoming more and more uncertain.