Shiba Inu Plummets 16% Amid Intense Selling Pressure

Shiba Inu [SHIB] plummeted 16% in value after experiencing intense selling pressure across all market participants. The memecoin dropped from $0.0000062 to a low of $0.0000052, then rebounded slightly to $0.0000053 at press time.

According to Coinalyze, the Spot market saw 3.8 trillion in sell volume compared to 3.4 trillion in buy volume, resulting in an aggressive spot selling trend.

The same pattern was observed on perps and Futures, with perps sell volume exceeding 1.32 trillion and buy volume falling to 1.27 trillion. On the Futures side, SHIB recorded $16.17 million in futures outflows compared to 15.34 million in inflows.

Historically, strong selling pressure on both derivatives and Spot markets have preceded a weakened market structure, leading to price drops. However, despite intense selling pressure, SHIB's bullish structure remains intact, with the Relative Strength Index (RSI) still holding within an upward trajectory.