Shiba Inu Plummets Amid Crypto Risk-Off Sentiment

Shiba Inu (SHIB) has dropped 3.21% in value over the past several hours, mirroring broader market risk-off sentiment and SHIB-specific selling pressure on exchanges.

The total crypto market cap fell from $2.91 trillion to $2.83 trillion over 24 hours, a drop of roughly 2.7%, while altcoin market cap slipped from about $1.20 trillion to $1.18 trillion, around 2.2% lower.

SHIB reserves on exchanges are rising toward 88 trillion tokens with net inflows of over 75 billion SHIB in 24 hours, signaling increased selling pressure. This surge in reserves has coincided with SHIB flipping red and trading around $0.00000588 at the time, framing it as a bearish signal while buying activity lags.

Beyond hard flows, sentiment around meme coins is cautious, with public criticism of meme tokens and technical breakdown chatter around SHIB's chart structure adding to bearish behavior rather than providing a positive catalyst.