Shiba Inu Plunges as California Memecoin Bill Takes Effect

The Shiba Inu (SHIB) cryptocurrency has been under pressure in recent days, with its price dropping to a weekly low of $0.00000509 before settling near $0.0000051, a 4.4% intraday decline.

The global crypto market cap sits at $2.71 trillion, down 2.3% in the last 24 hours, according to CoinGecko data. Bitcoin holds 57.5% dominance and Ethereum sits at 10.9%, with daily trading volume reaching $85.3 billion.

California's AB 2409 bill has added to the stress on SHIB, as it bans public officials from launching memecoins starting January 1, 2027. However, Shiba Inu itself is not directly named or targeted in the bill.

Despite this, the law signals tighter regulatory scrutiny across the entire memecoin space, which appears to be pressuring sentiment today more than any direct rule against SHIB itself.