Shiba Inu Price Plummets 16% Amid Intense Selling Pressure

Shiba Inu's price plummeted by 16.13% to $0.0000052, its lowest point in two days, before rebounding slightly to $0.0000053 at press time.

The sudden drop was attributed to intense selling pressure across all market participants, with the memecoin recording a significant sell volume of 3.8 trillion on the Spot market compared to 3.4 trillion in buy volume.

This pattern was also observed on perps and Futures markets, where the sell volume exceeded the buy volume, resulting in negative deltas that indicated aggressive selling pressure.

Historically, strong selling pressure on both derivatives and Spot markets has preceded a weakened market structure, leading to price drops. However, despite the current bearish pressure, Shiba Inu's bullish structure remains intact, with its RSI still holding within an upward trajectory.