Shiba Inu Price Plummets 16% Amid Intense Selling Pressure

Shiba Inu's price plummeted by 16.13% to $0.0000052 after intense selling pressure across all market participants. This sudden drop came despite the memecoin's recent surge to $0.0000062. However, Shiba Inu rebounded slightly to $0.0000053 at press time.

The trading volume dropped by 63% to $140 million, indicating a potential market cool-down. According to the data, on the Spot market, Shiba Inu saw 3.8 trillion in sell volume compared to 3.4 trillion in buy volume. This resulted in a clear sign of aggressive spot selling.

A look at the Directional Movement Index (DMI) confirms that the upside momentum has weakened due to two days of selling pressure. However, it still sits above both ADX and DI, suggesting that the trend leans bullish. The Relative Strength Index (RSI) also remains within an upward trajectory, indicating that the uptrend is intact.