Shiba Inu's Price Crash Leaves Bulls Struggling to Regain Momentum

Shiba Inu's price crash has wiped out weeks of gains for the popular memecoin, with a sudden wave of selling pushing SHIB down by over 16% in just a couple of trading sessions. The token fell from $0.0000062 to near $0.0000052, marking one of the sharper short-term corrections it's seen recently.

The sell-off is evident across both spot and derivatives markets, with sellers dominating order books during the drop. In spot trading, there was a 0.4 trillion token imbalance, with sell volume outweighing buy volume by approximately 3.8 trillion tokens against 3.4 trillion.

Derivatives markets also showed a negative delta, with perpetual contracts seeing more than 1.32 trillion tokens in selling activity compared to buy volume near 1.27 trillion tokens. This left a negative perps delta of around 50 billion tokens and a futures netflow of roughly $833,000.

Despite the sharp drop, technical indicators are still leaning toward cautious optimism rather than outright capitulation. However, momentum has weakened, and volume has thinned, indicating that the market is in a wait-and-see phase.