Crypto
SHIB's Price Slumps Amid Bitcoin Stall and Macro Uncertainty
SHIB's price is stuck at $0.0000053 after a sharp -3.98% drop, leaving it vulnerable to further losses.
The token's rally this week was largely driven by Bitcoin's own surge, which reached its highest point in August since 2017. However, with Bitcoin stalling below $79K and other altcoins like ETH and SOL down, SHIB is taking a hit as traders rotate back to a wait-and-see mode.
On-chain data shows that while whales are accumulating SHIB on the spot market, derivatives positioning suggests that leveraged longs may be vulnerable to liquidations if the macro backdrop turns hostile.