The meme coin industry, led by Dogecoin (DOGE) and Shiba Inu (SHIB), was hit hard in the last 24 hours as Bitcoin crashed below $100,000 on Monday. According to the latest market data, both meme coins have seen their value drop more than 10 percent in the last 24 hours. Moreover, it is possible that this situation will worsen for SHIB.
Popular meme coin Shiba Inu has retested the critical support range!
Predictions of a crash in Western stock markets have increased due to the innovative artificial intelligence breakthrough in China through DeepSeek. In such an environment, the meme coin industry is facing further downward pressure due to fears that crypto sales will increase further in the near term. Meanwhile, cryptokoin.comAs you follow from , there have been heavy crypto liquidations of over $625 million in the last 24 hours. Moreover, the majority of them consisted of long traders. This significantly increased the chances of a ‘long squeeze’.
From a technical analysis perspective, SHIB’s price is stuck in a macro triangular consolidation similar to Ripple (XRP) before the ongoing macro bullish outlook. During this period, XRP reached its all-time high. According to crypto analyst Ali Martinez, SHIB’s price is currently retesting a key support range between $0.0000185 and $0.000021. According to analysts, in case of short-term bulk crypto selling pressure, SHIB price will likely decline towards the $0.000016 support level. This represents a decline of approximately 10% from current levels. Additionally, the weekly Relative Strength Index (RSI) has fallen below the 50 percent level. This shows that the bears are in control in the short term.
Source: Ali Martinez / XWhat’s in the bigger picture?
Thanks to the Shibarium layer 2 scaling solution, the Shiba Inu project has gradually transitioned to a utility-based memecoin. As of this writing, there are a dozen Decentralized Financial (DeFi) projects on the Shibarium network with a total value of approximately $2.75 million. Shiba Inu is the second largest meme coin with a market value of approximately $10.6 billion. Layer-2 solution Shibarium has attracted more than 1.4 million on-chain holders. SHIB is well positioned to perform well in the long term with its growing online community and services.
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