Shiba Inu (SHIB) Price Dips 15% Amid Market Pressure, Risks Adding Another Zero

Shiba Inu (SHIB) has plunged 15.56% over the past 24 hours, struggling under intense bearish pressure in the broader crypto market. The meme coin, known for its dog-themed branding, faces the risk of losing another decimal place if the downtrend continues.

At one point, SHIB dropped from $0.00001298 to $0.00001184, flirting with its crucial support at $0.00001170. Although a slight rebound pushed the price back to $0.00001200, the token remains down 3.72% from the previous day. The temporary recovery followed a 40.20% surge in trading volume, reaching $338.46 million, as traders viewed the dip as a potential buying opportunity.

Despite the price action, SHIB’s technical indicators suggest that if current momentum holds, further decline might be avoided. However, the threat of "adding another zero" looms if support breaks and bearish sentiment prevails.

The Shiba Inu burn mechanism continues to play a key role in the project’s deflationary strategy. According to Shibburn, over 115 million SHIB tokens were burned recently, contributing to a 12,000%+ spike in burn rate. Still, this aggressive supply reduction failed to spark a price rebound, underscoring the need for additional catalysts.

Investor confidence remains critical to reversing the downturn. With speculation rising around lead developer Shytoshi Kusama, the community anticipates potential announcements or updates that could inject fresh momentum into the SHIB ecosystem.

As SHIB clings to support, market observers stress that a mix of sustained investor interest, trading activity, and ecosystem development will be necessary to stabilize and potentially reverse the current trend. For now, SHIB holders are watching closely as the meme coin fights to avoid further losses.