The popular meme coin Shiba Inu just burned about $600 million in market value in nine hours, dropping its cap from $5 billion to $4.39 billion, as per CoinMarketCap. The price slid straight to $0.0000074 USDT — and at this level, traders better not consider it a discount.
It is important to note that this is not a dead-chart drift. Over $120 million in volume was traded during the drop, so sellers did not struggle to execute trades; buyers just did not bring in enough size to slow the slide. The market cap followed the price almost tick for tick, with coins changing hands nonstop as the value bled out.
The sell-off had a runway too. Earlier in the week, SHIB tried to bounce back several times. Each attempt was capped by the same bands that used to act as support.
Shiba Inu (SHIB) Market Cap by CoinMarketCapWhen the pressure increased, the price was already near the floor of its recent range. There was not much standing between it and lower prices.
$0.0000067 for SHIB not nightmare figure anymore
Looking at the bigger picture, it is still the same post-hype box from last year’s blow-off period, except now the price is approaching the lower boundary at $0.0000067 more aggressively than in months past. When volume increases at these levels, the downside can accelerate.
Nothing has changed on the supply side. The circulating supply remains near 589 trillion SHIB, and burn activity has not affected the price in a way that the chart reflects.
With stable supply and failing demand, the price keeps getting pushed back to the few spots where buyers have already shown they will act. That is why the $0.0000067-$0.000007 zone is so important for the Shiba Inu coin.
Source: https://u.today/shiba-inu-shib-erases-600-million-in-value-but-it-may-be-just-the-beginning
