$SHIB 🫨 Shiba Inu Holdings Plunge 11%, $SHIB Price Approaching Three-Year Lows

Shiba Inu's price drops to its lowest point since October 2023, as the crypto market continues weeks of selling pressure.

In the past 24 hours alone, $2.45 billion has been liquidated, with weekend declines causing significant losses across most digital assets. Long positions accounted for the majority of liquidations, totaling $2.27 billion, while shorts only made up $180 million.

This imbalance indicates traders were caught off guard during the crash but remain optimistic about a rebound, despite recent limited price fluctuations.

While prices declined, Shiba Inu's holdings plummeted 11%. The holdings amount to $75.74 million, with futures inflows down 193% in the past 24 hours, suggesting traders are reducing their exposure in the derivatives market.

Liquidity was thin over the weekend, increasing selling pressure. As trading volume declines, volatility may rise.

🔸 SHIB Price Drops

Shiba Inu experienced a sharp decline on Saturday, dropping to $0.00000617, the lowest in nearly three years, marking four consecutive days of decline.

Lucie, a member of the Shiba Inu team, responded to the market crash, noting that the market has erased $2.45 billion in positions. She said, “These crashes follow the same script. Excessive leverage, panic, forced selling, repeat. Surviving in crypto isn’t about timing every move but about having a strong community and staying present through everything.” “But we can handle it,” Lucie added.

Since the high of $0.00001008 on January 5, Shiba Inu has been in a downtrend; meanwhile, the RSI indicator is near the oversold level of 30, suggesting a potential rebound in the coming days.

If a rebound occurs, Shiba Inu could target prices of $0.00000785, $0.00001008, and then $0.00001047. If the downtrend continues, support levels are at $0.0000055.

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