- Over one billion SHIB sold, sending prices below key support.
- Death cross confirms bearish momentum as traders brace for losses.
- RSI nears oversold zone, hinting at possible short-term rebound.
Shiba Inu has suffered a steep downturn after a massive sell-off hit the market within the last 24 hours. Over one billion SHIB tokens were dumped on exchanges, leading to a sharp decline in price and shaking investor confidence across the crypto community. The sudden selling wave has erased earlier gains and intensified the bearish sentiment surrounding the popular meme coin.
Market data reveals that SHIB has slipped below the crucial $0.000010 level, a point that previously acted as strong support. According to recent trading analysis, this breakdown has damaged any remaining bullish momentum. Consequently, the token is now hovering near $0.000009, suggesting that sellers remain in control as panic spreads among retail holders.
Massive Sell Pressure Signals Extended Bear Phase
TradingView charts indicate that the surge in trading volume accompanied by falling prices is often viewed as a sign of capitulation. The Relative Strength Index currently stands at 34.47, implying that SHIB is nearing oversold conditions. However, the absence of strong buying activity shows that investors are hesitant to step in, waiting for clearer reversal signals.
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Source: Tradingview
Moreover, a death cross pattern has now emerged, with the 50-day moving average sliding below the 200-day line. This technical signal typically reinforces a long-term bearish outlook. Hence, analysts believe the market could face additional downward movement in the near term as sentiment remains fragile.
Besides, the ongoing uncertainty has prompted traders to cut losses and reduce exposure. The increased volatility has shifted market behavior from accumulation to defensive selling. As a result, SHIB’s current trajectory appears dominated by fear-driven trading rather than organic growth.
Outlook
Overall, the massive one-billion-token sell-off has left Shiba Inu vulnerable to further declines. Analysts warn that unless strong buying momentum returns soon, the coin could continue to test lower levels. For now, market signals suggest an extended bearish phase, with investors closely watching for signs of stabilization before any potential recovery begins.
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