Shiba Inu (SHIB ($0.00)) has had a rough week, with its price tumbling 13.65% to trade around $0.000008969 at press time. The popular meme coin, which often mirrors broader crypto sentiment, faced consistent selling pressure as investor confidence weakened. Despite the drop, SHIB remains one of the most actively traded tokens in the market.

Over the past seven days, SHIB’s market cap slipped by 6.51% to $5.28 billion, signalling reduced investor inflows. However, its 24-hour trading volume surged 67.28% to $261.2 million, showing that traders are still actively engaging with the token, though likely taking advantage of short-term volatility. This uptick in activity suggests that while long-term holders are cautious, short-term speculators are hunting quick profits.

The circulating supply currently stands at 589.24 trillion SHIB, with a nearly identical maximum and total supply, emphasizing the token’s massive availability in circulation. Meanwhile, SHIB’s holder count remains around 2.87 million, indicating strong community support despite the price decline.

Price Performance and Technical Sentiment

Over the past week, SHIB has struggled to maintain stability. The price touched a weekly high of $0.000009653 and fell to a low of $0.000008892, highlighting the bearish sentiment gripping the market. The broader trend points downward, as the token continues to move away from the critical psychological barrier of $0.000010.

Comparatively, SHIB’s all-time high of $0.00008845 from October 2021 feels far out of reach, marking an 89.81% drop from its peak. On the bright side, the coin is up by a staggering 11,000,000% from its all-time low of $0.00000000008165 in September 2020, reminding investors of its explosive early-growth potential.

Can SHIB Recover From Here?

As November unfolds, SHIB’s path forward will depend heavily on overall crypto market sentiment and possible ecosystem developments, such as Shibarium’s adoption growth. For now, traders are watching closely to see if SHIB can regain momentum or if further declines are on the horizon. While its massive community provides hope, the bears currently appear to be in control.

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