Shiba Inu (SHIB ($0.00)) has recorded another downward movement in the last 24 hours, signalling ongoing selling pressure across the broader crypto market. The token is now trading around $0.00000987, down 2.26% over the period. Despite the price drop, SHIB continues to maintain vigorous trading activity, with 24-hour trading volume rising to $174.29M, up by more than 5%.

Market Conditions and Performance

The overall sentiment around SHIB appears cautious. The token’s market capitalization stands at $5.82B, positioning it firmly among the leading altcoins by valuation. However, recent price action has shown noticeable volatility, with SHIB swinging between $0.00000983 (daily low) and $0.00001025 (daily high). This reflects short-term indecision as traders react to broader market cues.

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Shiba Inu remains heavily influenced by community engagement and whale activity. The circulating supply remains extremely large at 589.24T SHIB, keeping price fluctuations sensitive to even moderate buy or sell volume. The volume-to-market cap ratio of 2.99% suggests mildly active trading conditions rather than full bullish momentum.

Historical Outlook Still Matters

Looking at its historical context, SHIB is currently trading far below its all-time high of $0.00008845 set in October 2021. However, it remains significantly above its all-time low of $0.0000008165 recorded in September 2020. This wide pricing range highlights both the token’s speculative intensity and its potential for large price swings when market sentiment shifts.

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Short-term traders should monitor two key signals: trading volume and whale wallet movements. A sustained increase in buying volume could support a price reversal toward $0.00001050. However, continued selling could push the token closer to $0.00000950 support levels.

Investor sentiment on platforms like X (Twitter), Telegram, and Discord will also play a crucial role, as SHIB’s price historically reacts strongly to community hype and project development news.

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