The memecoin industry, led by Dogecoin (DOGE) and Shiba Inu (SHIB), was heavily impacted in the past 24 hours as Bitcoin (BTC) slipped below $100k earlier on Monday. According to the latest market data, the memecoin’s valuation slipped by 10 percent in the past 24 hours to hover about $99.8 billion at the time of this writing.
With the rising fear of crypto sell-off in the near term, amid the rising calls of a Western stock market crash due to the innovative AI breakthrough in China via DeepSeek, the memecoin industry faces further downward pressure. Furthermore, with heavy crypto liquidations involving over $625 million in the past 24 hours, with the majority being long traders, the odds of a long squeeze have dramatically increased.
Shiba Inu Retests Crucial Support Range
From a technical analysis standpoint, SHIB’s price has been trapped in a macro triangular consolidation, akin to Ripple Labs XRP before the ongoing macro bullish outlook to a new all-time high. According to crypto analyst Ali Martinez, SHIB’s price is currently retesting a crucial support range between 0.0000185 to $0.000021.
In case of short-term aggregated crypto selling pressure, SHIB price will likely drop 10 percent towards the support level of about $0.000016. Furthermore, the weekly Relative Strength Index (RSI) has dropped below the 50 percent level, suggesting the short-term bears are in control.
Bigger Picture
Through the Shibarium layer 2 scaling solution, the Shiba Inu project has gradually shifted to a utility-based memecoin. As of this writing, the Shibarium network had a dozen Decentralized Financial (DeFi) projects, with a total value locked of about $2.75 million.
As the second largest memecoin by market cap of about $10.6 billion, has attracted more than 1.4 million on-chain holders. With the growing online community and utility, SHIB is well-positioned to perform well in the long haul.
