Shiba Inu (SHIB) $0.000012188, the second-largest meme token by market capitalization, declined sharply alongside the broader crypto market, yet outperformed Dogecoin (DOGE) $0.2414, which suffered heavier losses.
Over a 24-hour period, SHIB slid roughly 5%, dropping from $0.000012888 to $0.000012188. The decline liquidated over $1 million in leveraged positions, primarily long bets, highlighting an overly bullish market setup, according to Coinglass.
Resistance formed near $0.00001237 during high-volume sell-offs, while support emerged at $0.00001197. The drop also marked a bearish breakout from a contracting triangle, defined by trendlines connecting the June 22–September 1 lows and May 12–July 21 highs. This breakdown points to potential further losses toward the June 22 low of $0.00001004.
The sell-off was accompanied by a surge in trading volume to 5.29 trillion tokens, indicating a likely institutional liquidation, per CoinDesk analytics.
Market Highlights:
- SHIB fell 5% between Sept. 21, 15:00 and Sept. 22, 14:00, retreating from $0.000012888 to $0.000012188.
- The token’s full trading range extended down to $0.000009441 (79%), with the steepest decline hitting $0.000011975 on Sept. 22, 06:00 amid elevated volume.
- Key support held at $0.00001197, while resistance consolidated near $0.00001290, limiting early-session gains.
SHIB-DOGE Pair Rebounds From Historic Lows
While SHIB declined 5%, DOGE fell more than 8%, allowing the Binance-listed SHIB-DOGE pair to recover from record lows.
The pair’s daily MACD histogram is approaching a positive crossover, signaling a potential bullish momentum shift. This suggests SHIB may continue to outperform DOGE in the coming days.
