u.today
In the last 24 hours, Shiba Inu ($SHIB) has decreased by over 2% in price value amid market volatility and whale activity. This has raised concerns in some quarters as to whether the dog-themed meme coin might experience a further decline and add another zero.
$SHIB struggles below key levels amid market volatility
According to CoinMarketCap data, Shiba Inu is trading at $0.00001259, representing a 2.68% dip in the last 24 hours. However, trading volume remains high, increasing 89.07% at $271.45 million within the same time frame.
For $SHIB to add another zero to its price, the meme coin would have to crash below the $0.000010 support. The last time Shiba Inu dropped to such depths was in February 2024, when it traded at $0.000009738.
Although $SHIB tested this support in early April 2025, broader ecosystem developments suggest the chances of suffering such a decline are low.
Notably, Shiba Inu, like other altcoins, enjoys a boost when Bitcoin (BTC) soars in price. Despite an ongoing correction, Bitcoin is currently in a state of price discovery. Investors remain optimistic about a price breakout soon.
This sentiment can lead to increased buying activity and price appreciation for Bitcoin and Shiba Inu. This suggests that despite the volatility $SHIB is experiencing on the crypto market, the odds of it adding another zero remain low.
Shiba Inu’s historical trends weigh in
As U.Today reported, $SHIB holders remain optimistic that $SHIB might appreciate as the open interest recently flipped positive. Shiba Inu recorded a 2.03% spike in open interest as $SHIB holders bet heavily on a price rebound.
However, $SHIB holders have a historical battle to contend with as June has always been a bearish month for the meme coin. The meme coin has not closed green in June for a long time, but history is made and broken instantly.