Crypto Market Down: Shiba Inu and Dogecoin Face 10% Drop Amid Market Sell-off

Memecoin Industry Faces Decline Amidst Bitcoin Dip

The memecoin market, dominated by Dogecoin (DOGE) and Shiba Inu (SHIB), has experienced a significant drop following Bitcoin's (BTC) decline below $100k on Monday. Data indicates a 10% devaluation within the last 24 hours, bringing the market capitalization to approximately $99.8 billion at the time of writing.

Concerns over a crypto sell-off, fueled by warnings of a Western stock market crash due to China's AI advancements with DeepSeek, have contributed to further pressure on the memecoin sector. Heavy crypto liquidations of over $625 million in the past 24 hours, mostly from long traders, have heightened the risk of a long squeeze.

Shiba Inu Retests Crucial Support Range

From a technical perspective, SHIB's price has been confined within a triangular consolidation pattern, resembling Ripple Labs XRP's consolidation prior to its bullish surge. Crypto analyst Ali Martinez notes that SHIB is currently retesting a key support range between 0.0000185 and $0.000021.

In the event of continued crypto selling pressure, SHIB's price may drop 10% towards a support level of around $0.000016. The weekly Relative Strength Index (RSI) below 50 indicates short-term bearishness.

Shiba Inu's Future Prospects

Through the Shibarium layer 2 scaling solution, Shiba Inu has transitioned into a utility-based memecoin. As of this writing, the Shibarium network hosts several Decentralized Financial (DeFi) projects with a total value locked of approximately $2.75 million.

As the second-largest memecoin by market capitalization, SHIB has attracted over 1.4 million on-chain holders. Its growing online community and utility suggest that SHIB is well-positioned for long-term growth.