Shiba Inu price dropped by 4% to $0.00001342 on Sunday, following Bitcoin's decline below the crucial $60,000 support level. This renewed selling pressure led to declines across major altcoins, significantly affecting the meme cryptocurrency sector due to its inherent volatility and speculative trading nature.
The sell-off resulted in SHIB reversing from its multi-month resistance level, signaling potential risks moving forward. Despite a significant 3500% increase in the SHIB burn rate, the token's price correction could not be halted.
This price movement highlights the vulnerabilities facing meme cryptocurrencies like SHIB, which are heavily influenced by the overall cryptocurrency market trends and investor sentiment.
