Shiba Inu has had a hard time holding on to the value that it had garnered in the bull run of 2021. Along the way, there have been utility and use cases being put forward for the digital asset but even that has not helped it retain its value. Now, the meme coin has fallen below an important technical level, triggering sell signals. Shiba Inu Falls Below $0.00001 Over the last couple of months, the price of SHIB had continued to trend above $0.00001. This level had become important over time as bulls had built up support for the meme coin here. In other words, $0.00001 became the price for bears to beat, and now they have. Related Reading: Bitcoin, Ethereum Open Interest Suggests A Squeeze Is Coming In the early hours of Thursday, the price of Shiba Inu had inevitably declined below $0.00001. It comes as no surprise since the cryptocurrency was only following the general market trend that had triggered losses in the market over the last 24 hours. SHIB had been one of the worst-hit among the largest cryptocurrencies as it recorded a 7.66% decline during this time. SHIB price drops below $0.00001 | SourcE: SHIBUSD on TradingView.com This puts SHIB firmly below its 50-day moving average and the next support level now seems to be forming just above $0.000008. The loss in value has also seen the meme coin lose its 14th place on the top cryptocurrencies by market cap, which is now occupied by Iron (TRX). Time To Jump Ship? As ex...
