In the last 24 hours, the meme coin #Shiba Inu (SHIB) has decreased by more than 3% to $0.00001275. This is 28% lower than the May peak. The token is falling as demand for it has weakened, and large investors have begun to sell off their assets.

On the daily chart, Shiba Inu has also fallen below the 50-day and 100-day exponential moving averages, which strengthens the bearish bias. The relative strength index remains above the oversold zone, indicating the possibility of further decline.