Shiba Inu, the well-known meme cryptocurrency, is approaching its lowest price levels of 2026 as ongoing selling pressure and weakening sentiment across the cryptocurrency market weigh on the asset’s recent recovery efforts.
SHIB price slips beneath key level
On October 29, SHIB traded close to $0.00000484, recording a daily decline of 2.6% and a drop of 13.4% over the past month. This move pushed Shiba Inu back below the psychologically important $0.000005 threshold, heightening concerns among holders about further downside risk.
During October, Shiba Inu failed to regain upward momentum after a short-lived advance toward $0.000006. The token briefly climbed near $0.00000620 before selling pressure reversed its gains, adding to a sequence of unsuccessful rally attempts since September.
On October 29, technical indicators showed immediate support around $0.00000485, while resistance formed near $0.00000503. The daily relative strength index (RSI) hovered near 38, suggesting waning investor confidence but not necessarily indicating a definitive bottom for the token.
This period marks a contrast to Shiba Inu’s performance in September, when it recovered above $0.0000057. However, after failing to surpass resistance at $0.000006, the token quickly lost momentum in response to a broader market downturn.
| Time Period | SHIB Price | Monthly Change |
|---|---|---|
| September 2026 | $0.0000057 | Brief recovery |
| October 29, 2026 | $0.00000484 | -13.4% |
Shibarium development and SHIB’s token burn
Despite recent price weakness, Shiba Inu’s ecosystem is still advancing. Its Layer 2 network, Shibarium, is built on Ethereum and facilitates decentralized applications, payments, and various token services within the broader Shiba Inu project.
Shibarium has achieved certain transaction milestones, which have brought attention to its infrastructure. However, analysts note that higher total transactions do not automatically translate to increased daily usage or higher demand for SHIB tokens.
A unique feature of Shibarium is its use of BONE tokens for transaction fees, rather than SHIB itself, which limits the potential direct impact on SHIB’s price from network activity.
Earlier in October, SHIB’s burn rate experienced a significant jump, with nearly 298 million tokens removed from circulation in a reported period. However, this increase in burned tokens did not prevent further price declines.
Coinpaper documented a sharp 91% decline in the burn rate during September, underlining the volatility and inconsistency of the supply reduction process. With about 589 trillion SHIB currently in circulation, token burns in the hundreds of millions still represent only a tiny fraction of the total supply.
Coinpaper reported that, despite periods of high token burns, the price continued to fall as total supply remains overwhelmingly high and daily network demand for SHIB has yet to accelerate.
Mini dictionary: Shibarium – Shibarium is Shiba Inu’s Ethereum-based Layer 2 blockchain, designed to improve transaction efficiency and lower costs for decentralized applications and services within the Shiba Inu ecosystem.
Outlook: Can SHIB recover or will it break down further?
For a bullish recovery, SHIB needs to reclaim the $0.000005 mark and maintain support above that level. A sustained move above $0.00000503 would shift attention towards $0.00000519 and $0.00000535, with the $0.000006 region emerging as a major target if momentum returns.
However, SHIB’s current price remains well below levels reached during previous breakout attempts. Market analysts caution that conditions remain fragile, particularly while the broader cryptocurrency environment is subdued.
On the bearish side, a drop below $0.00000480 may prompt traders to focus on $0.00000462 and the range between $0.00000410 and $0.00000420, which marked previous support zones during recent 2026 lows.
These technical scenarios serve as potential paths for SHIB rather than firm predictions, as price movements will likely depend on shifts in overall crypto market sentiment and demand for the token.
Sustained recovery for SHIB will likely require improved market conditions, accelerating network activity, and more substantial reductions in supply before any lasting price rebound can take shape.
