Shiba Inu Plunges to 2023 Lows… Is the Meme Coin Myth Over?
Shiba Inu (SHIB) has plunged to its lowest level since 2023, signaling a potential end to the meme coin frenzy, while cryptocurrencies as investment assets are being decisively outperformed by gold, a traditional safe-haven asset.
According to cryptocurrency media outlet U.Today on February 11 (local time), Shiba Inu’s price recently fell to its lowest level since 2023 amid a broader market downturn. As major cryptocurrencies, including Bitcoin (BTC), continue to struggle under U.S. President Donald Trump’s tariff policies and geopolitical uncertainties, gold has surged to record highs, drawing in the majority of capital inflows. The global trade tensions sparked by President Trump have highlighted the value of tangible assets over digital ones, further narrowing the position of the cryptocurrency market.
Shiba Inu broke below its key support level of $0.00001300, intensifying technical downward pressure. The current price has reverted to levels seen before the major rally began in late 2023, indicating that the speculative demand supporting the meme coin market is rapidly evaporating. Investors, concerned about further declines, are closely watching whether the psychological support level of $0.00001000 can hold.
The overall weakness in the cryptocurrency market is clearly reflected in its shifting correlation with gold. Recent uncertainty triggered by changes in U.S. foreign policy has fueled strong buying pressure toward gold instead of Bitcoin. Once referred to as “digital gold” and viewed as an inflation hedge, cryptocurrencies have increasingly taken on the characteristics of risk assets, effectively surrendering their safe-haven status to gold. Capital is being seen flowing quickly out of cryptocurrency exchanges and into physical gold and related exchange-traded funds.
Data from on-chain analytics firm Shibburn shows that token burn activity within the Shiba Inu network has also noticeably declined alongside the price drop. Although community-led voluntary burn efforts continue, they are insufficient to offset the volume of selling pressure entering the market. With key indicators reflecting network activity all trending downward, analysts widely believe that it will be difficult to find a catalyst for a short-term price rebound.
Major cryptocurrencies, including Shiba Inu, are now facing a prolonged correction phase amid dual pressures of policy uncertainty and deteriorating supply-demand conditions. As the performance gap with gold widens, the investment appeal of cryptocurrencies is likely to diminish further, making a conservative approach unavoidable unless there is a dramatic shift in the macroeconomic environment. The market is holding its breath, waiting for additional panic selling to subside and for confirmation of a genuine bottom.
Disclaimer: This article is for investment reference only and the publisher is not responsible for any investment losses incurred based on it. The content should be interpreted solely for informational purposes.
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