Shiba Inu Faces Pressure as Bitcoin Declines

Shiba Inu (SHIB) has experienced a significant drop, correlating with Bitcoin's recent fall to approximately $62,000. According to NS3.AI, SHIB's value has decreased by over 9% in the past 24 hours and nearly 35% over the past month. Analysts caution that if Bitcoin continues its downward trend toward $38,000, as anticipated by Stifel, SHIB could face further declines due to its classification as a high-risk memecoin. While there has been a slight market rebound, uncertainty remains about whether SHIB has reached its lowest point or will continue to decline amid the Federal Reserve's tightening policies and a risk-averse investment climate.