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The cryptocurrency market is facing a sell-off, and Shiba Inu (SHIB) is no exception. Shiba Inu (SHIB) has experienced a 4% price dip in response to prevailing market conditions. At the time of writing, SHIB was down 3.82% in the last 24 hours to $0.0000166.

The recent market movements have brought into focus a staggering 94 trillion SHIB tokens, whose fate hangs in the balance following a 4% dip in the token's price.

According to IntoTheBlock data, the SHIB price currently trades in a range between $0.00014 and $0.000017, where 94.35 trillion SHIB were bought by 58,040 addresses at an average price of $0.000015.

The market is keenly watching the SHIB price situation since the direction of the price movement may set the tone for Shiba Inu's short-term performance.

A further decrease could cause a sell-off, potentially challenging the next support levels, which, in this case, are between $0.00008 and $0.000014, where 153 trillion SHIB were acquired.

In contrast, a rebound might pave the way for additional increases, potentially bringing SHIB to a major barrier area between $0.000018 and $0.000019, where 421 trillion SHIB are currently held.

Crypto market sell-off

Shiba Inu's price drop coincides with a broader market decline, as the mood shifted to negative following a statement on the economy and monetary policy by Jerome Powell, chairman of the U.S. Federal Reserve, at an event in Portugal.

Bitcoin fell below $61,000, while several other cryptocurrencies had losses ranging from 3% to 13%.

The Fed, according to Powell, required more convincing that conditions were favorable to decrease interest rates – a significant move being closely followed by crypto and risk asset enthusiasts.

Markets have marginally reduced the odds of a rate decrease at the Fed's Federal Open Market Committee (FOMC) meeting in September, which are still about 65%, according to CME Group's FedWatch Tool.