Shiba Inu's price has dropped to its lowest level since 2023, extending a prolonged downtrend that is gradually eroding investor confidence in meme coins and much of the broader altcoin market. SHIB has recently broken through multiple technical support levels, with rebound attempts repeatedly failing as sellers continue to control market momentum. The chart structure remains distinctly bearish. Will the market stabilize? Attempts at stabilization have all proven short-lived, with each rebound followed by renewed selling pressure. The surge in trading volume during declines suggests that some holders are still closing positions, either to cut losses or to rotate funds into other investment vehicles. SHIB/USDT Chart via TradingView Although oversold conditions may trigger short-term bounces, a meaningful recovery likely requires greater capital inflow into higher-risk assets within the cryptocurrency market. Top Stories Goldman Sachs Holds $152 Million in XRP; Crypto Market Wrap: Is XRP Really About to Crash? Bitcoin (BTC) Nears $64,000, Shiba Inu (SHIB) Needs Another Day. Without this, SHIB may continue to decline—or crypto prices may consolidate sideways as traders remain cautious. A key factor contributing to the current weakness is the performance gap between cryptocurrencies and traditional safe-haven assets, particularly gold. Gold continues to attract capital inflows, while digital assets struggle. According to recent reports, even veteran crypto proponents are diversifying. Gold Still Dominant To validate the market outlook, ShapeShift founder and early Bitcoin advocate Erik Voorhees opened several new wallets and purchased over 1,300 units of tokenized gold (PAXG) for approximately $6.08 million USDC, expanding his exposure to the precious metal. These moves reveal a broader shift in risk appetite. When prominent crypto figures begin accumulating gold, it reinforces the view that market participants are seeking stability rather than speculative upside. The persistent underperformance of crypto assets like SHIB relative to gold can also be explained by this trend. The coming weeks are critical for SHIB holders. If the broader crypto market fails to recover, the pressure on meme tokens may not subside. While a rebound remains possible, capital flows suggest investors continue to favor safer assets for now, leaving SHIB waiting for a market bottom before a sustained recovery can begin.