Technical weakness keeps SHIB below key moving averages and support.
Shiba Inu price is facing renewed pressure despite the launch of an innovative SHIB-branded payment card and a major token giveaway.
While the launch of the SHIB card and accompanying SHIB rewards is a high-profile attempt to stimulate activity, the memecoin’s technical and market fundamentals suggest ongoing headwinds.
Shiba Inu has partnered with digital asset exchange Bitget to introduce a custom SHIB-themed payment card, marking a step toward mainstream crypto adoption.
The SHIB card allows users to spend up to $400 per month in crypto with zero fees, including no conversion costs, foreign exchange fees, or hidden spreads.
Opening the Bitget Wallet Card is completely free, lowering the barrier for new users eager to integrate SHIB into daily transactions.
To celebrate the launch, the Shiba Inu ecosystem also rolled out a generous rewards program.
The first 100 users to claim the SHIB × Bitget Wallet Card will share a pool of 114,678,899 SHIB, while all subsequent participants receive $5 in SHIB.
The promotion runs from November 19 to November 26, with all rewards set to be distributed on November 28.
According to the official Shiba Inu X account, this campaign is designed to show the world how the ShibArmy can spend crypto, combining utility with community incentives.
Despite these positive developments, the Shiba Inu price has dipped 3.83% in the past 24 hours, underperforming the broader crypto market, which fell 3.2%.
The decline extends the token’s seven-day loss of 12.32%, reflecting weak technical signals and heightened market risk aversion.
A major factor behind the drop is significant whale activity, with over 60 billion SHIB moved to exchanges in the past 24 hours.
Large inflows often precede selling, particularly in low-liquidity conditions, amplifying the risk of price declines as buyers struggle to absorb the additional supply.
Investor sentiment has also played a role, as the Fear & Greed Index shows “Extreme Fear” at 16/100.
Bitcoin dominance has also risen to 58.44%, signalling a rotation of capital away from riskier altcoins like Shiba Inu.
SHIB’s high-beta nature makes it particularly vulnerable during periods of market-wide risk aversion, and its lack of intrinsic utility exacerbates the impact.
Metrics reflecting the altcoin season indicate a diminishing appetite for speculative tokens, further weighing on the SHIB price.
From a technical analysis standpoint, Shiba Inu (SHIB) continues to trade below key moving averages, with the 7-day SMA at $0.000009027 and the 30-day SMA at $0.0000097059.
In addition, the RSI sits at 39.04, indicating no oversold conditions and limited upward pressure from buyers.
Furthermore, the volume contraction of 22.57% reinforces the lack of momentum, suggesting that even moderate selling could push the price lower.
According to the analysis, the June low of $0.0000083 serves as a critical support.
While the launch of the SHIB × Bitget Wallet Card and the 114M SHIB giveaway have generated excitement, they have not offset broader market and technical challenges.
Whale selling pressure, extreme fear sentiment, and weak technical indicators could limit the short-term impact of SHIB card adoption and reward incentives.
As a result, traders should watch the November low of $0.00000843, especially if exchange inflows persist.
