Shiba Inu (SHIB) has experienced a significant decline, dropping over 7% to its lowest price in 2023 at $0.0000065. According to NS3.AI, this decrease is part of a broader cryptocurrency market sell-off. The downturn is attributed to Bitcoin's price falling above $74,600, with concerns it might further drop to $50,000, intensifying selling pressure on SHIB and other altcoins. Additionally, the overall market weakness is influenced by losses in the US stock market and rising geopolitical trade tensions, which are affecting investor confidence.