What is established: Shiba Inu is trading at $0.00000474 on Friday evening and has lost 17.5 percent since October 1, while 24-hour trading volume came to $127.3 million. Pepe turned over $1.
What is established: Shiba Inu is trading at $0.00000474 on Friday evening and has lost 17.5 percent since October 1, while 24-hour trading volume came to $127.3 million. Pepe turned over $1.84 billion in the same period, 14.5 times as much, with a market capitalisation $700 million smaller. Our assessment follows further down: turnover determines how far a sale moves the price, and it is this point, more than the price trend, that currently separates the two memecoins most clearly.
Anyone holding Shiba Inu is looking at two numbers this Friday that point in different directions. The price is 1.61 percent above Thursday evening's level, and the intraday low was $0.00000448, lower than on any other day in the past six weeks. At the same time, turnover has more than doubled compared with the weekly average.
The SHIB price stands at $0.00000474 on Friday evening. Over the past 24 hours the low was $0.00000448 and the high $0.00000483, a range of 7.8 percent. Over seven days it is down 6.72 percent, over 30 days 17.51 percent. Market capitalisation is $2.79 billion, which means rank 36 in the overall market. There are 589.24 trillion SHIB in circulation.
The day's second number is turnover. $127.3 million changed hands in 24 hours. In the seven days before, daily turnover averaged $53.4 million, so trading has intensified by a factor of 2.4. The reason lies not with Shiba Inu itself but with the market-wide sell-off after the attack on a large exchange overnight into Friday, which triggered liquidations of $1.54 billion across the crypto market.
Market depth describes how much buying and selling interest sits in the order book at a given price. The more there is, the less a single large order moves the price. Daily turnover is the simplest publicly verifiable proxy for it: a coin that trades heavily every day usually has tighter spreads between bid and ask and can absorb larger sales.
Setting turnover against market capitalisation gives a number that makes coins of different sizes comparable. This metric shows what share of total market value is traded in a day. For Shiba Inu, the figure is 4.6 percent on Friday. Dogecoin comes to 8.6 percent, Bonk to 18.3 percent.
For Pepe, these two numbers almost coincide. Market capitalisation is $2.09 billion and 24-hour turnover $1.84 billion. That makes 88.0 percent, a daily turnover close to the entire market value. Pepe therefore ranks 47th by market capitalisation, yet moves more money per day than Dogecoin, whose market value of $11.8 billion is more than five times higher.
On a monthly view, too, the two memecoins are diverging. Pepe is 17.87 percent higher than 30 days ago, Shiba Inu 17.51 percent lower. The difference of 35.4 percentage points is why the gap between the two has shrunk to $700 million. For Pepe to overtake Shiba Inu in market capitalisation, it would need a gain of 33.5 percent with SHIB's market value unchanged.
Similar market value, very different turnover: Pepe moves 14.5 times Shiba Inu's volume in a day.
Low turnover relative to market value cuts both ways, and both can be read off the SHIB price this Friday. On the downside, comparatively little selling pressure is enough to push the price through a level: the intraday low of $0.00000448 came overnight, when the wider market was selling. The same applies on the upside, which is why the price is up 1.61 percent despite the sell-off, after selling pressure eased.
For the coming days, this matters more than the price level itself. As long as daily turnover stays at 4 to 5 percent of market capitalisation, daily ranges of 7 to 8 percent remain the norm rather than the exception. If you use a limit order instead of a market order, you pay less of a premium in this kind of environment.
On Thursday, our Shiba Inu forecast of October 29 focused on the futures market, which was unusually thin with $21 million in open positions. Since then, three things have changed, and all three can be pinned to numbers.
First, the price: on Thursday SHIB stood at $0.00000496, today at $0.00000474, a drop of 4.4 percent. Second, the $0.00000500 level, which the price had been fighting over since October 28. That level has broken and now sits 5.5 percent above the current price. Third, turnover, which rose from $71.5 million on Thursday to $127.3 million. Thursday's thin futures market therefore did not carry over into the spot market; instead, spot turnover picked up while the price fell.
On the downside, what counts first is the intraday low of $0.00000448, 5.5 percent below the current price. Below that there is no further value from the past six weeks, as the lowest daily close in that period, $0.00000464 from Friday itself, already sits above it. A break of the intraday low would therefore take the price into territory for which there is no reference level this autumn.
On the upside, two values are established. The intraday high of $0.00000483 is 1.9 percent away and is the first hurdle. The round level of $0.00000500 is 5.5 percent higher and was the focus of trading three times from October 27 to 29. The high of the past six weeks dates from September 23 at $0.00000610, 28.7 percent above today's price.
On October 1, SHIB stood at $0.00000575. By Friday evening that had become $0.00000474, a monthly loss of 17.5 percent. Over the same period Dogecoin lost 19.99 percent, Bonk 21.42 percent and Bitcoin 8.45 percent. That puts Shiba Inu in the middle of the memecoin pack, but well behind the overall market. It is 94.5 percent below its all-time high of $0.00008616.
The month ends on Saturday. For investors in Germany, a second deadline therefore becomes important: losses from October can only be claimed for tax purposes if the sale takes place within the current year.
October losses only count in the tax return, and only with complete records.
In Germany, crypto assets held privately are subject to the speculation period under Section 23 of the German Income Tax Act. If you sell SHIB within a year of buying it, the gain is taxable, but the loss can also be offset, namely against gains from other private sales in the same year. Once a year has passed, the sale is tax-free, but the option to offset a loss also lapses. We track the latest on planned changes to this rule in our overview of the holding period.
In practice, this means that anyone who has held SHIB for less than a year and is clearly down in October has until December 31 to realise that loss through a sale and set it against gains from other sales. The exemption limit for private disposals is €1,000 a year. The paper trail matters: purchase date, purchase price, sale date, sale price and fees for each position, because the tax office calculates according to the method you can document. Our comparison of crypto tax tools shows which tools can build this paper trail from exchange exports.
Total turnover of $127.3 million is spread across many trading venues, and at none of them does the full amount sit in the order book. What matters is the depth on the exchange where you actually trade. Two things can be read there in a minute: the spread between the best bid and the best ask, and the sum sitting in the book within one percent of the current price. For a coin with 4.6 percent daily turnover, these values differ markedly from platform to platform. Which venues are authorised in Germany under MiCA and what fees they charge is set out in our comparison of crypto exchanges.
A market order takes every price in the book until the desired quantity is filled. If the book is thin, it works its way further from the midpoint, and the average execution price deviates from the displayed price. A limit order, by contrast, sets a ceiling when buying and a floor when selling. Such an order may go unfilled, but it carries no unnoticed premium. With daily ranges of 7.8 percent, as on this Friday, these are not trivial amounts.
A daily turnover of 88 percent says nothing about where a price is heading. Pepe gained 17.87 percent in October, but over the past 24 hours it moved through a range from $0.00000437 to $0.00000535, or 22.4 percent. High turnover therefore does not smooth the price; it only makes large orders easier to execute. Both metrics describe the mechanics of trading, not the direction.
From the editorial team's point of view, the striking number this Friday is not the monthly loss of 17.5 percent but the gap in daily turnover. 4.6 percent for Shiba Inu against 88.0 percent for Pepe describe two different market conditions at almost the same market value. The monthly trend supports this reading: a 35.4 percentage-point difference in 30 days, with the gap in market capitalisation shrunk to $700 million.
Against it is the fact that high turnover is no mark of quality. A daily turnover equal to the entire market value also means that hardly anyone holds the position for long, and such moves reverse quickly. With 589.24 trillion units in circulation and $2.79 billion in market value, Shiba Inu has a broader holder base, which a price needs in quiet phases. This assessment evaluates the situation and is not a recommendation to buy or sell; with crypto assets, a total loss is possible.
The gap in market capitalisation is the number against which the coming weeks can be measured. Three steps are concrete now:
The price, turnover and market capitalisation figures in this article come from CoinGecko, available on the pages for Shiba Inu and Pepe, each as of Friday evening.
(As of October 30, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)
