Shiba Inu’s native token SHIB has seen a sharp decline, trading to lows of $0.000000726 after a 20% drop. This comes amid a wider crypto sell-off that saw Bitcoin fall to $25,600 and Ethereum to $1,570. Sell-off was partially due to a major setback related to the cryptocurrency’s layer-2 network Shibarium.

Shibarium, a fork of Polygon, was launched with much hype on Wednesday. However, shortly after it was revealed the L2 went offline amid what the team says was an unprecedented traffic. Thankfully, the team has provided optimism for a swift reboot, with major players within the ecosystem providing help. In addition, data shows a total of over 97 million SHIB have been burnt in the past 24 hours.

The 4-hour chart shows SHIB has bounced from lows of $0.00000726 to intraday highs of $0.0000087. This area however represents a previous resistance zone, which suggests the SHIB army might have to dig in further to bounce to the psychologically important $0.00001 level. Otherwise, more downside will follow as the 4-hour RSI remains below 50 to indicate strength still lies with the bears. In this case, the key areas to watch on the downside are $0.000008 and $0.0000075.