Asteroid Shiba is down nearly 12% in 24 hours, trading around $0.00036. The drop comes as profit-takers exit after one of the most explosive meme coin runs of 2026, where the token surged over 700,000% in a single week from near-zero to a high of $0.00046, driven by viral retail interest and buzz around SpaceX and Elon Musk-linked space narratives.
The sell-off is not tied to any project issue. Early buyers made massive gains fast and cashed out. One wallet turned $575 into $1.17 million in a matter of days. When gains are that large, selling pressure follows naturally.
Bitcoin dominance is also rising, pulling liquidity away from high-risk tokens and making it harder for meme coins to hold momentum. Despite the drop, Asteroid Shiba still holds a market cap above $160 million.
Three Reasons the Rally May Not Be Over
The token’s chart still shows a pattern of higher highs and higher lows since the CTO takeover, a structure that points to sustained buying interest rather than a one-time spike. The jump from near-zero to a nine-figure market cap in days shows early-stage momentum may still have room to run.
The space narrative also remains alive. With the SpaceX IPO story continuing to circulate and Elon Musk keeping space themes in public conversation, Asteroid Shiba stays relevant across social media, which is often all a meme coin needs to attract fresh attention.
Wallet distribution is also healthier than most meme coins at this stage. Larger holders make up a bigger share of participation, and the well-publicised profit stories from early traders are bringing new speculative money back into the token.
The Risk
Meme coins at this stage live and die by attention. The fundamentals here are thin, the volatility is extreme, and one shift in market sentiment can wipe gains fast. The structure looks bullish, but nothing about this token is built to last without continued narrative momentum.