Shiba Inu tested the $0.00000555 level at one point early Saturday as cryptocurrencies intensified an earlier sell-off.

Shortly after testing the $0.00000555 price point, Shiba Inu further fell to an intraday low of $0.00000544, near where it trades at press time.

Cryptocurrencies extended an earlier drop on Friday after a report showed U.S. producer prices rose more than expected, suggesting that inflationary pressures remain, reinforcing bets that the Federal Reserve might remain on hold for the time being.

At the time of writing, SHIB was down 6.43% in the last 24 hours to $0.00000543 following a broader market sell-off, which saw $515 million worth of crypto positions liquidated in the same time frame.

COINBASE:SHIBUSD Daily Chart,…