- Shiba Inu (SHIB) experienced a 14% price drop over the past week despite a 4% rise in market cap in the last 24 hours, raising questions about its near-term recovery.
- Analysts predict SHIB could reach $0.00002 by Friday, contingent on Bitcoin’s performance and overall market stability.
The cryptocurrency market is known for its volatility, and Shiba Inu (SHIB) is no exception. Recently, SHIB has experienced a significant decline, with a 14% drop in price over the past week and a 24% decrease over the past month. This downturn comes despite an increase in SHIB’s market cap by almost 4% in the last 24 hours, leaving investors to ponder what’s next for this popular meme coin.
Market Dynamics and Influences
In May, SHIB saw a brief price uptick, which aligned with an increase in its burn rate—a method used to reduce the coin’s supply and potentially increase its value. However, this temporary gain wasn’t enough to sustain its momentum. The recent decline in SHIB’s price may be tied to broader market trends, including a correction in Bitcoin (BTC) prices. Spot Bitcoin ETFs have seen outflows, and while US inflation data appears positive, with the Consumer Price Index (CPI) dropping to 3.3% in May, it hasn’t provided a strong enough boost to stabilize SHIB.
Will Shiba Inu Reclaim $0.00002 by Friday?
There is speculation about SHIB’s near-term potential. CoinCodex predicts that SHIB could reach $0.00002 by Friday, potentially hitting $0.000027. However, this forecast depends heavily on BTC’s performance. If Bitcoin stabilizes, it could provide a more favorable environment for SHIB, preventing further drops. The market is on edge, watching BTC closely as it could dictate SHIB’s trajectory.
On June 17, Shiba Inu showed resilience by breaking a support level at 471.54 trillion SHIB. The price has since risen by 4.27% in the last 24 hours, reaching $0.0000189, despite a 21% decrease in trading volume. This dip might be a result of investors taking profits, which is not uncommon in the crypto world.
A notable 83,670 addresses acquired SHIB at an average price of $0.000016, amounting to 471.54 trillion SHIB. Additionally, 5,270 addresses bought 3.9 trillion SHIB at prices between $0.000019 and $0.00002, indicating minimal support within this price range.
Where Will SHIB Find Support?
For SHIB to attract more investors and potentially surge, it needs to find solid support at its current level. If it fails to do so, the price could drop further due to increased selling pressure. A rebound above $0.00002 could help SHIB regain lost ground and aim for higher levels. The upcoming days are crucial for SHIB, as its trading volume stands at $475 million in the last 24 hours. Investors and analysts alike are closely monitoring price actions to predict SHIB’s next move.
While Shiba Inu faces challenges, its recent resilience offers a glimmer of hope. The crypto community is keeping a close watch, ready to react to the market’s next twist and turn.
