The cryptocurrency market has recently suffered one of the most significant hits, resulting in numerous altcoins plummeting to record lows. Shiba Inu (SHIB) has not been immune to this hit, with the Ethereum-based altcoin dropping by over 17% in the past 24 hours. As a result, Shiba Inu is currently being traded at $0.00000651, an exchange rate below the $0.000007 level.
Shiba Inu (SHIB) February 4th Market Crisis
It is important to note that Shiba Inu (SHIB) faced a similar fate early this year on February 4th when it fell from its peak exchange rate of $0.00001575. The altcoin has continued to experience an unfortunate trend ever since.
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Despite its condition, the community continued to remain hopeful that recovery is possible for the altcoin. But with the asset’s continuous decline shifted it further away from its $0.00001 price goal. Is recovery even possible?
Can Shiba Inu (SHIB) Surge By 1436% to Reach $0.0001?
The question of whether Shiba Inu can reach $0.0001 remains a subject of debate. Taking into consideration the altcoin’s current trading rate at $0.00000651, Shiba Inu would require a 1,436% Increase to hit a $0.0001 price target.
This may seem like a feat impossible for the altcoin to achieve due to its inability to hit the same price target in periods when it traded at rates closer to the target.
The consensus, however, remains that SHIB will eventually recover alongside the broader market. The success and adoption rate of Shiba Inu-developed projects such as Shibarium and SHIB: The Metaverse will definitely play a significant role in determining their impact on the overall Shiba Inu ecosystem and the future price of SHIB.
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Can Investors Benefit from Shiba Inu’s Current Crisis?
While the decline of Shiba Inu raises concerns among investors, it may be a blessing in disguise as it presents an opportunity to acquire the asset at a discounted price. However, the extent of this recovery remains unknown.
At the time of press, SHIB is trading at $0.000006732, with a relatively 6% price upsurge in the last 24 hours.
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