The Shiba Inu (SHIB) price recently went through a shocking decline, falling almost 20% over the past week from approximately $0.00017 to its current trading price of $0.00001339. The decline was huge considering the timeline, as SHIB hit the $0.00002 level in the middle of July before the downtrend began.
This substantial price drop has ignited significant concerns among investors regarding the cryptocurrency’s future trajectory, as the meme coin fell to a five-month low of $0.00001088 over the past 24 hours.
SHIB’s price movement mirrors the broader cryptocurrency market’s bearish trend, characterized by widespread liquidations and a prevailing negative sentiment. The meme coin has breached critical support levels, confirming a downward price trajectory. Since its peak earlier this year, SHIB has experienced a substantial decline of almost 70%, underscoring the severity of the downturn.
Will Shiba Inu (SHIB) Decline Continue?
Despite prior bullish predictions, the meme coin trades dangerously close to the significant $0.00001 level. A breach of this support could potentially trigger further price declines, leading to an additional zero being added to its value.
On-chain metrics provide further evidence of the bearish market conditions. A surge in SHIB trading volume before the price drop and a substantial outflow of funds indicate waning investor confidence and a potential exodus of holders.
A significant portion of the SHIB supply is held by a small number of wallets, as 73% of tokens are held by these large holders. However, the overall market sentiment remains predominantly negative. Although 45% of holders currently hold profitable positions, the prevailing bearish conditions, and weak buying pressure pose significant challenges to the meme coin’s price recovery.
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Although the current market conditions present a bleak outlook, we cannot entirely dismiss the possibility of a price rebound. A stabilization of market conditions and a resurgence of investor interest could potentially drive a price recovery. However, achieving such a turnaround would necessitate a substantial shift in market sentiment and a significant influx of new investment.
Some experts believe this recovery is imminent though, as a crypto trader recently set a $0.05 target for Shiba Inu by the end of 2024. This target is significantly higher than SHIB’s current price, suggesting an imminent recovery and subsequent surge.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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