Shiba Inu Sees 2-Year Low at $0.0000068 Amid Ongoing Decline

Can Shiba Inu Break Through the Sell Walls and Reach $0.00006?

In a stark turn of events, Shiba Inu (SHIB) has experienced a disheartening drop of over 33.27% in the past year, landing its value at the lowest point since July 2021.

The Shiba Inu token has struggled to maintain its allure, with its price witnessing a rollercoaster ride of peaks and valleys. Despite earnest attempts to foster the growth of its ecosystem, the token is underperforming, underscoring the unpredictable nature of the cryptocurrency market.

Tracing Shiba Inu’s Price Trajectory

SHIB made its debut in late 2020 at a practically negligible price. As its popularity soared, largely due to its mission to challenge its chief rival, Dogecoin (DOGE), it attracted intense accumulation, propelling its price to an all-time high (ATH) of $0.00008616 in October 2021.

Source: Tradingview

Prior to this substantial upswing, coinciding with the peak of the last bull market, Shiba Inu had plummeted to a low of $0.00000632 in July 2021.

Related article: Shiba Inu Emerges as a Digital Darling: Ranks Fourth Among 23,000 Cryptos

This low from July 2021 now mirrors the current price range of the token, having shed one zero in the span of a year. SHIB’s current valuation stands at $0.0000068.

Presently, SHIB is trading at $0.0000068, with its trading volume dwindling by over 32% to $75,995,561. With the current market conditions, the token’s market capitalization is now pegged at $4.03 billion, positioning it as the 18th most capitalized coin in the cryptocurrency landscape. If this downward trend persists, SHIB could drop out of the top 20 rankings.

The ramifications of this price decline are significant for SHIB holders who have been grappling with losses for an extended period. Data from IntoTheBlock indicates that 91% of Shiba Inu holders find themselves in a loss position, while only 9% are in the green.

Despite Shiba Inu’s price woes, a glimmer of optimism is on the horizon. The AI tool, Google Bard, has projected a positive outcome for the token in the current month, anticipating SHIB to “trade between $0.0000089 and $0.0000116 by the end of this month.”

Source: CoinMarketCap

Related also: Shiba Inu Team Verifies: No Official LinkedIn for SHIB

Fundamental Aspects of Shiba Inu’s Growth

Since its inception, Shiba Inu has not been stagnant, boasting several noteworthy accomplishments. In addition to its deflationary token model, which involves consistent token burning, Shiba Inu has introduced Shibarium as a smart contract platform to enhance its utility.

With ongoing developments in these two key areas, there is optimism that the token’s price will rebound to its previous highs in the medium to long term. Moreover, strategic partnerships the token has been securing could play a pivotal role in redirecting its growth trajectory in the long run.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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