The value of Shiba Inu (SHIB) has taken a hit recently. It underwent a 14% decrease in price over the past week and a 24% decrease over the past month. There was a small price uptick in May, which coincided with an increase in the burn rate.
In the last 24 hours, its market cap has increased by almost 4%. It’s uncertain whether the decline in SHIB’s price is temporary or if it’s due to the correction in Bitcoin (BTC) prices. Meanwhile, there have been outflows in spot Bitcoin ETFs, while US inflation data has shown overall positive trends, with the Consumer Price Index (CPI) dropping to 3.3% in May.
Will Shiba Inu Reclaim $0.00002 by Friday?
CoinCodex predicts that Shiba Inu could reach the $0.00002 mark by Friday, reaching $0.000027. Bitcoin (BTC) might stabilize at current levels if outflows continue, causing Shiba Inu’s price to keep dropping. We will closely monitor BTC’s performance in the coming days.
On June 17, Shiba Inu demonstrated its resilience by breaking the support level of 471.54 trillion SHIB. As of now, the price of SHIB has shown a promising increase of 4.27% in the last 24 hours, reaching $0.0000189, despite a 21% decrease in trading volume. This dip may be attributed to investors taking profits, a common occurrence in the crypto market.
A total of 83,670 addresses acquired SHIB worth 471.54 trillion at an average price of $0.000016. Additionally, 5,270 addresses bought 3.9 trillion SHIB at prices ranging from $0.000019 to $0.00002, indicating minimal support within this range.
Where will SHIB find support?
If SHIB finds support at the current level, it could attract investors and lead to a surge. If not, the price will drop even further with increased selling pressure.
A SHIB price bounce back over $0.00002 is possible, with the potential to regain lost ground and target higher levels. The coming days might be critical for the cryptocurrency, as the trading volume for SHIB in the last 24 hours is $475 million. The market is closely monitoring price action to predict the next move.
