Shiba Inu (SHIB) Nosedives 20% in a Week, Will the Decline Continue?

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.

Shiba Inu (SHIB) has seen a drastic price decline of nearly 20% over the past week, with its price dropping from around $0.000017 to its current trading price of $0.00001339. This price movement comes after SHIB hit the $0.00002 level in mid-July, before beginning its downtrend.

The meme coin has now reached a five-month low of $0.00001088 within the past 24 hours. This price drop has sparked concerns among investors regarding SHIB's future price trajectory.

The broader cryptocurrency market has seen a bearish trend, with widespread liquidations and negative sentiment impacting cryptocurrencies. SHIB has breached critical support levels, indicating a downward price trajectory. Since peaking earlier this year, SHIB has experienced a substantial decline of almost 70%, highlighting the severity of the downturn.

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Despite prior bullish predictions, the meme coin trades very close to the significant $0.00001 level, with a breach of this support potentially leading to further price declines, ultimately adding another zero to its value.

On-chain metrics also indicate a bearish market, with a surge in SHIB trading volume before the price drop and a substantial outflow of funds, indicating waning investor confidence and a potential exodus of holders.

A small number of wallets hold a large portion of the SHIB supply, with 73% of tokens being held by these large holders, while the overall market sentiment is predominantly negative. Notably, 45% of holders are currently in profitable positions, but the prevailing bearish conditions and weak buying pressure pose significant challenges to the meme coin's price recovery.

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However, the possibility of a price rebound cannot be completely ruled out. A stabilization of market conditions and a renewed interest from investors could potentially lead to a price recovery. Such a turnaround would require a substantial shift in market sentiment and a significant influx of new investment.

Some experts believe this recovery is on the horizon, with a crypto trader recently setting a $0.05 target for Shiba Inu by the end of 2024. This target is significantly higher than SHIB's current price, suggesting an impending recovery and subsequent surge.

Disclaimer: The content on this site is provided for informational purposes only and should not be taken as financial advice. The opinions expressed in the articles belong to the authors and do not represent the stance of Times Tabloid. Before making any investment decision, readers are advised to conduct thorough research and seek professional advice if necessary. Any action taken by the reader is at their own peril and Times Tabloid bears no responsibility for any financial losses.

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