The Shiba Inu (SHIB) market is currently witnessing a significant imbalance between buy and sell orders, potentially leading to a price dip for the popular meme coin. According to data from IntoTheBlock, approximately 5.9 trillion SHIB tokens are up for sale at an average price of $0.000017, translating to a liquidation of around $100 million worth of SHIB. On the buying side, traders have placed orders for only 3.4 trillion SHIB tokens, leaving an excess of 2.5 trillion tokens in the market.
Potential Price Dip
This surplus of SHIB tokens on the market could drive the price down further. The token has already experienced a significant decline, with its value down by 3.6% on daily charts, 2.4% on weekly charts, 15.3% over the last 14 days, and 7.5% over the past month. This consistent downward trend has raised concerns among investors, particularly as SHIB has struggled to regain momentum since hitting a two-year peak of $0.000036 in March.
Market Slump Reasons
The broader cryptocurrency market’s recent slump may have contributed to SHIB’s struggles. Bitcoin (BTC), often seen as a market bellwether, recently fell below the $65,000 mark. This decline is attributed to mounting concerns over the Mt. Gox reimbursement plan and the U.S. government’s movement of over $2 billion worth of BTC. As Bitcoin influences the overall market sentiment, its downturn could be exacerbating SHIB’s price challenges.
Will Shiba Inu’s Price Recover in August 2024?
Looking ahead, there is speculation that SHIB could recover in August 2024. CoinCodex data suggests that SHIB’s price might climb to $0.00003465 by August 6, 2024, representing a potential rally of over 119% from current levels. However, CoinCodex analysts caution that this surge may be short-lived, with a likely correction back to current levels soon after.
Also Read: Shiba Inu Price Drops 19% In July As $100M Sell-Wall Threatens To Push SHIB Below Key Support Level
Similarly, Changelly forecasts that SHIB will hit $0.00003579 on August 5, 2024, but also anticipates a correction, predicting that SHIB could trade at around $0.000015 by the end of the month.
SHIB’s Popularity and Performance
Despite its current price struggles, Shiba Inu remains one of the most popular cryptocurrencies. However, its performance pales in comparison to other meme coins such as Pepe (PEPE), Bonk (BONK), Dogfight (WIF), and Popcat (POPCAT), which have seen better gains over the past year. As SHIB faces increasing market pressures, its future performance will be closely watched by investors and analysts alike.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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