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Shiba Inu (SHIB), the popular meme coin, has experienced a rough month. In the last 40 days, its value has dipped by a staggering 40%, with June alone witnessing a 30% decline. This bearish trend comes despite a broader market recovery with big players like Bitcoin (BTC) and Ethereum (ETH) showing signs of improvement.
On June 21st, SHIB took another hit, falling by 4% within 24 hours to trade at $0.0000179. This price point reflects a 40% loss compared to its June 1st value of $0.000028. Analysts attribute this decline to investors shifting their focus away from the meme coin market.
However, there are signs of optimism. IntoTheBlock’s data reveals a potential buying spree with bulls placing orders for a whopping 5.2 trillion SHIB at an average price of $0.00018. This translates to roughly $77 million, indicating strong demand despite the low price.
Furthermore, most existing SHIB holders seem unwilling to sell at a loss, with only 4.5 trillion SHIB listed for sale across major exchanges. This creates a supply shortage compared to the buying pressure, potentially pushing the price upwards.
Analyst Javon Marks believes this correction could pave the way for a significant upswing. He predicts SHIB could surpass the $0.000081 resistance level and reach as high as $0.0001553, representing a potential surge of over 250%.
Also Read: 95% Of Shiba Inu Army Wants Binance & Coinbase To Burn SHIB: Will It Spark A Price Surge?
Supporting his claim, Marks highlights SHIB’s overall positive trajectory since its previous breakout. He suggests that recent pullbacks might even strengthen the coin’s resolve for an upward climb.
While the future remains uncertain, the current scenario presents a compelling opportunity for investors willing to take a calculated risk. With strong buying pressure and a potential supply squeeze, Shiba Inu might be poised for a comeback.
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.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
