The Shiba Inu price continues to struggle significantly, currently trading well below its all-time high (ATH) of $0.00008845. Analysts have raised an intriguing question: could SHIB rally to this ATH if it reached the market cap of Dogecoin, which currently sits at a substantial $25 billion? Unfortunately, even if SHIB were to achieve this market cap, it would only reach a price of $0.00004256. This price is still a far cry from its ATH, highlighting the uphill battle ahead for this popular meme coin.
A rally to $0.00004256 would signify a decent recovery, yielding a 3x price increase, which many investors would welcome amidst the ongoing market downturn. Trading below the critical psychological level of $0.00002 has left many investors apprehensive, reinforcing the importance of market confidence and broader cryptocurrency trends.
Despite Shiba Inu’s disappointing performance in the current market cycle, some analysts, including Javon Marks, are holding an optimistic outlook. Marks indicates that there are signs of renewed strength around the current levels, suggesting that a price target of $0.000081 is realistic, which could represent a remarkable surge of over 400%. If SHIB can reclaim this level, it may pave the way for a possible re-test of its ATH in the future.
While there are bullish sentiments regarding potential recoveries, current on-chain metrics present a more bearish outlook for SHIB. One significant factor is the recent decline in SHIB burns, which have plummeted by over 94% within the past 24 hours, with only 946,228 SHIB burnt during this timeframe. Over the past week, a total of just over 1 billion tokens have been burned, indicating a notable decrease in the burn rate.
Moreover, data from IntoTheBlock reflects further bearish signals. Indicators such as large transactions, In The Money metrics, and overall network growth are not favorable at this time. Large transactions have seen almost a 2% drop, suggesting that larger investors, or whales, are opting to remain on the sidelines rather than increasing their SHIB holdings. Currently, it seems that about 61% of SHIB holders are at risk of selling off, complicating the recovery for the token.
As of now, Shiba Inu is trading at approximately $0.00001269, marking a modest increase of over 3% in the last 24 hours, according to real-time data. Observing market shifts and shifts in whale activity will be crucial as investors navigate the volatile landscape of cryptocurrency investments.
