The meme-inspired cryptocurrency Shiba Inu has lost a key support level. Experts predict further declines, potentially impacting its market position.
Current Situation for Shiba Inu
According to well-known analyst Ali Martinez, Shiba Inu (SHIB) has lost a key support level. Currently, the token is trading at $0.0000155. The next major support zones are at $0.000011 and $0.000008. If the price drops to these levels, the loss could range from 29% to 48.5%. The last time SHIB was trading this low was in November 2023 and August 2024.
Implications for Shiba Inu
Despite the decline, Shiba Inu remains the second largest meme cryptocurrency, with a market cap of over $9.17 billion. If the predicted drop occurs, losses could range from $2.66 billion to $4.44 billion, significantly impacting investors and token holders.
Future of Shiba Inu in the Market
Currently, SHIB faces challenges regarding its relevance in a saturated meme coin market. Once dubbed as the 'DOGE killer,' this cryptocurrency is gradually losing its significance, as other tokens take its place and it faces pressures from the overall altcoin market dynamics.
The forecasted price drop for Shiba Inu poses a significant test of its resilience in the meme coin market. Investors should closely monitor further developments to make informed decisions regarding their investments.
