Shiba Inu's price has plunged, reducing its market cap by $12 billion. However, experts see potential for improvement.
Shiba Inu Price Crash
This year, Shiba Inu's price has significantly dropped, entering a bear market and reducing its market cap to $7.4 billion.
Factors Influencing the Rate
SHIB's decline occurred amid a fall in other meme coins due to uncertainty in the US market. Meanwhile, the SHIB burn rate has surged by 62,000% in the last 24 hours. Positive macroeconomic factors, such as a potential stock market recovery following US tariff policy changes, are expected to have an impact.
Technical Analysis and Prospects
Technical indicators suggest a strong bullish breakout is underway for Shiba Inu. A falling wedge is forming on the daily chart, and the Percentage Price Oscillator has crossed upwards. The next psychological level to watch is $0.000020, which is 60% higher than the current level.
Despite the recent decline, Shiba Inu has a chance to rebound due to increased coin burn activity and positive technical indicators. Upcoming Federal Reserve decisions may also influence the crypto market's growth.
