The value of Shiba Inu has decreased today in line with the broader cryptocurrency market’s retreat, suggesting traders are exercising caution. Nevertheless, market analysts remain optimistic about SHIB’s long-term prospects despite the recent downturn. A prominent market expert has even suggested the possibility of the meme-inspired cryptocurrency reaching $0.00008 shortly.
Will Shiba Inu Reach $0.00008?
The cryptocurrency market experienced a downturn today, with Bitcoin and major alternative coins bearing the brunt of the decline. Popular meme coins also traded negatively, raising concerns among investors about the future of digital assets.
However, market sentiment for Shiba Inu remains positive despite the recent setback. In a recent analysis, noted cryptocurrency expert JAVON MARKS identified a bullish indicator on SHIB’s recent price chart, fostering market optimism. The analyst predicted that the cryptocurrency could potentially rise to $0.000081, representing “a more than 3.33X increase, equating to a 234% gain for Shiba.”
This assessment has sparked discussions in the wider market about the possibility of a strong recovery for the popular dog-themed meme coin. Recent market trends and positive developments surrounding SHIB also point to a potential upswing for the cryptocurrency.
In a recent social media post, the analyst suggested that the cryptocurrency could reach $0.0000998 by 2025 if bullish momentum persists. However, they also cautioned that SHIB could end the year at $0.0000234 if bearish pressure continues.
Potential SHIB INU Recovery?
The latest SHIB price data showed a decline of over 6%, with the cryptocurrency trading at $0.00002167 and its trading volume dropping 32% to $518.5 million. Over the past 24 hours, SHIB has fluctuated between a high of $0.00002314 and a low of $0.00002146, reflecting market volatility. Moreover, SHIB Futures Open Interest decreased by 10% today, indicating a pessimistic market sentiment.
Despite the dip, recent market trends suggest a potential recovery for Shiba Inu. SHIB lead developer Shytoshi Kusama recently praised the launch of SHIB: The Metaverse, hinting at upcoming “TREATS” for the community. This has led to speculation about potential future developments in the ecosystem.
Furthermore, the recent Shiba Inu burn rate increased by 160%, with 18.97 million tokens removed from circulation, according to Shibburn data. This reduction in supply often contributes to price increases, potentially boosting SHIB prices. Positive on-chain indicators for SHIB suggest that the cryptocurrency might reach for the levels of $0.000045 level in the coming days.
