Shiba Inu (SHIB), the ERC-20 meme coin, recently came under the spotlight as it traded at $0.0000075, nosediving over 90% from its peak values of $0.000088 in 2021. Despite a recent consolidation within current $0.000007-8 ranges, the token’s trajectory largely remains in a downtrend, with its current value undercutting both the 21 and 50-day moving averages.
Observers attribute the dip to the FUD effect by lawsuits filed by the US Securities and Exchange Commission against Coinbase and Binance. However, SHIB refrained from naming Shiba Inu directly. From these lows, the crypto witnessed a 25% uplift, but its annual performance remains laggard at a 7% drop. In stark contrast, Bitcoin and Ether carved YTD gains of around 84% and 56%, respectively.
A reversal journey towards its record highs would require Shiba Inu to shatter critical resistance points. Existing projections remain bearish, hinting that SHIB’s fall from all-time highs might persist. For the crypto powerhouse to defy the negative prophecies, it will need to breach specific resistance ceilings near $0.0000084 and the 200DMA of $0.00001, before rallying towards yearly highs of around $0.000016.
Shiba Inu’s lukewarm performance against robust recoveries in Bitcoin and Ether, and the emergence of new meme coins like Pepe, yield a depressing realization that investors might be leaning away from SHIB. Skeptics might interpret this trend as a waning interest in the Shiba Inu coin, seeming to spell doom for SHIB’s outlook.
On the brighter side, the Shiba Inu community and its development team continue to imbue the token with new functionals that promise long-term viability. Innovations such as the Ethereum layer-2 scaling solution, Shibarium, and the ShibaSwap Decentralized Exchange (DEX) could invigorate SHIB’s usage and interest among the crypto fraternity. It remains to be seen whether the development of Shiba Inu’s ecosystem can recoup its prices back to their historic highs.
Simultaneously, the popularity of communities such as Wall Street Memes, with ambitious projects like the $WSM token, is ballooning. The crypto world awaits with bated breath to see if the Shiba Inu can mirror this crowd-engaging spirit and recapture its past glories.
Disclaimer: Cryptocurrency is a high-risk asset class. The above information is for educational purposes, not investment advice. Capital loss is a possibility.
Source: Cryptonews
