Shiba Inu (SHIB) price has seen a sharp decline recently, raising questions about its future. Following a recent market correction, the token’s value dropped substantially, sparking worries among both investors and followers. As the market attempts to regain stability, many wonder whether Shiba Inu can recover or if its price will continue to slide further towards zero.
Is Shiba Inu Price Destined to Go To Zero?
The Shiba Inu price has as become a focal point as the cryptocurrency market evolves. With new meme coins like WIF, POPCAT, NEIRO, and PEPE entering the scene, investor interest and capital are shifting toward these fresh entrants.
As a result, older coins like Shiba Inu, launched in August 2020, face declining relevance. Although the upcoming bull run could potentially lift SHIB’s value temporarily, it might be its last major cycle, much like other coins that faded after their initial popularity.
Despite the slim chance of the Shiba Inu coin hitting absolute zero, its relevance could diminish significantly after this cycle. The pattern mirrors the fate of many meme coins that surged and then waned between 2019 and 2020. Despite the potential short-lived rally, SHIB might struggle to maintain its position in an increasingly crowded market.
SHIB Price Analysis: What’s Next for Shiba Inu Coin?
The SHIB price is experiencing a slight decline, standing at $0.00001685, down 1.25% over the past 24 hours. The cryptocurrency has seen fluctuations throughout the day, reaching a low of $0.0000161 and a high of $0.00001716.
A recent analysis from a crypto market expert shared via an X post suggests a promising outlook for the Shiba Inu coin as the year-end approaches. The analyst’s technical chart highlights an expected price correction for SHIB before a significant upward move, potentially culminating in a 70% rally by Christmas.
SHIB is undergoing a correction phase, with a possible pullback to a key support zone around the $0.00001750 level. The analysis indicates that this correction could be a foundation for a bullish rebound. If this scenario unfolds, SHIB may see a strong move toward the 0.5 Fibonacci retracement level, potentially reaching the $0.00002838 mark.
The projection further outlines a pathway for SHIB price prediction to climb even higher, aiming for the 0.618 Fibonacci level at approximately $0.00003249. The analyst envisions this potential rally occurring after the anticipated correction phase, aligning with a broader market sentiment shift and seasonal factors that could contribute to a late-year surge.
Shiba Inu’s future remains uncertain, with a potential rebound hinging on market trends and seasonal factors. While a rally could emerge, SHIB may still struggle to regain momentum amid rising competition from newer meme coins.
Frequently Asked Questions (FAQs)
It’s unlikely that SHIB will hit zero, but its relevance could diminish due to rising competition and market conditions.
SHIB’s price decline is linked to a broader market correction and the emergence of new meme coins diverting investor interest.
Analysts predict a potential short-term rally after a correction phase, but long-term sustainability remains uncertain.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/will-shiba-inu-price-go-to-zero/
✓ Share: