Shiba Inu Drops to $0.0000068, Lowest Level in More Than 2 Years

Shiba Inu (SHIB) has slumped by more than 33% over the past year, with its price now pegged at its lowest level since July 2021.

The Shiba Inu token has been unable to maintain its luster with its price characterized by periods of highs and lows. Despite efforts to grow the ecosystem, the token is relatively underperforming, highlighting how volatile the market can be.

Tracking Shiba Inu Price Trends

SHIB made its emergence in late 2020, with its price practically negligible. As the token’s popularity grew on account that it was on a mission to displace its biggest rival, Dogecoin (DOGE), it began welcoming intense accumulation that pushed its price to an ATH of $0.00008616 in October 2021.

Before that massive surge, corresponding with the height of the industry’s last bull cycle, Shiba Inu dropped to a low of $0.00000632 in July 2021.

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This price corresponds to the current price range of the token, having shed off one zero within the space of a year. SHIB is currently priced at $0.0000068.

At present, SHIB is priced at $0.0000068, with its trading volume down by more than 32% to $75,995,561. With the current outlook, the token’s market cap is now pegged at $4.03 billion, placing it as the 18th most capitalized coin in the industry. Should the current onslaught continue, SHIB is at risk of dropping out of the top 20 spot.

The implication of the price fall is profound for SHIB holders who have been at a loss for a long time. Into The Block, data shows that 91% of Shib holders are in loss while only 9% are in profit.

Despite the price drop of Shiba Inu, an AI tool, Google Bard has predicted a positive ending for the token this month. As projected, the token is expected to “trade between $0.0000089 and $0.0000116 by the end of this month.”

Shiba Inu Growth Fundamentals

Shiba Inu has not been growing without definitive achievements since its inception. Besides being a deflationary token through its consistent token-burning feature, it has also debuted Shibarium as a smart contract hub to drive utility.

With a steady evolution in these two aspects, expectations abound that the token’s price will return to its previous highs in the mid to long term. Additionally, the targeted partnerships the token is securing can also essentially help it refocus its growth tracks in the long term.