Altcoin
What’s Stopping Shiba Inu From Reaching $0.0001?
The renowned dog-themed meme crypto Shiba Inu has continued birthing market speculations, primarily in the wake of its sluggish performance despite ecosystem developments. On Wednesday, January 1, SHIB price soared roughly 1% intraday, struggling to reach the $0.0001 level. In turn, crypto market enthusiasts are now anticipating whether the token could achieve gains ahead, primarily in the wake of broader market trends and ecosystem developments.
Here’s Why Shiba Inu Price Unable To Reach $0.0001
In an unprecedented turn of events, the meme coin Shiba Inu has garnered significant scrutiny, primarily as investors speculate over the token’s future potential. As per the latest market data, the leading dog-themed meme crypto has encountered substantial hurdles.
Notably, the SHIB burn rate has witnessed a sluggish performance in recent days, with only 55.54 million coins burnt in the past week. Interestingly, this feat marks a much lower burn rate as compared to past chronicles. The waning burn rate, in turn, lines with the sluggish performance, underscoring that the circulating supply has not taken a drastic hit. Further, even the intraday burn rate witnessed only a 55% uptick, aligning with the asset’s sluggish performance. Altogether, the recent decline in burn activity has significantly impacted Shiba Inu’s price.
On the other hand, recent market trends further rationalize the coin’s price volatility. Notably, the broader crypto market faces immense heat moving into 2025, in tandem with the broader trends and a holiday sentiment brewing. Notably. investors continue showcasing a low-risk appetite, aligning with the crypto seeing downside pressure in the market.
Besides, despite recent ecosystem developments, such as the SHIB Metaverse launch and the looming TREAT token launch, the token is yet to show its potential in this bull cycle.
What’s Ahead For The Meme Coin?
At the time of reporting, SHIB price traded at $0.00002015, up marginally by 0.4% over the past day. Its 24-hour low and high were $0.00002052 and $0.00002178, respectively. Notably, the current volatility falls in line with the broader market trend following the U.S. Fed’s hawkish stance on rate cuts.
Nevertheless, long-term prospects for the asset continue to reflect bullishness, indicating more price gains ahead. Notably, as the Shiba Inu community has seen remarkable advancements in recent days, such as the Metaverse launch and the looming TREAT token launch, market participants remain optimistic about future movements as the coin enjoys enhanced market visibility.
In addition, a recent SHIB price analysis by CoinGape revealed that a $0.0001 target is achievable for the token despite the broader market turmoil as of now. A rally to the abovementioned price target is possible by January 2025, given that the market has recovered and SHIB has leveraged its strong market technicals. Market watchers continue to eye the coin for further price shifts.
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.
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