In-Depth Analysis of Shiba Inu’s Market Position
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Shiba Inu Price Analysis: A Long Way from Its All-Time High
The Shiba Inu (SHIB) cryptocurrency is currently trading significantly below its all-time high (ATH) of $0.00008845, a peak reached in the previous market cycle. Even if Shiba Inu were to match Dogecoin’s current market capitalization, the price would still not reach its former ATH.
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Shiba Inu’s Market Cap Prospects Compared to Dogecoin
According to Marketcapof data, even if Shiba Inu’s market capitalization were to equal Dogecoin’s, its price would only rise to $0.00004256. Dogecoin currently holds a market cap of $25 billion. For Shiba Inu to reach this price point, it would need to experience a more than threefold increase, which, while promising, still leaves it short of its ATH of $0.00008845.
An increase to $0.00004256 would represent significant growth for Shiba Inu, particularly as it has struggled to surpass the psychological barrier of $0.00002 amid market turbulence. Despite current challenges, crypto analysts remain hopeful about SHIB’s potential to approach or even reclaim its ATH.
Optimistic Analysis by Javon Marks
Javon Marks, a noted crypto analyst, expresses optimism about Shiba Inu’s potential resurgence. He highlights that the coin is beginning to demonstrate robust strength at its current levels, despite being below its ATH. Marks has set a target of $0.000081, suggesting a potential rally of over 400% could be on the horizon. Such a rally might set the stage for SHIB to approach its ATH once more.
Current On-Chain Metrics for SHIB: A Bearish Outlook
Examining on-chain metrics reveals a current bearish sentiment for Shiba Inu, despite its potential for a bullish reversal. One key indicator is the reduced rate of SHIB token burns. Over the last 24 hours, the burn rate has decreased by more than 94%, with only 946,228 SHIB being burnt. Over the past week, just over 1 billion tokens have been burned, indicating a downward trend.
Data from IntoTheBlock highlights additional bearish indicators, such as declining large transactions and a stagnant net network growth for Shiba Inu. Large transactions have decreased by nearly 2%, suggesting that major investors or ‘whales’ are hesitant to accumulate SHIB during this period of volatility. Additionally, 61% of SHIB holders are currently at a loss, which could prompt further sell-offs.
As of the latest updates, Shiba Inu is trading around $0.00001269, marking an increase of over 3% within the last 24 hours according to CoinMarketCap data.
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