Shiba Inu price, a meme-based cryptocurrency, has experienced a significant drop over the past week. This decline aligns with a broader downturn in the cryptocurrency market. Bitcoin, for instance, has fallen below $94k. Other crypto have also seen decreases. Shiba Inu’s value has decreased by 10% during this period. It recently plummeted to $0.00002, breaching several support levels. This raises concerns about how low SHIB could potentially fall by January.
Will Shiba Inu Price Plunge Further in January?
Shiba Inu price continues its downward trend alongside major cryptocurrencies like Bitcoin, Ethereum, and Ripple, all recording notable losses. As of today, the global cryptocurrency market value stands at $3.24 trillion, showing a decline of 3.12% in the last 24 hours.
Trading volumes across the market have also fallen by 10%, totaling $164.38 billion. This week’s sharp downturn highlights increasing bearish sentiment since the month’s onset.
Market analysts attribute the drop to anticipations of stricter monetary policies by the U.S. Federal Reserve. Such expectations have prompted investors to reduce their holdings in riskier assets, including popular memecoins such as SHIB. Similar downtrends are evident in other meme coins like Dogecoin, WIF, and Pepecoin. If these trends persist, Shiba Inu’s price could potentially sink further in January.
According to recent data, Shiba Inu has significantly decreased its circulating tokens. Over the past 24 hours, an impressive total of 8,738,201 SHIB tokens were incinerated. This adjustment has seen the circulating supply dip to 584 billion tokens.
The Shiba Inu ecosystem also reports that out of the initial supply, over 410 trillion tokens have been permanently removed. Notably, 5 billion tokens remain staked as xSHIB, contributing to a secure network foundation
SHIB Price Analysis
At the time of writing, the SHIB price hovered at $0.0000216, marking a modest decrease of 4%. Over the past few days, SHIB has seen a decrease within a descending channel, hinting at potential downward pressure in the short term.
The Relative Strength Index (RSI), currently at 37.67, nearing the oversold region. Technical analysis shows SHIB may encounter resistance near the $0.00002600 level. If the price breaks above this, a bullish trend could be confirmed, potentially leading to further gains.
Conversely, if the downward trend continues within the established channel, the Shiba Inu price prediction could see a decline towards $0.00002000, a drop of approximately 28% from its current position
In conclusion, as Shiba Inu price trends downward amid a broader market dip, its future is uncertain. If Bitcoin continues to decline, SHIB could potentially follow, deepening the impact on its price.
Frequently Asked Questions (FAQs)
Yes, if the current bearish market trends continue, Shiba Inu price could potentially fall further in January.
Memecoins are cryptocurrencies inspired by internet memes, like Shiba Inu and Dogecoin, currently falling due to reduced investor interest in riskier assets.
Token incineration reduces the circulating supply of SHIB, which can potentially increase its value by making it scarcer.
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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