Shiba Inu (SHIB) Defies Expectations, Surges 27% from Its Daily Low Without Adding a Zero
On August 5, 2024, the cryptocurrency market experienced a significant crash, reminiscent of the FTX debacle. This crash had a profound impact on various sectors within the crypto space, including the memecoin market. Notably, Shiba Inu, the second-largest memecoin by valuation, suffered a double-digit loss.
Data from CoinMarketCap indicated that Shiba Inu’s price plummeted over 20% to reach a 24-hour low of $0.00001087, bringing it perilously close to adding another leading zero to its price at $0.00001. However, the cryptocurrency swiftly rebounded from this low, surging to $0.00001388, marking a 27% recovery push.
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It is worth noting that Shiba Inu last traded with five leading zeros in late February, after which it peaked at a yearly high of $0.000045, leading many to anticipate a reduction in leading zeros to three. However, this projection has not materialized, and the cryptocurrency has experienced significant declines, including the recent macroeconomic-induced crash.
Despite the recent recovery, Shiba Inu’s price remains volatile, currently trading at $0.00001369, representing a 15.25% increase in the past 24 hours but enduring a 17.87% loss in the past seven days and an 8.36% decrease in the monthly charts. Nevertheless, the memecoin maintains a year-to-date increase of 33.4% at the current price.
Another Possibility for SHIB
Looking ahead, analysts from crypto trading platform Changelly project that Shiba Inu could reach over $0.0001 and eliminate one of its zeros by the year 2027, with a potential minimum price of $0.00010398 and a maximum price of $0.00012298. Similarly, the crypto prediction platform Telegaon expects SHIB to trade at an average price of $0.000153 by 2027.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
