Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, has experienced a significant dip recently following a broader market correction. Despite this setback, the Token has soared by an impressive 113% over the past year.
The altcoin, however, now faces challenges in stabilizing its value as it attempts a recovery. Market analysts remain cautiously optimistic, with some predicting that SHIB could regain momentum and potentially hit new all-time highs.
Can Shiba Inu Price Hit ATH Before Year End?
The possibility remains for Shiba Inu price prediction to reach its all-time high before year-end, but it requires a 352% rally. Recent examples from the meme coin market support this potential surge. At the time of writing, the price of SHIB is at $0.00001667, with a decrease of 5% in the past 24-hours.
For instance, Moodeng’s price recently skyrocketed by 325% within 72 hours, highlighting how quickly the market can respond to revived interest. This example signals the scope for rapid gains in digital assets with increased investor momentum.
Shiba Inu’s prospects are further strengthened by renewed enthusiasm for meme coins, evidenced by rising demand in tokens like PEPE, POPCAT, MEW WIF, BONK, FLOKI, and BRETT.
Despite recent market downturns, Shiba Inu continues to attract attention. Shibburn and Shibarium developments, alongside significant whale transactions, suggest a potential for Shiba Inu’s price rise in the coming months.
Shib Burn Creates Negative Supply Shock
Shiba Inu’s burn mechanism has triggered a notable supply contraction, intensifying scarcity within the cryptocurrency market. In the past 24 hours alone, over 9 million SHIB tokens were burned, marking a burn rate increase of 114.36%.
This continuous reduction has brought the total burnt SHIB from the initial supply to a staggering 999.98 trillion tokens, leaving a circulating supply of approximately 410.73 trillion. As the total supply dwindles, it creates a potential for a tighter supply-demand dynamic, which could support price growth if demand spikes.
Shiba Inu Price Prediction: Analyst Says it’s “Time to Buy SHIB” Again
Crypto analyst shared an x post highlighting the current potential of Shiba Inu as a buying opportunity. According to the chart analysis, SHIB’s price has experienced a downturn, aligning with technical support zones. Despite the possibility of further dips, the analyst believes that now could be a favorable time to invest.
The post suggests a cautious yet optimistic outlook, with potential for gains if prices rebound from current levels. This analysis reflects a growing sentiment among crypto enthusiasts to leverage current price positions, particularly in volatile markets like Shiba Inu.
Time to buy some $SHIB. Can fall further, but right now is a great time pic.twitter.com/SRnnkJJALl
— positive virus (@godcandle7810) October 25, 2024
Shiba Inu’s unique supply factors and market interest provide hope for gains. While ATH by year-end is challenging, favorable trends and strong demand could drive a significant rally.
Frequently Asked Questions (FAQs)
While challenging, it’s possible if market demand spikes and investor sentiment remains strong.
Shiba Inu would require a 352% rally from its current price to hit its previous all-time high.
The burn mechanism reduces SHIB’s supply by permanently removing tokens, potentially driving up prices if demand grows.
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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