Shiba Inu Is 84% Below ATH, Is It Time To Buy $SHIB At Discount?
At its current price of $0.000014, the $8.26 billion market cap Shiba Inu ($SHIB) token, the second largest in the sector, is still 84% short of an all-time high of $0.00008616, posted on October 28, 2021.
That’s a little odd when you consider that $SHIB back then was just another Dogecoin ($DOGE) rival.
Fast forward to today and Shiba Inu houses privacy features and its own proprietary Layer 2 on its home chain Ethereum, called Shibarium, which is cultivating a community of developers and users.
Relative to Dogecoin, Shiba Inu posted heavier overnight losses of about 2% compared with $DOGE’s 1% loss. Over the week, Shiba Inu shed about 4% whereas Dogecoin shed 9%. Clearly, Shiba Inu is behaving like a typical volatile multi-billion dollar meme coin.
However, to better understand the extent of Shiba Inu’s recent performance, we can see that in the early hours UTC of July 16 this year, the token hit $0.00001998 but was unable to catch and hold the psychologically important $0.00002 threshold.
A market-wide crash on August 5 effectively halved the price less than a month later, as $SHIB headed perilously close to $0.00001 before rebounding to its current level around $0.000014.
A stable relative strength index (RSI) of 45 indicates there’s a chance the token could recapture $0.000016 shortly as traders buy the dip.
However, if the number of token burns remains low as it has this week, Shiba Inu could face further devaluation.
Shiba Inu is currently a good dip-buying opportunity. However, uncertainty about the meme coin’s future have seasoned meme coin holders wondering if any promising new projects will be a better store of value.
Some exciting projects are so new that you can still buy them at fixed prices in pre-sale, to
Read more on cryptonews.com
