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Shiba Inu Faces Fight to Surpass $0.00003: Here’s Why

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Shiba Inu (SHIB) Dynamics: Whale Moves Rock the Market

The price of Shiba Inu has remained remarkably stagnant since losing support of $0.00003 per coin. Although investors generally maintain their positions, prolonging the bad moment could be very negative. The currency must return to the $0.00003 barrier, or else it could suffer a more pronounced collapse.

Since volatility settled into Bitcoin, SHIB’s performance has left much to be desired. Now, with much of the altcoin rallying, the dog-themed token appears to lack the fuel to rise.

At this point, the key question arises as to whether the token will manage to break this stagnation in the short term. As expected, the answer depends on what happens with the price of BTC, the engine of the entire digital asset market.

It should not be overlooked that Shiba belongs to a group of assets called memecoins. These are characterized by strong speculation, and many investors refrain from approaching them in times of strong volatility. The latter is due to the fact that this market has low capitalization, and prices vary violently. That could be one of the reasons for the stagnation of this currency.

Read More: Ethereum Price Struggles to Recover From Recent Pullback

Investors Await Shiba Inu Recovery

Despite the current negative momentum, there is a strong belief among analysts and investors that Shiba Inu is poised for a rebound. This optimism stems from the coin’s popularity among retail investors and its robust market capitalization, which positions it among the top 15 cryptocurrencies in its field.

Shiba Inu benefits from a highly active support network. Since the launch of Shibarium, a layer-2 blockchain network, significant amounts of investment capital have been flowing into the token. Additionally, the currency’s acceptable burning mechanism promotes long-term scarcity, further enhancing its stability.

Read More: Bitcoin Price Regains Its Strength: Will It Surpass The $70k Resistance Mark

Furthermore, Shiba Inu has a fanatical community, which has been a pillar of support since the coin’s inception. With the power of social media groups and messaging apps, these investors have the capacity to uphold price support even during challenging times, instilling confidence in the coin’s resilience.

Considering these factors, the price of Shiba Inu is likely to rise in the medium and long term. Meanwhile, in the short term, it is much more dependent on speculation and what happens with Bitcoin.

Shiba Inu price struggling to surpass the $0.00003 resistance mark: | Source: CoinMarketCap

At the time of writing, the SHIB is valued at $0.000028 per token. Its 24-hour performance was positive, 1.27%.

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