Shiba Inu is a meme token created as an alternative to another Dogecoin meme token. The price of Shiba Inu has plummeted regularly and is now below $0.000010. Therefore, a question arises: is Shiba Inu a safe investment or will Shiba Inu fall further?
We will be very cautious when answering this question as investing in cryptocurrencies includes finances and wrong advice could lead to huge financial losses.
While there was certainly a time when Shiba Inu showed tons of potential, it’s been a while since it happened. It has been in steady decline throughout 2022 and doesn’t look like it’s going to recover anytime soon. It’s another reason why so many analysts are bearish on Shiba Inu.
Shiba Inu had one of the most amazing journeys that started in January 2021. Here’s how the price of Shiba Inu has changed since January 2021:
- December 31, 2020 – $0.0000000000077
- January 31, 2021 – $0.00000000050
- March 31, 2021 – $0.0000000056
- April 30, 2021 – $0.0000020
- October 2022 – $0.000012
- November 2022 – $0.000008
Shiba Inu will fall further: factors affecting the price of Shiba Inu
- Whales: The price of Shib in the past has been mainly driven by whales. Whales have come to Shiba’s rescue on many occasions. This time, the whales seem to have abandoned Shib and allowed the price of SHIB to fall freely. However, one figure shows that SHIB is the largest altcoin or altcoin preferred among ETH whales.
- Development efforts: The SHIB team is currently implementing many of the plans outlined above. However, none of them has actually been fully implemented.
Will Shiba Inu go down further?
The Shiba Inu
community has been working to push the price of Shib higher, but with the current supply and market conditions it has been impossible for the price of Shiba Inu to increase. After the price fell below $0.0000090, Shiba Inu’s next support stands at $0.0000075. Any break below this level will cause the price of Shiba Inu to fall to its last demand zone and prices could fall as low as $0.00000500.
The current market condition indicates that SHIB could fall further. For Shib to come out of his current bearish momentum, he will have to break the higher limits at $0.00001300 and $0.00001657. But it is unlikely to happen, so unless there is active participation of whales, the price of Shiba Inu could fall further.