In the volatile and ever-changing world of cryptocurrencies, the Shiba Inu coin has always commanded attention. Despite reaching its all-time high (ATH) of $0.00008845 in the previous market cycle, the coin currently trades far below this value, underperforming in the recent downturns. Interestingly, even if the Shiba Inu coin were to match Dogecoin’s current market capitalisation, it would still fail to reach its ATH. This piece delves into the current scenario, future potential, and expert predictions regarding Shiba Inu.

Shiba Inu: Lagging Behind Its All-Time High

Data from Marketcapof indicates that the Shiba Inu coin would still not reach its current ATH even if it matches Dogecoin’s market cap. Current statistics show that Dogecoin boasts a market cap of $25 billion. If Shiba Inu were to attain this value, its price would only reach $0.00004256, which is significantly below the ATH of $0.00008845.

A rise in Shiba Inu price to $0.00004256, mirroring Dogecoin’s market cap, would translate to over a three-fold price increase. Such an uplift would undoubtedly be a welcome development for a coin that has been struggling in the recent market downturn, trading far below the significant $0.00002 price level.

However, crypto analysts like Javon Marks retain optimism that the Shiba Inu price could reclaim or at least approach its ATH. Marks believes that the recent price increase shows signs of strong momentum at current levels. He asserts that this momentum could develop massively for Shiba Inu, with a target of $0.000081, potentially leading to a rally of over 400%, paving the way for the coin to hit its ATH.

The Current On-Chain Metrics: A Bearish Trend or a Bullish Potential?

Despite the optimistic predictions, the on-chain metrics currently paint a bearish picture for the Shiba Inu price, which is on the brink of a potential bullish reversal. There has been a decline in the SHIB burns over the past 24 hours, dropping by over 94% with 946,228 SHIB burnt during this time. The burn rate is also down over the last seven days, with just over 1 billion tokens burnt.

Other metrics from IntoTheBlock, such as large transactions, In The Money, and net network growth, also indicate a bearish trend for the Shiba Inu price. Large transactions have fallen by almost 2%, suggesting that the whales might be staying on the sidelines instead of accumulating SHIB at this time. There is also a risk of a wave of sell-offs, with 61% of holders currently out of the moment.

At the time of writing, the Shiba Inu price is trading at approximately $0.00001269, up by over 3% in the last 24 hours, as per data from CoinMarketCap.

Can Shiba Inu (SHIB) be a good long-term investment?

Shiba Inu (SHIB) has piqued the interest of many due to its volatile performance. Like any other investment, it requires careful analysis of market trends, development updates, and competition before making a decision.

What factors could lead to a significant price increase in Shiba Inu (SHIB)?

Certain factors, such as an increase in investor interest, positive market dynamics, significant improvement in SHIB burns, and substantial advancements in the coin’s development, could potentially trigger a significant price rise for Shiba Inu (SHIB).

What role do on-chain metrics play in predicting Shiba Inu (SHIB)’s future performance?

On-chain metrics, such as transaction volume, In The Money, and net network growth, can provide insights into a coin’s performance. Observing these metrics can help investors predict price movements and market trends, potentially indicating the right time to buy or sell.

This comprehensive guide to Shiba Inu explores its core technology, investment potential, and market positioning. The FAQs below provide deeper insights to help readers make informed decisions. Note that all content is thoroughly researched and reviewed by our team of top technology experts and seasoned editors, ensuring accuracy, relevance, and value for our readers.