Shiba Inu had reached a yearly high of $0.000036 in March 2024 and spiked 28% the same month. It attracted heavy bullish sentiments in Q1 on the heels of the Bitcoin halving event. Bitcoin touched a new all-time high of $73,737 and leading altcoins moved in tandem with its price.
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However, SHIB slumped in Q2 of 2024 and is down 115% from its yearly high. It is currently trading at the $0.000017 level and is attracting bearish sentiments in the charts. The token experienced little to no price spurts in the indices and is testing the patience of its investors.
Down nearly 115% from its yearly high currently, should you consider buying Shiba Inu now? Has the token bottomed out and will it shed its baggage and deliver high returns by the end of the year? In this article, we will highlight what’s the best investment choice for SHIB this year.
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Shiba Inu: Down 115% From Yearly High, Is This The Best Time To Buy SHIB?
This might not be the best time to accumulate Shiba Inu as the cryptocurrency market is under the bearish claws. The rally in Q1 occurred due to the Bitcoin halving event and the SEC approving the Bitcoin ETF. The two coincided perfectly generating stellar returns for investors who took an entry position early this year.
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The boat seems to have sailed now leaving the cryptocurrency market with no hype and events to look forward to. The cryptocurrency market is now at the mercy of global financial establishments and macroeconomic changes. Shiba Inu could find it hard to spike another 100% from here and touch the $0.000027 mark.
SHIB mostly gains the most when it is surrounded by hype and buzz. All of these are absent and any event that can generate interest in the token is minimal. The token has more chances of slipping in price and trading with five zeroes than going further north in 2024.