Shiba Inu’s (SHIB) price crash seems to have no end in sight. CoinGecko data shows that SHIB’s price has fallen by nearly 9% in the last week. The dog-themed cryptocurrency seems to be facing some resistance at the $0.0000046-$0.000005 price level. Although the asset has seen a near 7% price rally in the monthly charts, SHIB is still struggling to overcome its resistance level. Let’s discuss if the once dominating cryptocurrency is done for, or if it can make a comeback.
Is Shiba Inu Done For After Its Latest Price Crash?
Shiba Inu (SHIB) was among the top 15 projects by market cap. The asset had one of the most successful launches in crypto history, if not the most successful. SHIB’s price skyrocketed by many million percent within months of its debut in August 2020. Early investors made massive gains with minimal investments. SHIB garnered a reputation of being a “millionaire-maker” and was an extremely popular cryptocurrency among new and young crypto investors who wanted to make it big in a short time with little capital.
While Shiba Inu (SHIB) had an incredible start, its journey seems to have run out of steam. SHIB’s price has tanked over the last few years, especially since December 2024. The asset is currently at its lowest in years. Investors are also losing hope and a majority of holders are sitting on big losses. While there is still some interest among retail investors, most holders will likely sell their SHIB coins once the price reaches their average buying cost.
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Shiba Inu (SHIB) still commands substantial clout within the cryptocurrency landscape. However, the project has lost significant luster over the last few years. There is a chance that SHIB will recover once we enter the next bull run, but it is not a guarantee.