2025 started with a bang but the flames seem to have faded. Bitcoin (BTC) climbed to a new peak in January, but has since lost significant traction. Shiba Inu (SHIB) shares a similar fate. The popular dog-themed crypto is red across the board. The coin’s price has dipped 6.1% in the daily charts, 7.9% in the weekly charts, 13.9% in the 14-day charts, 28.7% over the previous month, and 65.8% since March 2024.
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Cryptocurrencies Bleed Amid Macroeconomic Tensions
Shiba Inu (SHIB) and the larger crypto market took a hit after the US announced tariffs on the European Union (EU). The EU has said it will retaliate with similar taxes against the US. The US has also imposed tariffs on Canada and Mexico. The trade wars have hurt investor sentiment. SHIB and other crypto assets have faced significant fund outflows since the tariff announcements.
Macroeconomic conditions seem to present a considerable barrier to the crypto market. SHIB, being a memecoin, faces steeper corrections.
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Shiba Inu Predicted To Hit $0.00007380
According to a TradingView post by crypto analyst TheHunters_Company, SHIB could hit $0.00007380 in the long term based on its fibonacci projections. SHIB’s price will rally by about 531% if it hits the $0.00007380 target.
CoinCodex does not anticipate SHIB to hit the $0.00007 mark anytime soon. The platform anticipates SHIB to gain another zero after its decline over the coming weeks. CoinCodex predicts SHIB will trade at $0.000009971 on June 8. SHIB’s price will fall by 15% if it hits $0.000009971.
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The crypto market faces considerable uncertainty right now. If macroeconomic conditions improve, SHIB’s price could rally. If global trade wars continue to move forward, the asset’s price may fall further.