Shiba Inu (SHIB), the second-largest meme coin, has recently attracted attention in the cryptocurrency market. SHIB is often compared to Dogecoin in terms of its market position. The token’s performance in 2024 has been notable thus far.
SHIB began the year trading below $0.000010 and subsequently experienced a rally of over 450%,. It also reached a yearly peak of $0.000045 in mid-February. Despite this increase, the token remains 67% below its all-time high from 2021. This recent price action suggests renewed interest and positive sentiment surrounding the cryptocurrency.
As of the current trading price of around $0.00002507, following a period of consolidation, SHIB appears to be positioned for its next potential price movement. There is uncertainty regarding whether the token has sufficient fundamental support to push its value above the psychologically significant level of $0.00004 by March end.
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Can Shiba Inu hit $0.00004 by March end?
Shiba Inu has slumped by 11% in the last 24 hours and is eyeing the $0.00003 level, according to CoinGecko data.
If history repeats itself, a likely catalyst could arise from Bitcoin first. SHIB’s greatest price surges directly followed BTC reaching new highs during its run towards $73,000. As the bellwether of overall market sentiment, Bitcoin breaching prior resistance often produces a rising tide. It could lift more speculative altcoins.
Still, without game-changing announcements on the fundamental side, relying solely on Bitcoin’s rise may prove challenging to sustain additional multi-bagger moves. Developers continue targeting adoption and the SHIB Burn Portal to enhance tokenomics.
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Consequently, while a short-term surge driven by market enthusiasm could potentially propel SHIB to reach the $0.00004 mark, sustaining this price level throughout the week may prove challenging in the absence of substantial developments or product announcements.
If the market sentiment turns favorable, Shiba Inu could likely hit $0.00004 by the end of March. However, if the market proves to be bearish, SHIB is unlikely to hit that level this month.