Shiba Inu Price Forecast: Can this $77M Signal Trigger Instant SHIB Rebound

Shiba Inu price fell to $0.000017 on Wednesday, June 19, its lowest in over 100 days dating back to March 2, 2024, but the latest data from 20 crypto exchanges shows bulls stealthily piling on fresh demand to capitalize on the SHIB price dip. 

Shiba Inu Price Slide to Lowest in 3-Months

On June 19, 2024, the global crypto market halted the 3-day losing streak as bulls traders sought to mitigate the raging market liquidations. However, while mega-cap assets like BTC and ETH have benefited from the growing optimism, the memecoin sector seems to remain deep in the bearish territories.

In effect, both Shiba Inu (SHIB), and Dogecoin (DOGE), the two largest memecoin project, have suffered yet another wave of considerable downswings below critical price support levels within the daily time frame on Wednesday.

As seen above Shiba Inu price opened on June 1 2024 trading at $0.000028 per coin. But since then, bears have capitalized on the hawkish macro economic indices published by US authorities to for successive downswings in the SHIB markets.

After three weeks of intense bearish pressure, SHIB’s price has now fallen to $0.000017 on June 19, reflecting 40% losses within the 20-day period.

This latest downsizing could be attributed to investors rotating funds out of the memecoin markets, which are considered riskier and more sensitive to social sentiment. However, the continuation of this downtrend now looks unlikely as retail traders were spotted pilling on demand to purchase SHIB at the current discounted prices.

Investors Pile on Demand to Purchase 5.3 Trillion SHIB

Shiba Inu price has declined 40% in the last 40 days, but looking ahead, the current low prices seems to have attracted the attention of savvy traders seeking to buy-in on promising assets at bargain prices.

IntoTheBlock’s Aggregate Exchange Order Books data tracks active buy orders, and sell order placed for an asset across top 20 crypto currency exchanges globally.

As things stand, SHIB bull traders have placed orders to purchase 5.2 trillion SHIB at the average price of $0.00018, reflecting an effective market demand of around $77 million.

Meanwhile, with price now trending at 3-month lows, many sellers have grown fatigued and unwilling to sell. Consequently, the Shiba Inu supply on exchanges has fallen short of the market demand considerably, with only 4.5 trillion SHIB sell-orders currently listed across the top 20 trading platforms including Binance and Coinbase.

This implies that there is now currently excess demand for 700 billion SHIB. Notably, when the demand for an asset exceeds supply, it puts upward pressure on prices, as buyers are now likely to begin competing for the fewer SHIB token supply by raising their bids marginally.

If this scenario plays out as often observed historically, Shiba Inu’s price could witness some upside towards the $0.000020 level in the days ahead. However, whether that potential SHIB price uptick will evolve into a prolonged rebound phase will largely depend on the swings in the broader crypto market sentiment.