Shiba Inu has not escaped the negative impact of the prevalent bear market, but the community remains confident of a looming price recovery.
Shiba Inu (SHIB) remains in a bearish position, registering lower highs and lower lows since dropping from the high of $0.00001575 on Feb. 4. Amid this bearishness, the community remains confident of a possible recovery, potentially to $0.0001. However, at its current position, how much would SHIB need to surge to hit $0.0001?
The market has taken one of the most impactful hits in recent times, with numerous altcoins collapsing to record lows. Shiba Inu has not escaped this turbulence, dropping by over 17% in the last 24 hours. Consequently, SHIB is now changing hands at $0.00000651, dipping below the $0.000007 territory.
At this price, Shiba Inu would need to surge by 1,436% to reach a $0.0001 price target. That’s a 14x increase from its current value. The asset’s continuous decline has persistently driven it farther away from the $0.0001 price goal, contributing to a decline in investor confidence.
Notably, at this year’s peak value of $0.00001575, Shiba Inu would have needed a 534% increase to hit $0.0001. The closest SHIB has gotten to the $0.0001 value was its all-time high of $0.00008616 in October 2021. At that point, a mere 16% increase would have resulted in $0.0001.
While Shiba Inu’s decline remains concerning to investors, it also presents an opportunity to procure the asset at a discount. However, this should not serve as investment advice due to the unpredictable nature of the market, as SHIB is capable of dropping even further.
Can Shiba Inu Hit $0.0001?
The consensus is that Shiba Inu will eventually recover with the rest of the market. However, the extent of its recovery remains to be seen. For instance, despite Bitcoin’s 87% surge from January to April, SHIB only increased by 34% within that timeframe.
The uncertainty of its potential recovery campaign has left investors on edge. Is it possible for Shiba Inu to eventually hit $0.0001? The short answer is yes. Nonetheless, this increase would depend mainly on the broader market and ecosystem developments.
The community eagerly awaits projects such as Shibarium and SHIB: The Metaverse to help enhance burns and introduce utility. The adoption rate of these projects will determine how effective their contributions will be to the ecosystem.