The altcoin market is currently experiencing severe dislocations as Bitcoin fell to its latest low of $54,000. Several leading altcoins are losing money, basking in the current bear market that has engulfed the cryptocurrency space. While some analysts are calling this a unique opportunity to hoard altcoins, others are mourning their losses as they lose a large amount of cryptocurrencies. In the aftermath, Shiba Inu also gave ambiguous price hints. Both the economic development of the coin and the current price momentum are sending mixed signals.

Shiba: What is SHIB’s current trajectory?

Shiba Inu, one of the most popular meme coins in the currency space, has seen a sharp drop in the past 24 hours. The coin has lost nearly 14% of its value in the past 24 hours and is currently trading at $0.00001342. According to CoinCodex, the coin is currently in a bearish range and SHIB is expected to plummet to new lows and find stronger support.

As Bitcoin fell to a new low of $54,000, several altcoins, including SHIB, were severely affected. Considering the anatomical changes SHIB has undergone recently, the coin is currently sending mixed signals.

Although the Shiba Inu ecosystem has lost its current footing, it is expected to hit new highs soon. The coin is currently busy with multiple new efforts, including the launch of new updates in its Shibarium network. The coin is also working on launching a blockchain version of the Shiba Inu Eternal game, which may change the coin and its price indicators.

Does SHIB remove or add zeros?

CoinCodex, a well-known cryptocurrency analysis portal, predicted a new price trend for SHIB. According to CC, by the end of July 2024, the Shiba Inu’s valuation could shrink by a considerable amount.

“Shiba Inu’s price could drop by -4.55% to $0.00001408 by August 4, 2024. The current sentiment is bearish according to our technical indicators, while the Fear & Greed Index is showing 29 (Fear). Shiba Inu has recorded 11/30 (37%) green days in the past 30 days, with a price volatility of 14.74%.

Currently, SHIB’s Fear & Greed Index depicts fear sentiment, with bearish signs spreading across the board. However, the strong structural development that the SHIB ecosystem is undergoing will play an important role in stabilizing SHIB prices by the end of 2024.

“Shiba Inu is likely to trade in the range of $0.00001243 to $0.00003214. If the upper price target is met, SHIB could surge by 140.79% to $0.00003214.”

As the market fluctuates, calls for buying SHIB grow stronger

According to data uploaded by Santiment, major social platforms are flooded with calls for buying. This development indicates that buyers are dominant and most investors are looking to “buy the dip.”

However, the portal further outlines the severe balance of negative and positive comments that the market is currently experiencing. While for some bold investors, the current market drop may prove to be pivotal, others are currently busy mourning the loss of their cryptocurrency holdings.

The call for holding Shiba Inu tokens is also growing. According to Lucie. Shiba Inu’s marketing director, patience is the only factor that can help investors get through such a difficult time.