Is Now the Time to Buy $SHIB At a Discount, Since Shiba Inu Is 84% Below ATH?

The second-largest token in the industry, Shiba Inu ($SHIB), with a market worth of $8.26 billion, is now trading at $0.000014, which is 84% below its all-time high of $0.00008616, set on October 28, 2021.

In the present day, Shiba Inu is home to privacy features and Shibarium, a proprietary Layer 2 on its home chain Ethereum that is fostering a community of users and developers.

Compared to Dogecoin, Shiba Inu had a more severe overnight loss of around 2%, whereas $DOGE lost just 1%. Shiba Inus lost almost 4% of their weight last week, whereas Dogecoin lost over 9%. As one would expect from a meme currency with a market value in the billions, Shiba Inu is acting chaotically.

Nonetheless, in order to have a better grasp of Shiba Inu's current performance, it is evident that the token reached $0.00001998 in the early hours of July 16th, but failed to capture and maintain the psychologically significant $0.00002 mark.

Just over a month after a market-wide meltdown on August 5 almost cut the price in half, $$SHIB ame dangerously near to $0.00001 before bouncing back to its present level of about $0.000014.

The relative strength index (RSI) remains constant at 45, suggesting that buyers of the drop might soon cause the token's price to reclaim $0.000016.

But Shiba Inu may go through further depreciation if token burning stay low as they have been this week.


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