Shiba Inu (SHIB) price has bowed to bearish pressure but the current drawdown paints a generally bullish picture for the week.
Shiba Inu is currently fighting for balance atop a market value of $0.000008492, down by 2.05%. The market cap is also down by 2% to $5,004,478,117 as trading volume slipped 14.56% to $177,393,491.
Despite this outlook, the optimism surrounding Shiba Inu’s recovery remains high as traders might consider the slumped prices a discount to re-enter the market.
Is Shiba Inu to $0.00001 a Possibility?
For the better part of the year, Shiba Inu has struggled when it comes to its price performance. Notably, the token’s actual ecosystem growth has not been reflected in its price gains. Despite launching Shibarium in August, SHIB has lost 8% of its value in the past three months.
However, the outlook in the past month in which Shiba Inu has maintained an 18% growth has changed the narrative on how feasible attaining the $0.00001 price target is. In the past few days, Shiba Inu rose to a high of $0.000009523, giving the first glimpse that erasing one zero in the short term is possible.
Retesting the $0.00001 price level might be more connected to trends surrounding Bitcoin (BTC) at this time. The slumping price and trading volume can easily shift gear if Bitcoin reverses its current bearish curve.
Though Shiba Inu is ready for its ride, the outlook of the BTC remains a bottleneck that it has not decoupled from. This decoupling can happen at any time and with the observable revival in the project’s burn rate, the odds are higher.
Unrealistic Timeline?
Shiba Inu’s volatility makes any scenario feasible in the short term. Judging by the regular trend in the market, a price hike will succeed this current slump but the extent of this potential surge is dependent on how aggressive the buying momentum is when the hike returns.
Besides the short-term outlook, many bullish thesis projects have more ambitious price targets for Shiba Inu in the long-term. The most prominent of these long-term predictions comes from Telegaon which foresees a 2 cents price tag for the coin between 2030 and 2040.
Disclaimer:
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.