As of the past 24 hours, Shiba Inu (SHIB) has witnessed a major price drop of 5.32%. This price dump reflects a similar reduction in market capitalization, now valued at around $6.14 billion.
SHIB’s current trading volume also experienced a decrease of 5.32%, totalling to $274,440,785 as of now; it is trading at $0.00001462 for SHIB. Despite this lower move, though, analysts are still optimistic that SHIB can experience high price gains if it holds an important support level.
Price Surge Potential Amid Market Uncertainty
On the other hand, amid negative sentiment towards the token, SHIB might be priced at $0.00003, which will represent a close to 100% increase in value on daily charts. However, this forecast hinges upon whether or not SHIB can hold onto an important support level. At present, Kerschne, among others, argues that holding above $0.000015 is crucial for future rebounding for SHIB.
This price range represents the lowest level at which holders of 100500 addresses accumulated ship tokens. According to IntoTheBlock data, these particular accounts have a combined total holding of 44281 trillion Shib Tokens, with an average cost per acquisition of just $0.000017.
If SHIB falls below the $0.000015 support level, with over 442 trillion tokens held by this address group, that could result in a loss and may have huge implications for the entire market as well due to them being the largest holders. For example, a low point of $0.00001418 was set on July 20th, but the asset quickly recovered, almost reaching its key point at approximately $0.000015.
Analyst Perspectives on Buying Opportunity
Some market observers consider such low prices as a bargain opportunity; they recommend dollar-cost averaging when investing in SHIB before any possible rally starts again.Since late February and the start of March when SHIB rose by nearly 400% in just ten days.
Another such jump could lead to a price of $0.0001 and above, as suggested by some analysts.
Notwithstanding the recent downslope, long-term potential of SHIB is still a thing of interest for the players in this sector. A history of significant price swings may signal another surge, thus making it attractive to investors.
Shiba Inu Team’s Advice Amid Market Downturn
The Shiba Inu ecosystem team has however urged investors in the wake of the recent price slump to stay positive. The team also expressed their concern over the way the market currently is disappointing investors’ faith.SHIB’s monthly maximum value reached $0.00002010 but dropped below $0.000016 afterwards which is not an impressive figure. According to data from coinmarketcap.com SHIB has gone down by 8.7% over seven days, reflecting a broader market drop tied with geopolitical tensions such as the Israel-Hamas conflict.
Staying Positive in a Tough Market
The market has been tough, and even the most optimistic among us didn’t fully anticipate the impact of unstable politics and global conflicts.
For those of us who appreciate the ongoing development, there’s still significant progress being… pic.twitter.com/uN6BJQ5FJG
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) August 1, 2024
However, Lucie who serves as a marketing strategist for Shiba Inu stresses more on long-term development and growth rather than daily variations which characterize cryptocurrency markets. This means that investors should not let themselves get caught up within short historical periods especially because this would do nothing other than distract them from what they need to do so far. Lucie recognized that although conflicts worldwide are affecting cryptocurrencies; people must bear any disappointments caused by momentary weakening trends during those times.
Moreover, there has been increased volatility in global markets due to ongoing geopolitical tensions, particularly between Israel and Hamas. Consequently, fears about possible counterstrikes or wider regional wars have made traders more cautious, thereby influencing the prices of major digital currencies like SHIB as well as others.
