CandleFocus

This Is Why SHIB Price May Not See $0.000025 in 2024

Author: Content Editor
The recovery prospects for Shiba Inu (SHIB) are closely tied to the broader altcoin market, and the meme coin may benefit if there is a consistent price increase. However, SHIB's value has dropped by 65% since its yearly high in March. An analyst suggests that SHIB is unlikely to rally significantly unless altcoins and Bitcoin recover. On-chain data shows a decline in SHIB's social dominance, indicating growing fear, uncertainty, and doubt (FUD) around the token. The distribution of tokens between retail investors and large investors also highlights uncertain sentiment. The token may face resistance at around $0.000018 and could have difficulty replicating its May performance. In the short term, SHIB's price may fall below $0.000010, and reaching $0.000025 by the end of 2024 seems unlikely without an altcoin season.

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