Shiba Inu’s Plunge Below Key Support: Should You Consider Entering the Market?

Shiba Inu, one of the most popular meme coins, has experienced a decline in value over the past year. As it stands, the cryptocurrency is currently sitting at $0.000008, having fallen below a crucial support level of $0.000009 over the past week. Despite this, buying SHIB at its current price could be a good investment opportunity. One reason for this is that the development of the SHIB ecosystem has not been reflected in the coin’s performance yet. Furthermore, the upcoming launch of four new hubs in Shib: The Metaverse could create renewed interest and a potential price rally.

Additionally, if Bitcoin were to surge past $30,000 again, SHIB could easily rise to $0.00001, representing a more than 10% gain for investors in the short run. Over the long term, gains could be even higher, assuming the market has not fully exited its bull trend.

The Shiba Inu team continues to develop the ecosystem, with its SHIB-themed cold wallets set to be released soon for pre-order on May 29 through a partnership with Swiss company Tangem. These wallets will allow users to store over 6,000 coins.

Despite its promising potential, SHIB’s current volume of $92 million indicates a drop in activity in the meme coin. However, it also presents an opportunity for a rapid rise in value.

Overall, buying SHIB at its current value could be a wise investment considering the potential for a price rally in the future and the team’s ongoing development of the ecosystem.

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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