Shiba Inu Price Prediction: Will SHIB Price Rise?

Shiba Inu (SHIB) has become one of the most talked-about cryptocurrencies, capturing the attention of both new and experienced investors. Many are curious about its future—will the price go up, or is it heading for a decline? In this article, we'll explore the latest predictions for SHIB's price, what factors could influence its movement, and what this means for those holding or considering investing in Shiba Inu.

How has the Shiba Inu (SHIB) Price Moved Recently?

The current price of Shiba Inu (SHIB) is $0.00001375, with a 24-hour trading volume of $217.29 million, a market cap of $8.10 billion, and a market dominance of 0.39%. Over the past 24 hours, SHIB's price has dropped by 4.12%.

Shiba Inu reached its all-time high on October 28, 2021, when it traded at $0.00008819. Its all-time low was recorded on November 28, 2020, at $0.0000000005637. Since its peak, the lowest price SHIB has seen was $0.00005821, while the highest price since then was $0.00004501. Currently, the sentiment around SHIB's price prediction is bearish, with the Fear & Greed Index showing a score of 25, indicating extreme fear.

Shiba Inu has a circulating supply of 589.27 trillion SHIB, out of a maximum supply of 589.74 trillion SHIB. Over the past year, the supply of SHIB decreased by 0.01%, with 74.85 billion SHIB removed from circulation.

Why Shiba Inu (SHIB) Price is Down?

The recent decline in SHIB's price is closely tied to the overall downturn in the cryptocurrency market. The global crypto market cap dropped to $2.05 trillion, a 4.07% decrease in the last 24 hours, which signals widespread bearish sentiment. 

Major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) also saw significant losses, indicating that the market's weakness is not limited to a single token but is affecting the entire sector.

As Bitcoin, the market leader, fell by 4.24%, landing at $58.7k, it set the tone for the rest of the market, including SHIB. When leading assets like BTC and ETH experience declines, smaller and more volatile tokens like SHIB are often hit harder due to reduced investor confidence and liquidity. 

The current neutral position of the Market Fear & Greed Index at 50 reflects this uncertainty among investors, who are unsure whether the market will rebound or continue to slide.

Predictively, if this broader market trend persists, SHIB could face continued downward pressure. However, any stabilization or recovery in major cryptocurrencies could provide a foundation for SHIB to regain some lost ground. 

Shiba Inu Price Prediction: Will SHIB Price Rise?

Shiba Inu's price performance over the past year presents a mixed picture, making its future trajectory uncertain. On the positive side, SHIB has seen a 30% price increase in the last year, which is impressive considering the volatility of the cryptocurrency market. 

Additionally, the yearly inflation rate of -0.01% suggests a slight reduction in circulating supply, which could provide upward pressure on price over time. However, these positives are tempered by the fact that SHIB has been outperformed by 56% of the top 100 crypto assets and by major players like Bitcoin and Ethereum. This underperformance signals that, despite its gains, SHIB has struggled to keep pace with stronger assets.

Furthermore, SHIB is currently trading below its 200-day simple moving average, a key technical indicator that suggests a bearish trend in the medium to long term. 

With only 11 green days out of the last 30, representing just 37% of the time, the short-term outlook remains challenging. The token is also down 84% from its all-time high, highlighting the significant correction it has experienced.

Given these factors, the near-term outlook for SHIB appears cautious. While its medium liquidity indicates some support and potential for recovery, the broader market conditions and its underperformance relative to top assets suggest that any price rise may be limited unless market sentiment shifts positively. 

If the overall cryptocurrency market recovers and SHIB can break above its 200-day moving average, there could be potential for a rebound. However, continued bearish sentiment in the market or further underperformance could lead to additional downside