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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Shiba Inu Collapses: How Long Can The Meme Coin Climb Back Up?

Christian Encila
Christian Encila
2 years ago
3 mins read
Shiba Inu

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Shiba Inu (SHIB) enthusiasts and investors find themselves at a crucial juncture as they seek to protect the coin from sinking below the lows witnessed in 2021 and the overall range lows. 

The cryptocurrency experienced a significant drop earlier this week, plunging to $0.00000543, even breaching the 2021 lows of $0.00000510. This decline triggered worries and sparked debates among market participants, questioning whether SHIB has the potential to recover from its recent losses.

However, all eyes are not solely fixated on SHIB’s price movements. Many are looking toward the US Federal Reserve for potential signals that could impact the future of this meme coin.

The Fed’s actions and monetary policy decisions have far-reaching effects on the broader financial landscape, and cryptocurrencies are not immune to their influence.

Shiba Inu Price Watch Amid Fed Deliberations

Currently, there is a sense of optimism among central bank market observers, as they anticipate a likely dovish stance and a pause on rate hikes from the Fed. If this expectation materializes, it could potentially alleviate the negative sentiment surrounding the coin and provide a favorable environment for a reversal of recent losses. 

Investors and supporters of the meme coin are hopeful that a more accommodative monetary policy from the central bank would contribute to renewed interest and confidence in SHIB, ultimately driving its price upwards.

Shiba Inu is currently priced at $0.00000655 according to CoinMarketCap, experiencing a 3.73% slump in the last 24 hours and a significant decline of 17.5% over the past seven days.

Source: CoinMarketCap

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Shiba Inu statistics made available by IntoTheBlock shows that 93% of SHIB investors are currently experiencing a loss on their investments. Additionally, the data illustrates the grim truth of one of the most well-liked meme coins available.

The data reveals that only 7% of Shiba Inu investors are, instead, turning a profit. 2% of users achieve financial break-even.

Percentage of investors losing money on SHIB. Source: IntoTheBlock

Meanwhile, if the Federal Reserve adopts a hawkish stance, it could pose further challenges for SHIB. A hawkish monetary policy, characterized by increasing interest rates and tightening of financial conditions, could potentially devalue the meme coin even more. 

This scenario would present an uphill battle for SHIB bulls, making it increasingly difficult for them to defend the coin’s current price levels and instilling uncertainty regarding its future prospects.

SHIB market cap slightly below $4 billion. Chart: TradingView.com

Meme Coin Faces Selling Pressure 

Over the past weekend, Shiba Inu witnessed a surge in selling pressure, as evidenced by a notable rise in supply on exchanges and trading volume. This uptick in activity suggests that more SHIB holders moved their tokens to exchanges with the intention of offloading them.

SHIB seeing an increase in selling pressure. Source: Santiment

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However, as of the latest Shiba Inu update, the selling pressure has subsided, while the supply of SHIB outside of exchanges has seen a significant increase. This indicates a decrease in immediate selling activity and a rise in short-term accumulation, suggesting that some investors are taking advantage of the dip in SHIB’s price and choosing to buy.

Despite this potential shift in sentiment among certain investors, the futures market has yet to display a clear bullish bias. The ratio between long positions (betting on price increases) and short positions (betting on price declines) has shown a minimal spread, implying that the price of SHIB could move in either direction in the near term.

Featured image from The Motley Fool

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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