Shiba Inu’s price has decreased 25% from $0.000045 on March 5th to $0.000033, which has left many questions in our minds. As a result, intense selling pressure arose from this sharp fall. However, SHIB is making efforts to regain the price level of $0.00003.
SHIB’s price chart shows a sudden sharp correction following a period of very high gains, which is not unusual for SHIB’s volatile nature. There was an incredible rise in the digital asset that pushed it to some of its highest levels ever and was immediately followed by a rapid drop.
Despite the chaos, there is a glimmer of hope. As per sentiment analysis conducted by Santiment, traders are fairly bullish on SHIB’s chances for recovery. The same sounded for Dogwifhat (WIF), another meme coin that had a stunning run and jumped 640% from $0.3068 on February 23 to an all-time high of $2.27 on March 6th. During the period, SHIB alone had an impressive rally of 378%.
Shiba Inu Resilience Amidst Market Volatility
The meme coin frenzy helped these assets to higher highs, and despite the recent market-wide retracement, Shibarium investors remain bullish on their recovery. Shiba Inu has seen record levels of bullish discussion on social media, with Santiment mentioning buying SHIB for holding purposes, apparently spurred by recent price and market cap increases.
SHIB’s market cap rose to $20.96 billion from 23rd February to 6th March, just like what we saw in December 2021 as it catapulted into the top 10 cryptocurrencies. This amazing move from just $5.22 billion on February 6 added a good sum of $15.74 billion within one month alone.
There has been a 9.39% drop in the last 24 hours, with SHIB trading at $0.00003173; it, however, showed a 170% gain over the past week. This period of high losses was promptly followed by optimism among proponents, who later built up their faith again in SHIB, which might make them a popular token once more.
As the crypto market continues to navigate through uncertain waters, the steadfast spirit of Shiba Inu serves as a testament to the enduring belief in the asset’s recovery and growth. With traders and investors rallying behind SHIB, the future looks promising for this beloved meme coin.
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