Shiba Inu (SHIB) faced a rough day on August 5, 2024, a date that will be remembered by crypto investors for its significant market downturn. The market experienced one of its sharpest declines since the FTX collapse, with Shiba Inu, the second-largest meme coin by valuation, taking a notable hit.
Data from CoinMarketCap shows SHIB plummeted over 20% to a low of $0.00001087. This decline brought it dangerously close to adding another zero to its price, flirting with the $0.00001 support level.
Remarkably, SHIB rebounded swiftly. Within hours, its price surged to $0.00001388, marking a 27% recovery. This quick bounce back was notable, considering the last time SHIB had five leading zeros was in late February. Shortly afterward, it soared to a yearly high of $0.000045, with many anticipating it would trim its leading zeros to three. Yet, this has not happened.
SHIB’s price recovery is a silver lining amid broader market turmoil. At the time of writing, SHIB trades at $0.00001369, reflecting a 15.25% increase over the past 24 hours. However, it remains down 17.87% over the past week and 8.36% for the month. Year-to-date, SHIB is up 33.4%, showcasing its resilience.
When Will Shiba Inu Delete Its Next Zero?
Analysts from Changelly predict SHIB could trade over $0.0001 by 2027. They estimate a minimum price of $0.00010398 and a maximum of $0.00012298, with an average target of $0.000107989 by 2027.
Similarly, Telegaon forecasts SHIB will trade at an average of $0.000153 in 2027. Both platforms suggest that SHIB could delete a zero within three years.
While the path ahead remains uncertain, SHIB’s recent rebound offers hope to its investors. As the market stabilizes, eyes will be on SHIB to see if it can continue its upward trajectory and fulfill these bullish predictions.
