Shiba Inu Gains 30% Amid Market Rally, But There’s Trouble Ahead
Shiba Inu (SHIB) made a recovery to the $0.00000620 price level after a market-wide rebound. CoinGecko data shows that SHIB’s price surged by 21.7% in the last week and more than 31% in the monthly charts. SHIB is one of the most popular cryptocurrency assets in the market. Despite its popularity, SHIB’s price has struggled to gain momentum over the last year and a half. While the rally is welcome, there might be trouble ahead.
Can Shiba Inu Sustain Its Price Recovery?
Shiba Inu (SHIB) is already showing signs of weakness. The dog-themed cryptocurrency has fallen to the $0.000005576 price level and may continue to dip further. The cryptocurrency market, in general, is seeing a sell off. Nearly $550 million worth of long positions were liquidated earlier today in less than 60 minutes. Bitcoin (BTC) is also showing signs of a correction. If BTC dips, the larger market will likely follow suit. SHIB, often considered a “memecoin,” may face steeper price corrections.
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