The Shiba Inu valuation persists in trading significantly below its existing all-time peak (ATH) of $0.00008845, a mark it reached during the last cycle. Notably, SHIB will still be unable to reach its ATH even if it were to achieve Dogecoin’s present market cap.
Shiba Inu Valuation Remains Below ATH Even If It Reaches Dogecoin’s Market Cap
Marketcapof statistics indicate that the Shiba Inu valuation will remain underneath its current ATH, even if it aligns with Dogecoin’s market cap. DOGE presently possesses a market cap of $25 billion, and should SHIB attain this benchmark, its price would be $0.00004256, still far from its current ATH of $0.00008845.
An increase in Shiba Inu price to the $0.00004256 level, under Dogecoin’s market cap, signifies slightly over a 3x price rise. Such a surge would undeniably be a positive shift, particularly given how the meme coin has struggled throughout this market decline, trading significantly below the psychological $0.00002 price point.
Regardless of its lackluster performance in this market cycle, cryptocurrency analysts like Javon Marks remain hopeful that the Shiba Inu valuation can reclaim or at least approach its current ATH. In a recent evaluation, he mentioned that SHIB’s price is exhibiting signs of considerable strength at its current levels, yet remains significantly broken out.
Marks added that this suggests that strength may significantly increase for the Shiba Inu valuation. With prices remaining broken out, the analyst affirmed that $0.000081 is the objective, indicating that the meme coin could soon experience a surge exceeding 400%. A rise to this price point may enable SHIB to reach its current ATH.
On-Chain Indicators Show Bearish Sentiment For SHIB
On-chain indicators presently portray a bearish sentiment regarding the Shiba Inu valuation, which is aiming for a bullish reversal. One such factor is the SHIB burns, which have diminished recently. The burn rate has decreased by over 94% in the past 24 hours, with 946,228 SHIB incinerated during this timeframe. Additionally, the burn rate has also seen a decline in the past week, with just over 1 billion tokens incinerated during this period.
According to data from IntoTheBlock, other indicators, including large transactions, In The Money, and net network growth, currently present a bearish outlook for the Shiba Inu valuation. Large transactions have reduced by nearly 2%, suggesting that whales are opting to stay on the sidelines rather than accumulate SHIB during this timeframe. SHIB is also at risk of a wave of sell-offs, as 61% of holders are inactive at the moment.
At the moment of writing, the Shiba Inu valuation is trading around $0.00001269, reflecting an increase of over 3% in the past 24 hours, according to data from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
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