In a recent turn of events, the popular meme coin, SHIBA INU, observed a slight decline of 0.84% in the past 24 hours, marking its current trading price at ZAR 0.00013734. This price movement has adjusted SHIBA INU’s overall market capitalization to an impressive ZAR 80.63 billion.
The trading volume for SHIBA INU in the past day stands at ZAR 2.62 billion, signifying a substantial interest among traders. Over the most recent hour, the price has seen a slight uptick of 0.44%, seemingly stabilizing after the preceding decrease.
Interpreting SHIBA INU’s Sluggish Price Movements
Despite achieving a modest gain of 1.73% over the past week, SHIBA INU’s price action has recently been lacklustre. The token is currently trapped beneath its 2022 high of ZAR 0.0002104, struggling to muster momentum.
The token’s minor weekly rise contrasts with a 2.44% monthly drop, indicating mixed market outlooks. SHIBA INU faces resistance around ZAR 0.0001575 and needs to break through this level decisively to have a chance of retesting its all-time high.
Overall macroeconomic conditions have turned cautious due to concerns about a potential recession, which has put pressure on speculative altcoins like SHIBA INU. Furthermore, the loss of social media hype has stalled SHIB’s mega-rally since 2021. However, ongoing community support and the inflation appeal of cryptocurrencies offer long-term tailwinds.
Is This Meme Coin Preparing for a Revival?
Looking ahead, SHIBA INU continues to hold promise, bolstered by its expansive community and brand recognition. Greater acceptance by exchanges and merchants could establish fundamental value beyond mere hype-driven price increases.
If Bitcoin experiences a sustained breakout, SHIBA INU could leverage this momentum for substantial gains. The token remains highly sensitive to speculative investments. A resurgence in viral interest could rapidly propel SHIBA INU back into a surging trend.
Nevertheless, in the immediate future, volatility is expected to remain high. As such, SHIBA INU speculators, especially those in South Africa, should practice caution with their position sizing and risk management. Although there’s potential for upside, the journey towards new all-time highs may be turbulent, particularly considering the cautious broader market sentiment.
*Currencies in the article have been converted to the South African Rand