Shiba Inu Price Drops 80% From All-Time High Amid ETF Absence

The Shiba Inu (SHIB) token experienced a meteoric rise in 2021, surging by 7,000,000% and earning the moniker “Dogecoin killer.” This dramatic increase attracted investors worldwide, drawn by the potential for SHIB to surpass Dogecoin and become the leading meme coin. The token's widespread availability across over 110 exchanges and more than 212 trading pairs contributed to its popularity. However, the narrative has shifted significantly since then.

Despite maintaining a strong community, the current Shiba Inu price is over 80% below its all-time high. While the token remains popular, it has struggled to regain the explosive momentum it had in 2021. As investors prepare for a potential bull run, the question of whether Shiba Inu is a good investment has resurfaced.

In the current bull market, crypto ETFs are a significant narrative. Bitcoin and Ethereum have already secured approvals, and attention has now turned to altcoins. Dogecoin is at the forefront, with ETF filings from major players. On the other hand, SHIB is notably absent from the ETF race. Despite efforts from its marketing head, Lucie, to promote SHIB’s accessibility and global adoption, these merits have not swayed regulators. The lack of institutional interest is likely impacting Shiba Inu's price resistance, making it difficult for the token to overcome crucial resistance levels and achieve a sustained price breakout.

Investor sentiment also highlights a clear divergence between Dogecoin and Shiba Inu. Dogecoin’s open interest has surpassed $1.5 billion, while Shiba Inu’s stands at just $131 million. This gap indicates a wider market preference for Dogecoin and reflects its stronger backing from large investors. As a result, SHIB continues to face an uphill battle. Despite signs of consolidation in the Shiba Inu price, the lack of ETF buzz and low trading interest have made it challenging to maintain upward momentum. In technical terms, Shiba Inu price resistance continues to limit upward movement, while stronger tokens like Dogecoin capture more attention.

Looking ahead, the viability of Shiba Inu as an investment depends on what investors are seeking. Short-term traders may be discouraged by current resistance levels, but long-term holders remain optimistic. The Shiba Inu ecosystem continues to expand, with DeFi utilities, NFTs, and community-based projects creating potential value. However, to break free from its current range, SHIB must overcome the price resistance levels holding it back. Analysts believe a breakout above key levels, particularly around $0.00003, could trigger renewed interest. Until then, the token remains in a phase of wait-and-see.

Despite the challenges, the Shiba Inu price prediction remains cautiously optimistic. If the meme coin narrative reignites and SHIB secures some institutional attention, it could spark a return to bullish territory. For now, investors will continue monitoring the Shiba Inu price, hoping for signs of momentum beyond just memes.