Shiba Inu Faces 10% Retracement in June Amid Bitcoin Dominance

Shiba Inu, a prominent meme coin, is currently facing a bearish trend, with its price and market share being suppressed by Bitcoin’s growing dominance. The coin closed June with a 10% retracement, marking its second consecutive red month and the fifth in the last six months. Despite this downturn, there is optimism among enthusiasts that Shiba Inu will recover soon, driven by developing bullish sentiments and broader technological advancements. The community hopes that Shiba Inu will transition from a mere meme coin to a global technology powerhouse.

Shiba Inu has previously held the top position among meme coins, reaching a market cap peak of $39 billion in 2021, surpassing Dogecoin’s valuation at the time. However, its stay at the top was brief as prices collapsed, and Dogecoin reclaimed the position. Some analysts suggest that Dogecoin’s pole position could be at risk, sparking a debate within the community about whether Shiba Inu could replicate its October 2021 feat.

According to CoinMarketCap, Shiba Inu is currently trading at $0.00001130, with a market cap of $6.66 billion, making it the 19th largest asset. In contrast, Dogecoin occupies the 9th position, trading at $0.16 with a market cap of $24.2 billion. For Shiba Inu to surpass Dogecoin and become the top meme coin, it must reach a valuation of at least $24.3 billion. While the current trend suggests otherwise, historical performance indicates that Shiba Inu can attain such highs. A rise from its current market valuation of $6.66 billion to $24.3 billion would result in a 264% increase.

With a $24.3 billion market cap, Shiba Inu’s price would rally extensively from its current level. Assuming Shiba Inu maintains its 589.24 trillion circulating supply, a $24.3 billion market cap would result in a price of $0.0000412. Interestingly, Shiba Inu has previously reached this price mark, trading above it in March 2024, when it rallied to a peak of $0.0000456. Analysts have predicted that the meme coin will soon reclaim this level. For instance, Trader Mike highlighted an emerging historically bullish pattern in a TradingView analysis that could propel Shiba Inu to $0.00004 next. Another commentary predicted a move to $0.0000480 and as high as $0.0000707, citing a possible breakout. However, it is important to note that these are analysts' forecasts and not guaranteed outcomes.

Notably, Shiba Inu will only flip Dogecoin with a market cap of $24.3 billion if DOGE remains unmoved while SHIB rallies 264%. There is also no guarantee that Dogecoin would remain stagnant. The views expressed in this article may include personal opinions and do not reflect any official stance. Readers are encouraged to do thorough research before making any investment decisions.