Shiba Inu Faces 84% Decline From ATH Amid Market Volatility

A recent price prediction for Shiba Inu (SHIB) suggests a potential target of $0.0008, which seems ambitious given that the meme coin has not come close to its all-time high (ATH) of $0.000088 for nearly four years. The meme coin market is known for its volatility and unpredictability, so it is worth examining whether SHIB could be poised for a significant rally this year or if newer altcoins might offer better opportunities.

The Shiba Inu price reached its ATH of $0.000088 in 2021. However, the bear market of 2022-2023 caused a significant decline, pushing the meme coin's price into a prolonged slump. Despite a substantial recovery in the past two years, SHIB remains over 84% down from its ATH. Last year, SHIB attempted to rally from the $0.00001 zone but faced crippling selloffs in the $0.000033-0.000045 region. Currently, SHIB trades with a 42% yearly loss, and its market cap has crumbled to $8.3 billion.

An extended five-month crash recently sent the SHIB price back to the $0.00001 support level. Heavy buying pressure followed, pushing the SHIB price toward the $0.000017 level. Analysts forecast that SHIB could enter an accumulation phase in the near term, with the potential for a massive breakout that could blow past local resistance zones and reach new heights.

To reach $0.00088 from current rates, SHIB would require a gigantic 6000% upsurge, pulling a 61x multiplier to push its market cap to half a trillion. Even value-driven assets like ETH and XRP are not expected to breach that threshold soon. Data-driven Shiba Inu price predictions from CoinCodex anticipate the meme coin to trade in a channel between $0.000014 and $0.000042 this year, pulling a handsome 200% yield from current rates.

SHIB’s gigantic supply remains its greatest obstacle and is the top reason cited by analysts why it may take decades for SHIB to hit $0.00088. The SHIB community has resorted to burning tokens out of supply to enhance scarcity and potentially drive the token’s value up over time. The SHIB burn rate has been rising lately, thanks to the introduction of Shibarium, a Layer 2 solution that automates token burns via transaction fees. Over 410 trillion SHIB have been torched so far, but the network still remains with a mammoth 589T token supply!

As new utility tokens like RTX storm the crypto market with better value propositions, meme coins like SHIB are likely to stay in limbo. The Remittix protocol is anticipated to transform the massive cross-border payments sector with an innovative DeFi payment solution. This Ethereum-based dApp features a cutting-edge crypto-to-fiat network that powers instant international money transfers at low fees, eliminating the 2-5 day delays and 5-10% fees that plague regular remittance services. The RTX token is already up over 420% in presale and analysts forecast colossal gains north of 100x once it hits the free market. Confident investors have already poured over $15.4m into the Remittix presale, loading up over 539 million RTX tokens.