Shiba Inu Faces Potential 48.5% Drop, Market Cap at Risk
1min read Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, has recently lost a key support level, according to a recent price outlook by Ali Martinez. The next major support zones to watch are $0.000011 and $0.000008 per SHIB, predicts Martinez. Currently, the meme coin is trading at $0.0000155. If SHIB is indeed to fall to the levels outlined by Martinez, it could mean a drop worth from 29% to 48.5%, which is a significant decline. The last time the Shiba Inu meme coin was trading this low was in November 2023 and August 2024.
Despite the potential drop, Shiba Inu continues to be the second biggest meme cryptocurrency. Its community power or potential manipulations may be the reasons behind its ability to stay afloat amidst the emergence of numerous meme coins. However, the coin's market capitalization stands at $9.17 billion, and if the dip predicted by Martinez is to happen, it would erase from $2.66 billion to $4.44 billion, which is a substantial amount of money.
The relevancy of the Shiba Inu coin has been a persistent question in the crypto community. Once hailed as the "DOGE killer," it later became the main meme coin on Ethereum, a role that was eventually taken by PEPE. Now, it seems to reflect the price action of the main altcoin, but its ranking among crypto assets continues to decline. The drop forecast by Martinez may not only be a pocket change but a massive blow that could shake confidence in the token’s ability to stay relevant in an increasingly saturated meme coin market.
