Shiba Inu Seems to Harass Investors Again
Shiba Inu (SHIB) has experienced a significant decline of 15.0% this week, reaching $0.0000252 per token. Despite this drop, SHIB's performance still outpaces Bitcoin's 7.5% decline. However, such fluctuations are not unusual for SHIB, especially considering its previous surge of 377% from February 26 to March 5.
This volatility is reminiscent of the events in May 2021 when SHIB skyrocketed by 2500% in a single month, only to later retract 88% of its gains. However, after a period of consolidation, SHIB rallied to new all-time highs at $0.0000887. Whether history will repeat itself remains uncertain.
From a technical perspective, SHIB is likely to continue its downward trajectory towards $0.0000200 after breaching the support level at $0.0000300. Whether prices will dip below this level remains uncertain. However, it's worth noting that the Shiba Inu team is actively incinerating tokens to address internal inflation, which could potentially mitigate further declines.
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