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Shiba Inu

Will Shiba Inu Price Hit A New All-Time High If It Touches The Market Cap Of Dogecoin?

Scott Matherson
by Scott Matherson
5 months ago
·
Posted in Shiba Inu
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Shiba Inu price continues to trade well below its current all-time high (ATH) of $0.00008845, a level which it attained in the last cycle. Interestingly, SHIB will still fail to touch its ATH even if it were to attain Dogecoin’s current market cap. 

Shiba Inu Price Still Below ATH Even If It Touches Dogecoin’s Market Cap

Marketcapof data shows that the Shiba Inu price will still be below its current ATH even if it touches Dogecoin’s market cap. DOGE currently boasts a market cap of $25 billion, and if SHIB were to hit this mark, its price will be $0.00004256, which is still far from its current ATH of $0.00008845. 

Related Reading: Shiba Inu Price Ready To Bounce Off 3.5 Year Triangle For 660% Surge Toward ATH

A Shiba Inu price rally to this $0.00004256 price level, with Dogecoin’s market cap, represents just over a 3x price increase. Such a rally will undoubtedly be a welcome development, especially considering how the meme coin has struggled amid this market downturn, trading way below the psychological $0.00002 price level. 

Despite its underperformance in this market cycle, crypto analysts like Javon Marks remain optimistic that the Shiba Inu price can reclaim or at least come close to its current ATH. In a recent analysis, he stated that SHIB’s price is starting to return with signs of massive strength around its current levels, but remains well broken out.

Shiba Inu
Source: Javon Marks on X

Marks added that this indicates that strength can pick up massively for the Shiba Inu price. With prices still broken out, the analyst asserted that $0.000081 remains the target, meaning the meme coin could soon record a rally of over 400%. A rally to this price level could pave the way for SHIB to hit its current ATH. 

On-Chain Metrics Paint Bearish Picture For SHIB

Onchain metrics currently paint a bearish picture of the Shiba Inu price, which is eyeing a bullish reversal. One is the SHIB burns, which have declined recently. The burn rate has declined by over 94% in the last 24 hours, with 946,228 SHIB burnt during this period. Meanwhile, the burn rate is also down in the last seven days, with just over 1 billion tokens burnt during this period. 

Related Reading: Shiba Inu Price Crash: Whales Drive SHIB Dump, Will Selling Continue?

IntoTheBlock data shows that other metrics, such as large transactions, In The Money, and net network growth, are all bearish for the Shiba Inu price at the moment. Large transactions have dropped by almost 2%, indicating that whales are choosing to remain on the sidelines instead of accumulating SHIB during this period. SHIB is also at risk of a wave of sell-offs, with 61% of holders out of the moment.  

At the time of writing, the Shiba Inu price is trading at around $0.00001269, up over 3% in the last 24 hours, according to data from CoinMarketCap.

Shiba Inu
SHIB trading at $0.000012 on the 1D chart | Source: SHIBUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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