According to statistics from IntoTheBlock, 5.9 trillion Shiba Inu (SHIB) tokens are presently for sale, with an average price of $0.000017. The sale would liquidate about $100 million worth of SHIB tokens. The platform also shows that traders have placed buy orders for 3.4 trillion SHIB tokens, leaving 2.5 trillion tokens in excess in the market.
Also Read: Shiba Inu: You Can Now Be A SHIB Millionaire For Just $16
Shiba Inu (SHIB) Market Overview
Potential Price Dip
Source: IntoTheBlock
The increase in supply could potentially lead to a price dip for the popular meme coin. SHIB is currently down by:
3.6% in the daily charts
2.4% in the weekly charts
15.3% in the 14-day charts
7.5% over the previous month
The asset has struggled to gain momentum since March when it hit a two-year peak of $0.000036.
Source: CoinGecko
Market Slump Reasons
The current market slump is likely because Bitcoin (BTC) falls below $65,000. On the other hand, BTC’s dip could be due to fears around the Mt. Gox reimbursement plan and the US government’s recent movement of over $2 billion worth of BTC.
Will Shiba Inu’s price recover in August 2024?
According to CoinCodex data, SHIB’s price could climb to $0.00003465 on Aug. 6, 2024. Reaching $0.00003465 from current levels would translate to a rally of over 119%.
CoinCodex researchers do not anticipate SHIB’s price holding at $0.000034, predicting a correction back to current levels soon after.
Source: CoinCodex
Also Read: Shiba Inu: Can $500 Worth Of SHIB Become $1 Million by 2030?
Chagelly’s Prediction
Changelly also paints a similar picture for Shiba Inu, predicting the asset will hit $0.00003579 on Aug. 5, 2024. Like CoinCodex, Changelly analysts predict a correction for SHIB after it hits $0.00003579. The platform anticipates that SHIB will trade at $0.000015 by the end of August.
SHIB’s Popularity and Performance
Shiba Inu (SHIB) is among the most popular cryptocurrencies in the market. Despite its popularity, the asset has struggled to make positive price movements over the last few months.
Other meme coins, such as Pepe (PEPE), Bonk (BONK), dogfight (WIF), and Popcat (POPCAT), have performed far better than SHIB over the last year.