Several coins in the cryptocurrency market were benefitting highly from the change in the US government. Shiba Inu (SHIB), however, barely made gains. The asset, in fact, was seen suffering throughout the very first month of the year. While the meme coin continues to remain popular among its community members, the asset was seen dropping down the cryptocurrency ranking ladder. Can SHIB replenish itself or will it take several years?
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Shiba Inu’s Downfall
Over the past 24 hours, the prominent meme coin SHIB saw a massive drop of nearly 4%. The asset went from trading at a high of $0.00002076 to a low of $0.00001985. In addition to its daily dip, the asset also witnessed a 10% fall throughout the week.
Despite this downfall, the community remained rather calm and poised expecting major returns in the future. This is mostly due to the ever-increasing utility of Shiba Inu and its solid burn mechanism. In addition to this, the net flow of SHIB’s exchange has been negative for the last four days. This development might be viewed as optimistic. This is because the selling pressure on the asset has been reduced. The move highlights how the asset is away from centralized exchanges and toward self-custody systems.
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2030 Price Prediction
It seems like 2030 is slated to be a positive year for Shiba Inu and its investors. According to data from CoinCodex, the meme coin is expected to record a surge of over 240% from its current price level in the next five years. It is projected that Shiba Inu will trade in a channel between $0.00002955 and $0.00006812. This comes with an average yearly price of $0.00003945. While this may be a far cry from its current price level, the asset might further boost its utility which will impact the price of the coin.
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