The last several weeks have been difficult for the digital asset sector. After reaching $110,000 in January, Bitcoin has plummeted to below $84,000 before the start of March. One of the hardest hits was Shiba Inu, which dropped to $0.0001, while experts still believe that SHIB has a 118% upside.
That upside could come sooner rather than later, as analysts may be championing a quick turnaround for the cryptocurrency. However, there is also the potential for the token to continue to stagnate at its current position. Falling to its current level, the asset is up only 116% from February 2024.
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SHIB Continues to Drop as Experts Project the Asset Could Turnaround Rather Quickly
Since the midpoint of February, the cryptocurrency market has struggled. The asset class has seen an influx of positive sentiment regarding the crypto policy overhaul in the United States. However, that has not been reflected in the price performance of some of the most popular cryptocurrencies.
Bitcoin has led the way in terms of price drop, falling from the six-figure mark it hit in late 2024. However, the meme coin market has also suffered. Specifically, Shiba Inu has dropped to the $0.000013 mark, although one expert is projecting the asset to surge 118% in the near term.
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In the last 30 days, Shiba Inu has called more than 23% as of Friday, according to CoinMarketCap. Moreover, it had fallen almost 12% in the last seven days as the token is fighting to find its footing in a rather disappointing year.
That is expected to change in the short term, however. Cryptocurrency price prediction platform CoinCodex has projected SHIB to increase 118% in March. Ultimately, they forecast Shiba Inu to reach a maximum price of $0.000030 before the month is through. They also note the token will likely stay that way for the next several months until August. Then, they predict another 330% jump to the $0.000059 level.
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