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.
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.
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.
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.
Featured image from iStock, chart from Tradingview.com
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