The Shiba Inu remains one of the most popular meme coins, but the cryptocurrency’s performance in the past year has been a letdown for its owners. Despite remaining the second largest meme coin, it continued to drop in price causing the asset to drop below a very crucial support level. Now that SHIB is now sitting at $0.000008, is it a good time to buy the meme coin?
Shiba Inu falls below critical level
For the Shiba Inu, the $0.000009 price level has been a good support for it during the ups and downs of the crypto market over the past year. This made it the most important point for bears to conquer if they wanted to gain control of digital assets. However, over the past week, SHIB stock dropped below $0.000009 which could provide a good buying opportunity for the digital asset.
One of the reasons buying SHIB is such a good game right now is that the developments the team has made are not yet reflected in the performance of the coin. Also, with the four new hubs in Shib: The Metaverse launching soon, the meme coin could see renewed interest and that interest could drive up prices.
SHIB price falls below $0.000009 support | Source: SHIBUSD on TradingView.com
The market has also been consolidating for a while with the likes of Bitcoin and Ethereum trading sideways over the past week. Once this consolidation ends, the potential for these large assets to rally remains high. And as always, a rally in these major cryptocurrencies should take the rest of the market along with it.
If Bitcoin moves above $30,000 again, the price of SHIB may rise to $0.00001 again, which means more than 10% profit for investors in the short term. In the longer term, the gains could be higher, assuming the market hasn’t completely broken out of its bullish trend.
SHIB could be a superstar
The Shiba Inu team continues to rapidly develop the ecosystem and their latest product is their SHIB themed cold wallets. These wallets have been in the works for a while and SHIB’s official handle on Twitter confirmed that the wallets will be ready for pre-order on May 29th. The wallets are being developed in partnership with the Swiss company Tangem to allow users to carry more than 6,000 coins.
#shibarmi! @employee About to release SHIB-themed cool wallets! 🎉 These card-shaped vaults are set to become your best friend to protect the tokens of our ecosystem. Get ready to bring yours in when pre-orders begin May 29: https://t.co/6jXEBjOCP5 pic.twitter.com/7kAfLZYHPG
– Shibtoken May 18, 2023
Such developments have proven beneficial to the meme currency. Additionally, the price of SHIB stands at almost 90% off its all-time high, which has historically been a good level to buy cryptocurrencies at.
However, SHIB still leaves a lot to be desired as its volume dropped to $92 million, indicating a drop in meme coin activity. However, it also provides an opportunity for a quick rally and the momentum could easily help the cryptocurrency grow by around 10% from here.
