Shiba Inu remains one of the most popular meme coins, but the cryptocurrency’s performance over the past year has been disheartening for holders. Despite remaining the second largest meme coin, it has continued to fall in price and this has resulted in the asset falling below very crucial support. And with SHIB now at the $0.000008 level, is it a good time to buy the meme coin?
Shiba Inu drops below critical level
For Shiba Inu, the price level of $0.000009 has served as good support during the crypto market’s ups and downs over the past year. This made it the main point for bears to beat if they wanted to take control of digital assets. However, over the past week, SHIB has fallen below $0.000009, which could represent a good buying opportunity for the digital asset.
One reason why buying SHIB could be a good game right now is that developments by the team have yet to be reflected in the coin’s performance. Also, with the launch of the four new hubs in Shib: The Metaverse coming soon, the meme coin could see renewed interest and this interest could lead to a price rally.
SHIB price falls below $0.000009 support | Source: SHIBUSD on TradingView.com
The market has also been consolidating for a while, with Bitcoin and Ethereum trading sideways over the past week. Once this consolidation ends, the chances of these big assets going up again remain high. And as always, a rally in these top cryptocurrencies would drag down the rest of the market.
If Bitcoin were to move back above $30,000, SHIB could rise again to $0.00001, which would mean a gain of more than 10% for investors in the short term. In the long run, the gains could be bigger, assuming the market has not fully exited the bull trend.
SHIB could be a breakout star
The Shiba Inu team continues to rapidly develop the ecosystem and the latest in its long line of products are the SHIB themed cold wallets. These wallets have been in the works for a while, and the official SHIB handle confirmed on Twitter that the wallets will be ready for pre-order on May 29. The wallets are being developed in collaboration with Swiss company Tangem, allowing users to hold more than 6,000 coins. .
#SHIBARMY! @Tangem is about to launch SHIB themed cold wallets! 🎉 These card-shaped vaults will become your new best friend for protecting our ecosystem’s tokens. Get ready to pick up your own when pre-orders start on May 29: https://t.co/6jXEBjOCP5 pic.twitter.com/7kAfLZYHPG
— Shib (@Shibtoken) May 18, 2023
These kinds of developments have proven to be good for the meme coin. In addition, the price of SHIB is sitting at almost 90% of its all-time high, which has historically been a good level to buy cryptocurrencies.
Nevertheless, SHIB still leaves a lot to be desired as its volume has dropped to $92 million, indicating a drop in activity in the meme coin. However, it also presents an opportunity for a rapid upside and an uptick in momentum could easily grow the cryptocurrency by around 10% from here.
