The Shiba Inu Price Plummets Amidst Crypto Market Crash
The Shiba Inu price has experienced a significant decline in the past day, following the Bitcoin priceโs loss of support at $65,000. This has resulted in a more than 10% drop in the SHIB price, making it one of the worst trading days for cryptocurrencies this year. But what is the cause behind this market crash?
Crypto Market Reacts to FOMC Meeting
The crypto market appears to be responding to the upcoming Federal Open Market Committee (FOMC) meeting scheduled for Wednesday, March 20. While expectations for the meetingโs outcome are low, investors and traders are still anticipating its potential impact on the crypto market.
Furthermore, Bitcoin is currently undergoing an expected correction after experiencing significant gains throughout the year, reaching a new all-time high above $73,000. As Bitcoin undergoes this correction, other cryptocurrencies like Shiba Inu have also seen sharp price corrections.
Shiba Inu has experienced double-digit losses, leading to a decline towards $0.000052 and erasing around 50% of its gains from the previous month. Additionally, the meme coinโs daily trading volume has decreased by 28.4%, bringing it down to $1.73 billion according to CoinMarketCap data.
On a weekly chart, Shiba Inu has dropped over 22%, reducing its market cap to $14.89 billion. As a result, Shiba Inu currently ranks as the 11th-largest cryptocurrency globally, lagging behind rival Dogecoin in the 10th spot.
The Future Outlook for Shiba Inu
At present, both the overall crypto market and Shiba Inu seem to be following Bitcoinโs lead. This means that any further decline or recovery in the SHIB price will depend on Bitcoinโs performance. Since Bitcoin is currently experiencing a pre-halving crash, it may continue to struggle until the halving event in April.
However, this setback has not dampened the bullish outlook for the SHIB price among investors. One analyst, Javon Marks, believes that this decline is only temporary and that Shiba Inu has shown significant strength since 2023. Marks shared on X (formerly Twitter) that he maintains a breakout target of $0.000081 for SHIB, which would represent a 350% increase from current levels.
Although Shiba Inu has suffered losses in the past day, there are expectations that it will soon rebound.
Hot Take: The Future of Shiba Inu
The recent market crash has had a significant impact on the Shiba Inu price, causing a sharp decline. However, many analysts remain optimistic about its future prospects. Despite the current setback, there are expectations that Shiba Inu will recover and continue its upward trajectory.
The outcome of the FOMC meeting and Bitcoinโs performance in the coming weeks will likely play a crucial role in determining the future of Shiba Inu. If Bitcoin stabilizes and begins to recover, it could pave the way for a similar rebound in the SHIB price.
Furthermore, Javon Marksโ bullish outlook for Shiba Inu provides further hope for investors. With a breakout target of $0.000081, representing a significant increase from current levels, there is potential for substantial gains in the future.
Overall, while the recent market crash has affected the Shiba Inu price, there are indications that it will bounce back. As with any investment, it is essential to monitor market trends and make informed decisions based on reliable analysis.
Bitro Conwell stands as an intellectual architect, weaving together the roles of crypto analyst, meticulous researcher, and editorial virtuoso with finesse. Amidst the digital intricacies of cryptocurrencies, Bitro’s insights resonate harmoniously with seekers of all stripes, showcasing a profound understanding. His ability to untangle the most complex threads within the crypto landscape seamlessly pairs his their editorial finesse, transforming intricacy into an artful tapestry of comprehension.