Shiba Inu (SHIB) Down 93% From ATH, Is Reversal on Horizon?

Crypto ranking platform CoinGecko shared a fun fact about dog cryptocurrency Shiba Inu (SHIB). According to CoinGecko, SHIB is down 93% from its ATH, last seen almost five years ago at $0.00008616.

Despite this plunge, Shiba Inu still remains 602,973% higher than its all-time low at current prices, according to a chart shared by CoinGecko.

The screenshot also reflected Shiba Inu’s massive bull run in 2021, when its price rose millions of percent. Shiba Inu was among the top gainers in the 2021 bull cycle, reaching an all-time high of $0.000086 subsequently, in October of the same year.

This rise was, however, cut short. The following year, 2022, saw a series of domino-like failures, with crypto market capitalization dropping from $2.9 trillion in November 2021 to below $800 billion by the end of 2022, a drop of nearly $2 trillion.

Reversal coming?

At the time of writing, SHIB was down 3.65% in the last 24 hours to $0.000005844 as cryptocurrencies declined anew amid macro concerns. 

In the last 24 hours, $167 million in crypto positions have been liquidated across the market, according to CoinGlass data.

The recent crypto drop comes on top of a broader decline that started in early October. That initial sell-off dented sentiment enough to stop any nascent rallies from gaining enough steam to bring coins out of their rut.

A bullish scenario for cryptocurrencies might require some key developments. The U.S. Clarity Act, anticipated to pass in late April, is a significant one. Institutional investors are particularly focused on this as a potential regulatory breakthrough.

In this case, Shiba Inu will target $0.000007 and then $0.00001 in the short term.

In separate news, Kuro, a Shiba Inu community member reported that Shiba Inu is among the altcoins scheduled for listing on Rakuten wallet.