thecryptobasic.com
As Shiba Inu faces sustained bearish pressure and continued price retracement, investors are pondering how low SHIB could fall.
Since the beginning of this month, Shiba Inu’s price has continuously declined. This prolonged downturn started on October 10 after its price dropped to $0.0000074 amid China-U.S. trade tensions.
Despite recovering from its October 10 low and currently trading at $0.00001004, Shiba Inu is still showing negative performance across multiple timeframes. The token is down 6.61% over the past week and has fallen 19.52% in the past 30 days.
In addition, critics have highlighted the token’s limited real-world utility, team members diverting attention to other projects, and a decline in community engagement as key factors undermining investor confidence and fueling SHIB’s downward momentum.
Meanwhile, Shiba Inu’s token burns, often viewed as a potential price booster, have declined sharply in recent weeks. Throughout most of October, SHIB’s daily burn has remained below 1 million tokens. As of press time, the burn rate has plunged by 81.61% in the past 24 hours, with only 169,344 SHIB tokens destroyed.
Experts Highlight How Low SHIB Can Go
The recent downturn across the crypto market has weakened Shiba Inu’s technical structure. Specifically, the $0.000011 support, which has held strongly in previous months, was decisively breached amid the sell-off.
As a result, analysts, including InvestingHaven, suggested that SHIB could slide to around $0.0000090. Meanwhile, analysts from trading platform Changelly are forecasting that Shiba Inu’s price could range between $0.00000975 and $0.00000996.
Meanwhile, uncertainty lingers over whether Shiba Inu will revisit its October 10 low of $0.0000074 in the coming weeks. A recent analysis by market watcher Trades0028 on TradingView indicates that SHIB could potentially drop below this level to around $0.000006.
He believes the $0.000006 level could be SHIB’s strongest support for a subsequent major rebound.
Despite these predictions, the extent to which Shiba Inu will drop will depend on multiple factors, including Bitcoin’s performance, investors’ momentum, and broader macroeconomic trends.
Sustained negative trends could drive Bitcoin’s price even lower, potentially triggering a ripple effect across the broader crypto market and exerting additional downward pressure on SHIB.