Shiba Inu Community Aims High: Is $0.001 Price Target Realistic?

• Shiba Inu’s price target of $0.001 gains traction as community discussions intensify.
• SHIB experiences a significant drop after a week-long rally while bearish patterns emerge.
• On-chain data shows a steady rise in SHIB holders and active transactions despite fluctuations.

The Shiba Inu community is rallying behind a $0.001 price target, sparking discussions about potential supply adjustments. Even platforms like CoinGecko are taking note of this community-driven movement.

Many SHIB enthusiasts on X, including Whales HQ and SHIB KNIGHT, are optimistic about SHIB and want its supporters to help it reach its desired price.

SHIB Market Update: Bearish Patterns and Support Testing

Currently priced at $0.000024, Shiba Inu has seen an active trading volume of $6.5 billion within the last 24 hours. Despite a 25.75% rise in the past week, the asset has dropped by 17.28%.

Data indicates a declining trend in Shiba Inu (SHIB), with prices slipping from $0.30 to $0.24 within the past day. This downward shift saw corrections in the early afternoon and late evening, briefly followed by minor recoveries. 

In response, SHIB enthusiast Lola thanked CoinGecko for sharing SHIB’s total supply data on X and said that it is important to report this data accurately. Lola asked others with Etherscan accounts to request similar updates for SHIB’s total supply and said that this will help data providers act quickly.

Source: Twitter

However, technical analysis suggests that SHIB’s current trend remains fragile. The MACD indicator entered bearish territory as the MACD line fell below the signal line, signaling potential for further declines.

Source: TradingView

Additionally, the RSI currently stands at 36.53, nearing oversold levels. If SHIB fails to maintain its support level, further downward movement may be expected. 

On-Chain Activity: Resilient Holder Base Despite Volatility

Despite price fluctuations, SHIB continues to see growth in its holder base. Etherscan data indicates over 1.42 million wallet addresses holding the token, an increase of 0.027% in recent days.

Source: Etherscan

Additionally, SHIB has had 13.89 million transactions, which shows that it is actively traded. SHIB’s market cap is over $24.1 billion, and its circulating market cap is around $14.1 billion, which shows that SHIB is a high-cap asset.