The Shiba Inu is back to its low in July. The "meme token", which was also affected by the decline in Bitcoin, saw the level of $ 0.0000098 with yesterday's descent.
Especially in the second half of 2021, Shiba Inu (SHIB), which broke a record at the end of October with a great upward rally and reached $ 0.000088, could not escape the decline in Bitcoin. Recently, the Fed's interest rate policies, global and geopolitical tensions, while the meltdown in cryptocurrencies has also deepened. Altcoins are among the assets that have suffered the most from this meltdown. Shiba Inu could not prevent the declines as Bitcoin fell below $ 19,000 yesterday.
The “meme token” added another zero to its price and fell to $0.0000098. This figure was actually the region where SHIB declined in July and gained 100% from that region. SHIB reached as high as $0.0000018 on August 14. Experts state that if Shiba Inu goes down to the level of $ 0.00007, it will create a “double bottom formation”, which can bring a short-term rise, while the 50-day moving average of the “meme token” is at 0.000012 and the 200-day moving average is at $ 0.000015. Of course, the interest rate decision that the Fed will announce on Wednesday will be closely related to all cryptocurrencies, especially Bitcoin.
On the other hand, according to some experts, the possibility that SHIB will pass DOGE and continue its gains is high considering the frequent burns in the meme cryptocurrency. Token burns typically reduce the supply of assets and increase their value. This year, SHIB recorded several major burns. More than 114 million SHIBs were burned in July. In the last week, 349 million more SHIB was burned. Investors in the market continue to make an estimate of $ 0.001 in the near term.