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SHIBA INU Price Retrace 50% From ATH, Can $SHIB Erase Another Zero Before Bulls Wear Down?

SHIBA INU


SHIBA INU ($SHIB), the tenth-largest cryptocurrency broke many records last night as it set a new all-time-high (ATH) of $0.00008845. $SHIB not just surpassed the market cap of Dogecoin ($DOGE) during its mammoth rally, it also managed to climb to the seventh spot overtaking XRP briefly. However, the altcoin has started to show signs of wear down. The price retraced nearly 50% from ATH earlier this morning falling to the sub $0.000057 level.

$SHIB has started to show signs of recovery again as it managed to climb back above $0.000065 at the time of writing. The altcoin came close to erasing another zero from its price before the price slump began.

Source: TradingView

Over the past 24-hours, the SHIBA INU frenzy took social media by storm, generating one million tweets for the meme currency. October turned out quite auspicious for the altcoin as it managed to mimic a similar rally to that of $DOGE in May, rising nearly 1000% for the month.

SHIBA INU Up by 60,000,000% in 2021

Dogecoin made many millionaires in the first quarter of 2021, and $SHIB seems to be following in its footsteps and now it has overtaken $DOGE to become the number one meme currency. The altcoin is up 60,000,000% over the past year. One wallet that invested $8,000 in $SHIB in August last year is now worth $5.7 billion.

$SHIB also broke down several exchanges across the world and the most notable Coinbase, one of the largest crypto exchanges in the world. Usually, crypto exchanges face such a situation during a market crash, but SHIBA INU single-handedly brought down a public crypto exchange as more traders continued to pour their money into the meme currency.

SHIBA INU
Source: Santiment

Traders are also moving their $SHIB away from exchanges into cold wallets in hopes for the bull run to continue. At a time when the rest of the crypto market is in red and consolidating from yesterday’s flash crash, $SHIB continues to pave its own way.  Looking at the current momentum and social media frenzy, the altcoin could potentially eliminate another zero from its price before reaching a market top.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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