Shiba Inu (SHIB) has made some gains over the weekend, rallying 2.4% in the last 24 hours and 1% over the previous month. But the asset is still down by 3% in the weekly charts and 4.8% in the 14-day charts. On the other hand, Bitcoin (BTC) is experiencing a healthy rebound, inching closer to the $70,000 mark.
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SHIB’s slow recovery could be due to hackers stealing over $100 million worth of coins from the Indian crypto exchange WaziX.
Shiba Inu to hit $0.000037?
According to the analysts at CoinCodex, SHIB could witness a breakout rally over the next few days. The platform predicts the dog-themed cryptocurrency to hit $0.00003756 on Aug. 3, 2024. Reaching $0.00003756 from current levels would translate to a rally of about 117%.
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Changelly also paints a similar forecast for the dog-themed crypto. The platform anticipates Shiba Inu (SHIB) to hit $0.00003674 on Aug. 2, 2024.
Despite the positive predictions, both platforms do not anticipate SHIB’s price to hold, predicting a correction back to current levels soon after breaching the $0.00003 level.
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SHIB has struggled to gain momentum after the asset hit its all-time high of $0.00008616 in October 2021. SHIB’s price began to rally earlier this year after the Bitcoin ETFs were approved but has once again fallen below $0.00002. Other memecoin, such as Pepe (PEPE), Floki (FLOKI), Bonk (BONK), Popcat (POPCAT), and dogwifhat (WIF), have far out-performed the likes of Shiba Inu (SHIB) and Dogecoin (DOGE) this cycle. SHIB and DOGE may have become saturated, and investors might have diverted their attention elsewhere.
If we enter another market-wide rally, SHIB’s price may witness a resurgence.
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