Trader Scott Melker claims that there is still potential for development in Shiba Inu (SHIB) in a recent post on the social networking site X.
The meme cryptocurrency is predicted by the chartist to eventually retake the $0.0000114 level.
Based on information supplied by CoinGecko, the meme coin is now trading at $0.00000822.
Erasing another zero?
The cryptocurrency would now need to increase by an additional 21.65% in order to remove one more zero from its price.
Erasing one more zero is usually seen in the SHIB community as a significant turning point in the development and use of cryptocurrencies.
Meme coin stands out among cryptocurrencies in terms of potential growth in open interest. The money coming in shows how willing people are to take on more risk.
The Dogecoin competitor will become bullish if it can take back the midrange around $0.0000114. Bulls might aim for a price tag over the $0.0000175 mark in such a scenario.
It is important to remember that SHB, along with Polkadot (DOT), is among the worst-performing cryptocurrencies. It has dropped by around 90.46% from its peak.
Shiba Inu’s modest performance
The meme cryptocurrency has had a little 7.4% price gain over the last day, bringing its current valuation to $4.8 billion.
The most widely used Bitcoin offshoot, Bitcoin Cash (BCH), is still behind SHIB, although the difference between the two cryptocurrencies is still not that great, according to CoinGecko statistics.
SHIB was unable to mount a significant rally in 2022 or 2023, after momentarily breaking into the top 10 in 2021. This resulted from a combination of elements, including as the general decline in the bitcoin market and the dearth of noteworthy ecosystem advancements.
The Shibarium layer-2 solution, which has been hailed as the coin’s ultimate game-changer, has been slow to gain traction, according to U.Today. For the first time since the bridge’s activation in late August, the number of daily transactions fell below 10,000 on November 6. This looks to be another concerning low for the meme cryptocurrency.
