Shiba Inu (SHIB) Price Continues to Trade Well Below Its Current All-Time High (ATH) of $0.00008845

The Shiba Inu price continues to trade well below its current all-time high (ATH) of $0.00008845, a level which it attained in the last cycle.

The Shiba Inu price continues to trade well below its current all-time high (ATH) of $0.00008845, a level which it attained in the last cycle. Interestingly, SHIB will still fail to touch its ATH even if it were to attain Dogecoin’s current market cap.

Shiba Inu Price Still Below ATH Even If It Touches Dogecoin’s Market Cap

Marketcapof data shows that the Shiba Inu price will still be below its current ATH even if it touches Dogecoin’s market cap. DOGE currently boasts a market cap of $25 billion, and if SHIB were to hit this mark, its price will be $0.00004256, which is still far from its current ATH of $0.00008845.

A Shiba Inu price rally to this $0.00004256 price level, with Dogecoin’s market cap, represents just over a 3x price increase. Such a rally will undoubtedly be a welcome development, especially considering how the meme coin has struggled amid this market downturn, trading way below the psychological $0.00002 price level.

Despite its underperformance in this market cycle, crypto analysts like Javon Marks are optimistic that the Shiba Inu price can reclaim or at least come close to its current ATH. In a recent analysis, he stated that SHIB’s price is starting to return with signs of massive strength around its current levels, but remains well broken out.

Marks added that this indicates that strength can pick up massively for the Shiba Inu price. With prices still broken out, the analyst asserted that $0.000081 remains the target, meaning the meme coin could soon record a rally of over 400%. A rally to this price level could pave the edges for SHIB to hit its current ATH.

On-Chain Metrics Paint Bearish Picture For SHIB

Onchain metrics currently paint a bearish picture of the Shiba Inu price, which is eyeing a bullish reversal. One is the SHIB burns, which have declined recently. The burn rate has declined by over 94% in the last 24 hours, with 946,228 SHIB burnt during this period. Meanwhile, the burn rate is also down in the last seven days, with just over 1 billion tokens burnt during this period.

Another interesting metric is the large transactions. According to IntoTheBlock, large transactions, which denote transactions over $100,000, have dropped by almost 2%. This could be an indication that whales are pulling back from the SHIB market. At the moment, the crypto is at risk of a wave of sell-offs, with 61% of holders in the moment. A large transaction volume usually coincides with a price breakout.

Shiba Inu price is currently trading at $0.00001264 and has dropped by 0.08% in the past hour, as per Benzinga. The crypto is down by 0.10% in the last 24 hours and has decreased by 2.46% in the seven-day period. At press time, SHIB is trading at $0.00001269 and is ranked 14th on the token price tracker.