Shiba Inu (SHIB) has been going down and is 87.45% down from its all-time high in October 2021.
SHIB falls with flat market
SHIB has been decreasing since its Feb. 4 yearly high of $0.0000157. The token is down 13.7% over the past week and 26.5% in the last 30 days.
The breakdown from its $0.0000122 support zone is a significant development in the token price. SHIB is trying to validate a prior long-term descending resistance line as support. If it does not hit the level, the price could fall to the next support level at $0.0000100. However, it could retest the $0.0000122 zone if it bounces.
The token is currently the 14th highest crypto network based on market cap.
SHIB hit its all-time high at $0.00008845 in October 2021. From the current price, to hit $0.01, it would need to rise 83,000%. In addition, since there are 594 trillion tokens at the time, the entire network’s value would climb to $5.5 trillion, which seems reasonable if real-world utility is brought to the token.
Meanwhile, in the last 24 hours, its trading volume has increased to $370 million, up 138.17% in the last 24 hours. However, its market cap has increased by 2% to $6 billion.
SHIB’s Wagmi Temple is coming soon
The company behind SHIB announced it would debut its Wagmi Temple in the coming SXSW festival. WAGMI, or, we’re all going to make it, is a popular phrase among Shiba Inu fans. The broader crypto community believes in Shiba Inu’s growth and success. Meanwhile, the Wagmi Temple is a health and wellness hub within the Shib Mataverse project.
In a further description, all tokens, including Leash, SHIB, and Shibosis, play an important role as more phases come. The project development will focus more on foundational resources for the community and great partnerships. Hence, the festival could bring more positive sentiment to the SHIB token price.