Recent analysis indicates Shiba Inu's (SHIB) price recovery is tied closely to the broader altcoin market, which has experienced prolonged declines.
In March, SHIB surged to a yearly high of $0.000035 but has since dropped by 65%. Lead Analyst at Santiment, Brian Quinlivan, noted SHIB’s rally depends on the recovery of altcoins and Bitcoin’s stabilization.
SHIB’s social dominance has declined since May, reflecting increased Fear, Uncertainty, and Doubt (FUD) around the token.
Among holders, retail investors have been accumulating, while large investors have reduced their positions, underscoring market uncertainty.
Given the current market conditions and SHIB's downward trend, its price is unlikely to replicate past rallies, making it challenging to reach $0.000025 in 2024.
