Shiba Inu (SHIB) enthusiasts and investors face a crucial time to protect the coin from falling below the 2021 lows and general range.
The cryptocurrency plunged earlier this week, falling to $0.00000543, even breaking 2021 lows of $0.00000510. This decline raised concerns and generated debate among market participants, questioning whether SHIB has the potential to recover from its recent losses.
However, not all eyes are solely on SHIB’s price movements. Many are watching the US Federal Reserve for possible signs that could impact the future of this meme coin. The broader financial landscape is affected by the Fed’s actions and monetary policy decisions in many ways, and cryptocurrencies also feel their impact.
Shiba Inu Price Watch and Other Cryptocurrencies
The mood is upbeat among market watchers of central banks, as they expect the Fed to adopt a soft approach and hold off on raising interest rates. This could ease the bearish pressure on the coin and create a conducive scenario for the recovery of recent losses.
The meme coin’s investors and fans are optimistic that a more supportive monetary policy from the central bank would boost interest and confidence in SHIB, leading to a rise in its price. According to CoinMarketCap, Shiba Inu is trading at $0.00000655, down by 3.73% in the last 24 hours and by a significant 17.5% over the past week.
According to IntoTheBlock, a platform that provides data and analytics for cryptocurrencies, only a small fraction of SHIB holders are making money from their investments. The platform reveals that 93% of SHIB investors are in the red, meaning they bought the token at a higher price than its current value.
On the other hand, only 7% of investors are in the green, meaning they bought the token at a lower price than its current value. Another 2% of investors are breaking even, meaning they bought the token at the same price as its current value.
