Following the recent shakeout across the crypto market, Shiba Inu has now added an extra zero to its price.
This development has left investors wondering how much further the token could decline. Notably, the downtrend began on October 10, and since then, SHIB’s price has added an additional zero, bringing the total number of zeros after the decimal point to five.
Shiba Inu Now Under $0.000001
For context, Shiba Inu crashed to a multi-year low of $0.0000074 following the October 10 flash crash. However, the asset demonstrated resilience and quickly reclaimed $0.000010 the following day.
Despite this brief recovery, Shiba Inu slipped again to around $0.00000933 on October 17 before bouncing back once more. The canine-themed token managed to hold its ground briefly, resisting bearish pressure that threatened to keep it trading with five zeros.
However, Shiba Inu lost this battle yesterday, as it eventually added another zero to its price. This time, it crashed to a low of $0.000009666. While it has rebounded slightly from this level, Shiba Inu is still trading with an extra zero at press time. At the moment, it is at $0.000009894, marking a 24-hour decline of 1.66%.
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Shiba Inu chart TradingView
How Low Can Shiba Inu Fall?
Following its recent decline, investors are now questioning how much further Shiba Inu could fall. For context, SHIB recorded its all-time low (ATL) just a few weeks after its launch. CoinMarketCap lists Shiba Inu’s ATL at $0.00000000008165, while CoinGecko reports an even lower figure of $0.000000000056.
While many enthusiasts do not think SHIB will ever revisit its all-time low, analysts believe SHIB could drop lower from its current price if it fails to hold key support areas. One of those who shares this sentiment is “The Coin Cartel,”
In a tweet, he noted that while Shiba Inu on-chain holders have soared recently, the token is struggling to stay above the $0.000009 support zone. However, if that support fails, SHIB risks dropping to $0.0000080, which was last seen on October 10.
However, investors are still skeptical whether SHIB would revisit the October 10 low of $0.0000074 amid the ongoing market downtrend.
Notably, pseudonymous analyst Trader0028 suggested that SHIB could drop to a low of $0.000006, which would ultimately serve as a key support before a potential rebound.
In the meantime, Shiba Inu continues to face intense bearish pressure. Over the past few days, the token’s exchange reserves have risen steadily, with an additional 56.68 billion SHIB deposited within 24 hours.
This surge suggests that more investors may be preparing to offload their holdings, which could potentially push SHIB’s price downwards.
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