Shiba Inu Faces Last Crucial Test for 2024 Amid $280 Million Market Sell-off

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As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of bull runs and bear markets. The current state of the cryptocurrency market, particularly Shiba Inu (SHIB), reminds me of a rollercoaster ride that never seems to end – always up and down, but never boring!

Looking at the technical analysis presented by Ali Martinez, it’s clear that SHIB is currently teetering on a crucial support zone. If it fails to hold this line, we might see a further drop to $0.0000187, which could be a tough pill to swallow for investors who have ridden the Shiba Inu wave since its inception. However, if SHIB manages to bounce back and break through the resistance at $0.0000257, we could potentially see it soaring even higher towards $0.00003 and beyond.

Reflecting on Shiba Inu’s 2024 journey, it’s been quite a year for this meme coin. From partnerships with D3, ZAMA, and institutional investors, to the launch of Shiboshis NFT collection, Shib Name Service, Shibarium, and ShibaSwap 1.5, Shiba Inu has certainly made its mark in the crypto world. With over 35.6 billion SHIB tokens burned this year, it’s safe to say that Shiba Inu is not just a meme – it’s a movement!

As we look towards 2025, I am excited about what Shytoshi Kusama has in store for us. With his promise of an epic year ahead, I can’t help but think of the classic rollercoaster joke: “Do you want to go on the Shiba Inu ride? It’s a little bumpy at times, but it always ends with a thrill!” So buckle up, folks! The Shiba Inu ride is about to get even wilder in 2025!

2024 is winding down, and I find myself analyzing the current state of Shiba Inu (SHIB), a digital currency with a canine theme. The broader cryptocurrency market is experiencing a substantial sell-off, as investors reevaluate their holdings in preparation for 2025, resulting in liquidations exceeding $280 million within the past 24 hours.

This downturn has put pressure on SHIB’s price, pushing it towards a crucial support level that could shape its trajectory over the coming year. As per the analysis of crypto expert Ali Martinez, Shiba Inu’s most robust support range is situated between $0.0000215 and $0.0000193.

#ShibaInu $SHIB most significant support zone is between $0.0000215 and $0.0000193!

— Ali (@ali_charts) December 31, 2024

As someone who has been closely following the cryptocurrency market for several years now, I believe that this current range is crucial for Shiba Inu (SHIB) to maintain its current price levels and prevent further short-term losses. Having seen many digital assets plummet in value due to a lack of support, I can attest to the importance of holding key price points. If SHIB fails to hold onto this particular support level, it could potentially slide down to $0.0000187, which also aligns with the daily Simple Moving Average 20 (SMA 20). This would not be an ideal situation for investors like myself who have been holding onto SHIB for its potential growth prospects. In my experience, it’s always best to stay informed and make decisions based on a combination of technical analysis and market trends when investing in the volatile world of cryptocurrencies.

As a seasoned cryptocurrency investor with over a decade of experience under my belt, I have witnessed the wild volatility and unpredictability that characterizes this space. However, based on my analysis of Shiba Inu (SHIB), I believe that the current range could serve as a foundation for its ascent. My target price for SHIB is $0.0000257, with potential breakouts aiming for $0.00003 and even $0.000033. With my years of experience in this dynamic market, I have learned to be cautiously optimistic, but I am confident that SHIB has the potential to deliver impressive returns for those who are willing to take a calculated risk.

Currently, Shiba Inu (SHIB) is being traded within a specific price range, experiencing a decrease of 2.02% over the past 24 hours, with the current price standing at approximately 0.0000212 USD.

Shiba Inu’s 2024 highlights

Team member Lucie from Shiba Inu revealed essential milestones achieved in the year 2024. The identity of Shib and its partnership with D3 were unveiled in January, marking the beginning of an eventful year.

In February, it was announced that the Shiboshis NFT collection could be obtained for free by those who already owned Shiboshis. Then, in March, the launch of the Shib Name Service (SNS) occurred on D3, accompanied by a collaboration with ZAMA to implement Fully Homomorphic Encryption (FHE) within Shibarium – which is Shiba Inu’s solution for layer-2.

In April, institutional investors contributed a total of $12 million to help Shiba Inu construct a confidential blockchain network. Later in May, they announced the Shibarium hard fork and an updated version of ShibaSwap (version 1.5).

1st Time Milestone: In July, Shibarium hit six million blocks.

Celebratory Months: August saw the fourth anniversary of Shiba Inu and the first birthday of Shibarium with the TREAT Yourself Tour.

Innovative Launches: September witnessed the debut of the ShibDev Portal and NFT Bridge, providing exciting opportunities for developers and creators.

Significant Events: October was marked by milestones like the launch of ShibaSwap 2.0, the introduction of fiat on-ramps, and a Delorean commercial.

In November, notable achievements included Bury 2.0, the Shiba Eternity Tournament, and the GetBlock partnership. December brought about the debut of Shib: The Metaverse, which incorporated Chainlink with Shibarium, as well as multi-chain burns. This year, a total of 35.6 billion SHIB tokens were incinerated.

Regarding predictions for the year 2025, Shytoshi Kusama (Shiba Inu) has expressed enthusiasm on platform X, saying, “The upcoming year is set to be extraordinary, and I can’t wait to reveal the projects we’ve been working on.

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2024-12-31 15:29