A top trader sees SHIB potentially reclaiming the $0.0000114 level
In a recent post on the X social media platform, trader Scott Melker argues that Shiba Inu (SHIB) has some more room for growth.
The chartist expects the meme cryptocurrency to reclaim the $0.0000114 level in the future.
According to data provided by CoinGecko, the meme coin is currently changing hands at $0.00000822.
Erasing another zero?
At this point, the cryptocurrency would need to add another 21.65% in order to erase another zero from its price tag.
Within the SHIB community, erasing another zero is typically viewed as a major milestone for the cryptocurrency’s growth and acceptance.
Notably, meme coin is among the cryptocurrencies by growth in future open interest. The inflow of funds underscores growing risk appetite.
If the Dogecoin rival manages to reclaim the midrange at $0.0000114, it will enter bullish territory. In such a case, bulls would be able to target a price tag above the $0.0000175 level.
It is worth noting that SHB is still down roughly 90.46% from its all-time high, which makes it one of the worst-performing altcoins alongside Polkadot (DOT).
Shiba Inu’s modest performance
The meme cryptocurrency is currently valued at $4.8 billion after recording a modest 7.4% price increase over the past 24 hours.
According to CoinGecko data, SHIB remains above Bitcoin Cash (BCH), the most popular Bitcoin fork, but the gap between the two cryptocurrencies remains small.
After temporarily climbing into the top 10 in 2021, SHIB failed to stage another major rally in 2022 and 2023. This was due to a confluence of factors that included the broader cryptocurrency market downturn as well as the lack of notable ecosystem developments.
As reported by U.Today, the Shibarium layer-2 solution, which has been touted as the ultimate game-changer for the coin, has been struggling to pick up steam. On Nov. 6, the number of daily transactions dipped below the 10,000 mark for the first time since the bridge’s activation in late August, which appears to be another troubling low for the meme cryptocurrency.