What’s Stopping SHIB From Reclaiming $0.00008616?

Shiba Inu (SHIB) is the second largest dog-themed crypto by market cap, following its rival Dogecoin (DOGE). SHIB is one of the most popular crypto assets in the market, climbing several spots in the previous month. The asset made a name for itself after it rallied by many million percent in the 2021 bull run, turning several early investors into multi-millionaires. However, SHIB fans and investors await the asset to reclaim its 2021 peak of $0.00008616.

Shiba Inu (SHIB) has faced a significant price correction over the previous few weeks. The asset is down by 5.5% in the daily charts, 11.9% in the 14-day charts, and 15.5% over the last month. However, the popular dog-themed crypto has maintained its gains in the yearly chart, rallying by over 151% since April 2023.

Also Read: Shiba Inu: $0.001 Price Incoming As Trading Volume Gains Traction In India

During the 2021 bull run, SHIB hit its all-time high a few days before Bitcoin (BTC) did. While BTC surpassed its 2021 peak in March of this year, SHIB did not achieve such a feat, albeit the asset witnessed a massive price spike nonetheless.

What’s stopping Shiba Inu (SHIB) from reclaiming its ATH of $0.00008616?

According to IntoTheBlock data, Shiba Inu (SHIB) has multiple supply walls that bar it from reclaiming its all-time high levels. Supply walls are price points where investors purchase a large amount of tokens. According to IntoTheBlock, between the price of $0.000031 and $0.000036, about 137,600 addresses hold around 20.96 trillion SHIB.

Also Read: Shiba Inu: Top 3 Reasons Why SHIB Could Hit All-Time High

Another factor likely affecting SHIB’s price is the Federal Reserve’s decision to keep interest rates high longer as the central bank fights high inflation. Inflation in the US is still above the Fed’s 2% target.

Furthermore, investor sentiment is low, along with adoption. If the project can increase investor sentiment, it may lead to an increase in adoption and, consequently, price.