Shiba Inu (SHIB) Decouples From Bitcoin (BTC): All-Time High Next?
2024-12-06

It is as if the price of the popular meme-inspired cryptocurrency Shiba Inu SHIBUSD refuses to fall. This is evidenced by the persistence with which SHIB quotes continue to hold above $0.00003 per token. After it first broke this mark in early December, the Shiba Inu token is somehow holding at this level and is little affected by any of the events and turmoil taking place on the broader crypto market.
In comparison, when Bitcoin's price plummeted by almost 8% in a matter of minutes today, losing its recent major milestone of $100,000, SHIB's price at the same time fluctuated by 5.4%, which for an altcoin can be considered a move within normal daily volatility. What is more important is that the price has once again returned above $0.00003 per SHIB this time around. 
The strength of the bulls and their desire to buy the Shiba Inu token is obvious here. But will it be enough to pull SHIB to a new price record when the old one is still hanging an unattainable target at $0.00008845?IntoTheBlock">
According to data from IntoTheBlock, there are currently 56.14 trillion SHIB concentrated in liquidity pools above the current price point, with an equivalent value of $1.72 billion. These tokens right now represent a sell wall for the meme cryptocurrency and are also causing losses for their holders.
If buyers are strong enough to potentially absorb all of this volume, the chances of an all-time high if the crypto market environment is favorable are quite high. Given the strength demonstrated by SHIB on Bitcoin's fall, and the stronghold above the key level, we can assume that almost all the necessary ingredients are in place.