- Shiba Inu (SHIB) has experienced five consecutive days of gains, rallying by 32% from its recent low of $0.00000543 on June 10.
- Despite a significant drop caused by SEC actions against Binance and Coinbase, SHIB has shown resilience and embarked on a recovery campaign.
Shiba Inu (SHIB) has emerged as one of the standout performers in the crypto market, displaying remarkable resilience and a strong recovery. Over the past five days, SHIB has achieved persistent gains, rallying by an impressive 32% from its low of $0.00000543 witnessed on June 10.
The journey of Shiba Inu has not been without its challenges. In the midst of a market-wide drop triggered by the SEC’s enforcement actions against leading exchanges such as Binance and Coinbase, SHIB experienced a significant blow. Plummeting to a 21-month low, it reached $0.00000543 on June 10. However, this setback marked the beginning of an extraordinary turnaround for the cryptocurrency.
Throughout mid-May to early June, Shiba Inu had managed to hold above the $0.000008 price point despite ongoing bearish pressure. However, the SEC-induced collapse tested SHIB’s resilience, resulting in a substantial decline. On June 10, SHIB recorded a massive intraday loss of 13.07%, the largest since the FTX implosion on November 8, 2022.
Following the June 10 plunge, Shiba Inu continued to shed value for the next two days, reaching a closing price of $0.00000685. However, a turning point occurred on June 15, when SHIB initiated a recovery campaign with a 2.90% gain. This marked the beginning of a remarkable five-day winning streak.
During this impressive winning streak from June 15 to June 19, Shiba Inu saw a gain of 9.87%. However, what truly stands out is the recovery from the June 10 low of $0.00000543. On June 17, SHIB reclaimed the $0.000007 territory after trading below it for seven days. A 3.30% gain on June 18 further solidified Shiba Inu’s position above this crucial level.
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Despite the bearish trend on June 17, on-chain metrics signaled a potential recovery for Shiba Inu, as highlighted by The Crypto Basic. SHIB Knight, a prominent trader, also emphasized the bullish momentum and set several targets for SHIB’s price, which were subsequently achieved.
Shiba Inu hit all three of the mentioned targets, soaring to $0.00000755 on June 18 before encountering resistance. Currently trading at $0.00000717, SHIB has experienced a 7.65% increase over the past week, marking a remarkable recovery of 32% from the recent low of $0.00000543.
Shiba Inu’s resurgence demonstrates the resilience and potential for recovery within the crypto market. While challenges persist, SHIB’s recent performance serves as an encouraging sign for its holders and the broader crypto community.
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