As 2024 approaches its end, Shiba Inu (SHIB) finds itself facing a significant turning point. The cryptocurrency market is currently reeling from a notable sell-off, with traders recalibrating their strategies as they look forward to 2025. Over the past 24 hours, liquidations have exceeded $280 million, a substantial figure that underscores the urgency of the situation.
This mass sell-off has placed immense pressure on SHIB’s price, pushing it towards a critical support zone. According to renowned crypto analyst Ali Martinez, the most vital support for Shiba Inu lies between $0.0000215 and $0.0000193. This range is not just a number; it’s a make-or-break point for SHIB.
Should Shiba Inu manage to hold above this support zone, it can maintain its current price levels and stave off any further declines. However, if it fails to do so, the price may drop to $0.0000187, which aligns with the daily SMA 20. Conversely, sustaining this support could lay the groundwork for an upward movement, with potential targets of $0.0000257, $0.00003, and $0.000033.
At the time of this writing, SHIB was trading within this precarious range, down by 2.02% in the last 24 hours at $0.0000212.
Looking back on Shiba Inu’s accomplishments throughout 2024, team member Lucie highlighted several milestones. January kicked off with the announcement of SHIB’s identity and its partnership with D3, setting a promising tone for the year.
February saw the release of the Shiboshis NFT collection, offered for free to holders. March introduced the Shib Name Service (SNS) on D3, accompanied by a partnership with ZAMA to bring Fully Homomorphic Encryption (FHE) to Shibarium, Shiba Inu’s layer-2 solution.
A notable $12 million was raised from institutional investors in April to advance its privacy-centric blockchain. The excitement continued in May with the launch of the Shibarium hard fork and ShibaSwap 1.5.
In July, Shibarium hit a milestone of six million blocks for the first time. August celebrated Shiba Inu’s fourth anniversary alongside Shibarium’s first birthday, highlighted by the TREAT Yourself Tour. Come September, the ShibDev Portal and NFT Bridge were launched, creating new opportunities for developers and creators within the ecosystem. October brought significant updates with ShibaSwap 2.0, new fiat on-ramps, and a commercial featuring a Delorean.
November wrapped up with the introduction of Bury 2.0, the Shiba Eternity Tournament, and a partnership with GetBlock. December marked the launch of Shib: The Metaverse, which integrated Chainlink with Shibarium and facilitated multi-chain burns—resulting in the burning of 35.6 billion SHIB tokens throughout the year.
Looking ahead, Shiba Inu lead Shytoshi Kusama expressed optimism for 2025 on social media, stating, “Next year will be epic, and I am so excited to share what we’ve built.” As we stand on the cusp of a new year, all eyes will be on Shiba Inu’s ability to weather this storm and set the stage for future success.
