After being trapped in a falling trend in the past two months, Shiba Inu (SHIB), the largest dog-themed memecoin on the Ethereum (ETH) network, has possibly reached its correction bottom. The mid-cap memecoin, with a fully diluted valuation of about $7.4 billion and a 24-hour average trading volume of about $120 million, has rebounded 5 percent in the past seven days to trade about $0.0000126 on Wednesday, March 19, 2025, during the mid-London trading session.
In the past few months, Shiba Inu’s price has suffered heightened bearish sentiment due to low demand for memecoins and the macroeconomic shift triggered by the U.S.-led tariff wars. However, a potential bullish breakout for Bitcoin (BTC) amid the gold price rally, has triggered a surge in Shiba Inu transactions greater than $100k to around 67 on Wednesday according to data from Intotheblock.
Midterm Expectations for Shiba Inu Price
From a technical analysis standpoint, Shiba Inu’s price has been retesting a crucial support range between $0.00001 and $0.000013. Worth noting that Shiba Inu price has depicted a high positive correlation with Ethereum price action, which is expected to rebound in the near future.
However, a consistent close below the established support range will trigger a further market correction toward $0.0000078, thus nullifying a potential parabolic rally in the coming months.
Favoring Fundamental Outlook
The Shiba Inu movement has grown significantly in the last few years from a speculative reliant memecoin to a utility-based altcoin. The launch of the Shibarium layer two scaling solution and ShibaSwap (BONE), which have a total value locked of about $2 million and $11 million respectively has played a crucial role in its overall growth and burn rate.
However, Shiba Inu has faced intense competition from other memecoin projects with vibrant online communities and developers.
