Meme coin SHIBA INU has seen a slight dip today, with its price down 0.84% over the past 24 hours to $0.00000784. This has brought SHIB's total market capitalization to $4.60 billion.

In the past day, trading volume for SHIB stands at $149.23 million, showing decent interest from traders. Over the last hour, the price has ticked up 0.44%, attempting to stabilize after the earlier decline.

What's Behind SHIB's Lackluster Price Action?

Despite eking out a 1.73% gain over the past week, SHIBA INU has shown lackluster price action recently. The token remains stuck below its 2022 high of $0.000012 and has struggled to build momentum.

The slight weekly rise also comes against a 2.44% monthly drop, pointing to conflicting outlooks. SHIB faces resistance around $0.000009 and needs to decisively clear this to have a shot at retesting its all-time high.

Macro conditions have turned cautious amid recession worries, weighing on speculative altcoins like SHIB. Additionally, loss of social media hype has stalled SHIB's mega-rally since 2021. But dedicated community support and inflation appeal provide long-term tailwinds.

Is This Meme Coin Gearing Up for a Turnaround?

Looking ahead, SHIB still holds promise given its vast community and brand recognition. Further exchange listings and merchant adoption could build fundamental value beyond just hype-driven pumps.

If Bitcoin sees a sustained breakout, SHIB could ride its coattails for substantial gains. The token remains highly reactive to speculative inflows. Renewed viral interest could also quickly send SHIB surging again.

But in the meantime, volatility is likely to remain elevated. SHIB speculators should be prudent with position sizing and risk management. While upside potential exists, the road to new all-time highs likely remains choppy amid the cautious broader market sentiment.

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