Shiba Inu (SHIB) experienced a significant decline on June 10 due to the impact of regulatory actions by the SEC, reaching a low point not seen in 21 months at $0.00000543. However, after this sharp drop, SHIB initiated a strong recovery phase. As a result, the asset has rebounded by 32% during an impressive five-day winning streak.
Shiba Inu’s Troubles
Despite facing pressure from bearish market conditions, Shiba Inu maintained its position above the $0.000008 price threshold from mid-May to early June. However, the asset’s resilience was severely tested when the entire market experienced a notable decline triggered by the SEC’s enforcement actions against Binance and Coinbase.
On June 10, SHIB experienced a significant plunge along with the broader market, reaching astonishingly low levels. Despite a minor recovery, Shiba Inu concluded the day with a substantial loss of 13.07%. This marked its most significant intraday decline since November 8, 2022, when it suffered a 13.74% loss following the FTX implosion.
Following its closing price of $0.00000685 on June 10, Shiba Inu experienced further depreciation in the subsequent two days. However, a positive turn occurred on June 15 when SHIB initiated a recovery, registering a gain of 2.90%.
Related article: Trader Earns $9.6M+ Profit From Shiba Inu Investment; Here’s How
Shiba Inu Reclaims $0.000007 in the Midst of Recovery
Shiba Inu demonstrated remarkable resilience as its winning streak extended for five consecutive days, spanning from June 15 to June 19. During this period, SHIB experienced a notable gain of 9.87%. What’s even more impressive is its recovery from the low point of $0.00000543 on June 10.
The recovery campaign of SHIB successfully reclaimed the $0.000007 price level on June 17, ending its seven-day period of trading below this mark. Bolstered by a 3.30% gain on June 18, Shiba Inu solidified its position above the $0.000007 territory.
During the bearish trend on June 17, a report highlighted Shiba Inu’s on-chain metrics, signaling a potential recovery. This report emerged while SHIB was still being traded below the $0.000007 territory.
Renowned trader SHIB Knight drew attention to the bullish momentum of Shiba Inu. With the asset trading at $0.00000720, the prominent market observer set $0.00000725, $0.00000736, and $0.00000752 as the next targets for SHIB.
Shiba Inu successfully achieved all three targets, surging to $0.00000755 on June 18 before encountering significant resistance. Presently, SHIB is being traded at $0.00000715, reflecting a week-over-week gain of 5.56%. At its current price, Shiba Inu has made an impressive recovery of 32% from the low point of $0.00000543.