Shiba Inu (SHIB) price has been closely observed by traders and members of the Shiba Army. As the meme coin attempts to recover from a 60% drop from 2024 highs, traders are keeping an eye on the SHIB/DOGE ratio.

Shiba Inu Price Still Down 60% From 2024 Highs

Shiba Inu price is currently trading at $0.00001760 at the time of writing. After hitting a 2024 high of $0.0000444 in February, the Shiba Inu token dropped to lows of $0.0000172.

However, despite the meme coin bouncing back to $0.0000242, it is still down 60% from the 2024 highs.

SHIB/DOGE Ratio Hits Bottom

The SHIB/DOGE ratio has dropped drastically in recent times, reaching 0.0000621. This is a two-month low for the meme coin.

After dropping to these levels, the ratio quickly bounced to 0.0000640.

As seen in the above chart, the first target for this ratio is 0.0000706. After hitting this price, SHIB will aim for the 2025 high of 0.0000815.

However, for this bullish thesis to hold, Shiba Inu needs to emerge as the top-performing meme coin and post bigger gains compared to Dogecoin. This is not an unlikely scenario considering that in the past, SHIB has outperformed Dogecoin.

For instance, in 2021, Shiba Inu briefly dethroned Dogecoin and emerged as the largest meme coin after a massive price rally. In early 2024, the SHIB/DOGE ratio also reached a multi-year high of $0.002 after Shiba Inu consistently outperformed DOGE.

With the ratio signalling a local bottom, the price of Shiba Inu may record massive gains soon.

Timelines For Shiba Inu Price To Reach $0.0002 Or $0.000030

The daily Shiba Inu price chart shows two key Fibonacci levels that this meme coin will target in case it enters an uptrend. These levels are the 161.8% Fib level of $0.0002 and the 261.8% Fib level of $0.0000295.

Shiba Inu can reach $0.0002 before the end of June 2025, considering the bullish conditions that are currently in play across the broader crypto market.

With Bitcoin sitting at all-time highs, SHIB, like most meme coins, is likely to track the king coin, and this will aid an upward trend.

If SHIB’s price crosses above $0.0002, it would take the meme coin a few weeks to get to $0.000030.

As historical data shows, flipping the $0.00020 level has always stirred a strong uptrend for the Shiba Inu price. In late 2024, after SHIB crossed $0.00020, it took less than two weeks for Shiba Inu to reach $0.000030.

The Shiba Inu price prediction forecasts that this target may be achieved between June and July 2025.

Catalysts That Could Fuel Shiba Inu Rally To $0.0002 And $0.00003

A Shiba Inu price rally to $0.0002 and $0.00003 will likely happen if the Shibarium layer two network achieves significant growth.

As we reported, Shibarium’s TVL growth will be the catalyst that pushes SHIB to not only $0.00003 but also allows the meme token to erase a zero and reach $0.0001.

The second catalyst that could aid SHIB’s recovery is a high SHIB burn rate. In 2021, SHIB skyrocketed and even outperformed Dogecon due to a high burn rate.

At the time of writing, SHIB’s burn rate had soared by 12,000%. As more tokens are taken out of circulation, Shiba Inu price will rally higher.

Meanwhile, the SHIB community is hopeful that asset managers may also apply to launch a spot Shiba Inu ETF.

However, achieving this may take longer than anticipated, considering the lack of a solid regulatory framework around meme coins. But if the SEC greenlights a Dogecoin ETF, a SHIB ETF filing may follow.