The worst crash was experienced by Shiba Inu, (SHIB), and Dogecoin (DOGE). SHIB, however, is singing a different song as it becomes green after enduring a bearish downturn over a prolonged period.
Unlike DOGE, the crypto community is very optimistic about the future of Shiba Inu’s price.
Shiba Inu, a dog meme coin popular in Japan that rivals Dogecoin is very well-known. SHIB was a top-performer, but it also experienced a massive drop in value like all the other crypto traders.
SHIB, however, was able in October to recover more than 100 percent and achieved an ATH record of $0.00008616
Shiba Inu, which was created on Ethereum and DOGE with its own blockchain, was built. SHIB was viral because it was used as a joke, especially on Twitter.
Basically, Shiba Inu initially was able to ride on with DOGE’s success as many people jumped in and bought SHIB to rake in from the positive market sentiments.
Crypto Community Forecasts 101% Rise in SHIB
SHIB is expected to trade for $0.00002065 according to the CoinMarketCap community at July 31st. The crypto community, composed of around 16,403 members has predicted Shiba Inu’s price to spike by 101.30% or 0.00001039 from its current price.
The community has voted on August’s SHIB prices and predicted that they will rise to $0.00001761.
SHIB has suffered a slow decline since May 2022. However, it still managed to generate some short-term victories up until press time.
Dog meme coins have dropped dramatically by 60.82%, from $0.000034 as of January 1st to $0.00001026 today. The total market capitalization for SHIB, according to CoinMarketCap data is at $5.62 trillion.
SHIB, however, has experienced a much more serious crash. While the cryptocurrency market crashed very hard in recent months it has been even worse for SHIB. SHIB has lost up to 90% of its total value, while most other cryptocurrencies fell by 75%.
SHIB outpaces DOGE and reaches the Downtrend Line
SHIB managed to surpass DOGE on the list of top 10 cryptocurrency lists in October thanks to a bullish move. SHIB is now backed by a passionate community, which has attracted more investors.
SHIB prices fell to $0.0000077 last November as a result of the downtrend.
SHIB broke the downtrendline, which indicates a trend reverse and robust validations. This is especially important with crypto trading showing signs of life. SHIB’s technical indicators show that there is a coming uptrend.
SHIB will be able to break the $0.000013 price barrier if it succeeds.
SHIB market capital at $6.6 Billion according to the daily chart. Source: TradingView.com| Source: TradingView.com Featured image taken from Cointribune. Chart taken from TradingView.com