Shiba Inu is slowly shedding its gains following the short-lived rally of the crypto market last October 25 as well as its Elon Musk/Dogecoin-inspired price increases.
Data from CoingeckoThe DOGE spinoff crypto, which is currently trading at $0.00001217, has seen a 2.3% drop in value over the 24 hours since the writing of this article.
The stock is currently experiencing a 12.7% rise over the last seven days, and an increase of 23.4% over the past two weeks. However, those numbers were higher in the recent days.
Shiba Inu’s market capitalization increased by nearly $2 billion to $0.00001421 on October 30th, reaching a peak of $0.00001421. Currently, The asset is sitting at an overall valuation of $7.177 billion – enough for it to rank 15thCoingecko has tracked all cryptocurrency.
Investors are losing hope in an immediate Shiba Inu Surge
CoinMarketCap’s crypto community members are leaning toward a bearish prediction this November for the meme dog-themed altcoin.
The Price Estimate Tool aggregated these results and found that End resultA poll of 5,133 people found that Shiba inu’s trading price was $0.00001093 at the end of the month. This is nearly 10% less than the $0.00001209 SHIB value.
Aside from that, DeFi’s asset price at the close of the year was down slightly at 8.46%. However, it is likely to trade at $0.00001107.
SHIB was $0.000033 on January 1, 2018. However, the altcoin was unable to maintain its momentum due to a bearish trend that saw it drop more than 63% from its opening spot price in 2022.
Only towards the end Oktober, it was able to get out of this slump. The crypto market rallied quickly to regain the $1 trillion market-cap territory. Elon Musk followed shortly thereafter. CompletedTwitter’s $44 Billion purchase.
Dogecoin Movement Affects
Shiba Inu, over the course of recent months has demonstrated its propensity for Continue readingThe directional trend in Dogecoin has been bearish predicted by the same crypto community.
Recently, crypto with a dog theme has entered the market Correction of pricesPhase lost 4.6% over the past 24 hours.
Its weekly gain – which stood at over 100% for the past few days – dropped to 80.8% following this recent price dump.
Because the trend of the two digital assets are almost identical, Shiba Inu’s investors also keep an eye out for Dogecoin to determine when it will go up or down.
SHIB's total market cap is $6.6 billion according to the daily chart. Image by Unsplash. Chart by TradingView.com| Featured image from Unsplash, Chart: TradingView.com Disclaimer: The author's analysis of the crypto market is his personal view and should not be considered investment advice.