Shiba Inu Price Forecast Points To Downbeat November For SHIB
November 03 2022 - 8:25AM
NEWSBTC
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. According to data from
Coingecko, at the time of this writing, the DOGE spin-off crypto is
changing hands at $0.00001217 and has been down by 2.3% over the
last 24 hours. It is still enjoying a 12.7% increase for the past
seven days and a 23.4% surge over the last two weeks but those
numbers used to be higher during the last few days. On October 30,
Shiba Inu peaked at $0.00001421 as it increased its market
capitalization by almost $2 billion. Currently, the asset is
sitting at an overall valuation of $7.177 billion – enough for it
to rank 15th among all cryptocurrencies tracked by Coingecko.
Related Reading: Rug Pull: 97% Of Crypto Projects On Uniswap Were
Scams, Study Reveals Investors Losing Hope for an Immediate Shiba
Inu Surge Investors, particularly the members of the CoinMarketCap
crypto community, are leaning towards a bearish prediction for the
meme dog-themed altcoin this November. According to the findings of
Price Estimate tool that aggregated the result of a poll that
included 5,133 voters, Shiba Inu is likely to end the month with a
trading price of $0.00001093 which is almost 10% lower from the
$0.00001209 SHIB price at the time when the voting was conducted.
Meanwhile, as for the DeFi asset price towards the end of the year,
the decline was slightly lower at 8.46% as it is expected to change
hands at $0.00001107. On January 1 this year, SHIB price was at
$0.000033. The altcoin, however, failed to sustain its momentum as
it was caught in a bearish momentum that slashed more than 63% of
its 2022 opening spot price. It only managed to break out of that
slump towards the end of October when the crypto market rallied to
reclaim the $1 trillion market cap territory and shortly after Elon
Musk completed his $44 billion purchase of Twitter. Affected By
Dogecoin Movement Over the last few months, Shiba Inu has shown its
tendency to follow the directional trend of Dogecoin, which the
same crypto community has also given bearish predictions. The
dog-themed crypto has recently entered a price correction phase,
losing 4.6% of its value over the last 24 hours. Its weekly gain –
which stood at over 100% for the past few days – dropped to 80.8%
following this recent price dump. As the two digital assets share
the same trend almost all the time, Shiba Inu investors are also
keeping close watch to Dogecoin to predict when it will move up or
go down. Related Reading: Tron Performance Last Month Was
Impressive, But Can TRX Do Better This November? SHIB total market
cap at $6.6 billion on the daily chart | Featured image from
Unsplash, Chart: TradingView.com Disclaimer: The analysis
represents the author's personal understanding of the crypto market
and should not be construed as investment advice.
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