Shiba Inu (SHIB) along with another coin Dogecoin (DOGE) had the worst accidents. However, SHIB sings a different tune as it turns green after experiencing a bearish downturn for a long time.
Unlike DOGE, the crypto community is very optimistic about the future of the Shiba Inu price.
Shiba Inu is a popular dog coin that is said to rival Dogecoin. SHIB is a strong performer in the crypto arena, but also suffered a catastrophic downfall like the rest of the crypto market.
However, in October, SHIB was able to rebound over 100% and hit an ATH of $0.00008616.
Shiba Inu was built on Ethereum while DOGE had its own blockchain. SHIB went viral as it was treated as a joke on social media, especially Twitter.
Basically, Shiba Inu was first able to continue with the success of DOGE as many people rushed in and bought SHIB to take advantage of the positive market sentiment.
Crypto Community Predicts 101% Spike For SHIB
The CoinMarketCap community predicted that SHIB will trade at $0.00002065 at the end of July this year. The crypto community, consisting of around 16,403 members, predicted that the price of Shiba Inu will increase by 101.30% or 0.00001039 from its current price.
As of this writing, community members have voted and predicted that the SHIB price for August will slide to $0.00001761.
Since January 2022, SHIB has been on a steady decline, mostly in May, but the good news is that it has generated short-term win streaks at press time.
The dog meme coin has fallen a massive 60.82% from $0.000034 seen on January 1 to now at $0.00001026. According to data from CoinMarketCap, the total market capitalization of SHIB stands at $5.62 billion.
The crypto market crashed extremely hard, but SHIB suffered a more aggressive type of crash. Most cryptocurrencies have fallen 75% in previous months, but SHIB has lost up to 90% in total value.
SHIB overtakes DOGE and breaks the downtrend line
However, when it made a bullish move in October, SHIB was able to overtake DOGE in the top 10 cryptos list. SHIB now has a loyal and enthusiastic community that attracts more investors.
The SHIB downtrend was seen last year in November and prices fell massively to $0.0000077.
SHIB managed to break through the downtrend line, hinting at a trend reversal and indicating robust validations, especially with the crypto market flashing green light. Technical indicators for SHIB show that there is a bullish trend ahead.
If SHIB manages to break through the $0.000013 price barrier, it can move to the next target at $0.000020.
SHIB total market cap at $6.6 billion on the daily chart | Source: TradingView.com Featured image from Cointribune, chart from TradingView.com