Shiba Inu (SHIB) along with another meme coin Dogecoin (DOGE) suffered the worst crash. However, SHIB is singing a different song as it turns green after suffering a downward spiral 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 meme coin that is said to compete with Dogecoin. SHIB is a high player in the crypto space but has also experienced catastrophic declines like other crypto markets.
However, in October, SHIB was able to bounce back by more than 100% and reach an ATH of $0.00008616.
Shiba Inu is built on Ethereum while DOGE has its own blockchain. SHIB went viral because it was treated like a joke on social media, especially on Twitter.
In fact, Shiba Inu was initially able to ride with the success of DOGE as many people jumped on the bandwagon and bought SHIB to get the positive market sentiment.
Crypto Community Predicts 101% Spike For SHIB
The CoinMarketCap community estimates that SHIB will trade at $0.00002065 by the end of July this year. The crypto community, consisting of about 16,403 members has predicted that the price of Shiba Inu will increase by 101.30% or 0.00001039 from the current price.
As of this writing, community members have voted and predicted the price of SHIB for August will rise to $0.00001761.
Since January 2022, SHIB has continued to decline in May, but the good news is that it is returning to a short-term winning streak at press time.
The dog meme coin has dropped a whopping 60.82% from $0.000034 seen on January 1st to $0.00001026 today. According to CoinMarketCap data, SHIB’s total market capitalization is $5.62 billion.
The crypto market has crashed hard, but SHIB has seen a more aggressive crash. Most cryptocurrencies have dropped 75% in the previous month but SHIB lost up to 90% in total value.
SHIB Exceeds DOGE, Violates Downtrend Line
However, when it made a bullish move in October, SHIB managed to surpass DOGE in the top 10 crypto list. SHIB now has a loyal and raving community bringing in more investors.
SHIB’s downward trend was seen last year in November and the price dropped sharply to $0.0000077.
SHIB was able to breach the downtrend line which signals a trend reversal and shows strong validation especially with the crypto market flashing the green light. The SHIB technical indicator shows that there is an upward trend.
If SHIB can successfully break the $0.000013 price barrier, it can offshoot 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