Shiba Inu (SHIB) and another meme coin Dogecoin (DOGE) have had the worst crashes. However, SHIB is singing a different tune as it turns to the beat after a prolonged slump.
Unlike DOGE, the crypto community is very optimistic about the future of the price of Shiba Inu.
The Shiba Inu is a popular dog meme coin that is said to rival Dogecoin. SHIB is a high-performer in the crypto space, but like the rest of the crypto market, it suffered a catastrophic downturn.
However, in October, SHIB was able to rally over 100% and reached an ATH of $0.00008616.
Shiba Inu was built on Ethereum while DOGE had its own blockchain. SHIB went viral as it was treated like a joke on social media, especially Twitter.
Basically, the Shiba Inu was initially able to carry on with the success of DOGE as many people bought the SHIB to benefit from the positive market sentiment.
The crypto community predicts a 101% spike for SHIB
The CoinMarketCap community has predicted that SHIB will trade up to $0.000002065 by the end of July this year. The crypto community made up of approximately 16,403 members has predicted that the price of the Shiba Inu will increase by 101.30% or 0.00001039 from its current price.
At the time of this writing, community members have voted and forecast the price of SHIB to rise to $0.00001761 for August.
Since January of 2022, SHIB has seen a steady decline, mostly seen in May, but the good news is that it generated streaks of short-term winnings as of press time.
The Doge Meme coin is now down 60.82% to $0.0001026 from $0.000034 seen on January 1. According to data from CoinMarketCap, SHIB has a total market capitalization of $5.62 billion.
The crypto market has crashed much harder but SHIB has suffered a more aggressive type of crash. Most cryptocurrencies have lost 75% in the past months, but SHIB has lost up to 90% of its total value.
SHIB overtakes DOGE, breaches the downtrend line
However, when it performed bullish in October, SHIB was able to outperform DOGE in the top 10 crypto list. SHIB now has a loyal and enthusiastic community bringing in more investors.
The SHIB downtrend was observed in November last year and the price dropped to a massive $0.0000077.
SHIB was able to break the downtrend line which indicates a trend reversal and indicates strong validation especially with the green light flashing in the crypto market. Technical indicators of SHIB suggest that a trend is ahead.
If SHIB can successfully break the $0.0000013 price barrier, it could reach the next target at $0.0000020.
SHIB total market cap at $6.6 billion on the daily chart | Source: TradingView.com Featured image from Cointribune, chart from TradingView.com