Disclaimer: The CoinMarketCap cryptocurrency community price estimate is based only on the votes of its users. Estimates do not guarantee end-of-month prices.
With the majority of the cryptocurrency market turning green after a long period of bearishness, one of the most popular meme tokens – Shiba Inu (SHIB) is following suit, resulting in optimism from within the crypto community concerning its future price.
Specifically, the community at CoinMarketCap has projected that the SHIB token would trade at an average of $0.00002065 by the end of July 2022, as per the latest data retrieved using the platform’s ‘Price Estimates’ tool that allows users to make crypto price predictions.
It is worth noting that the crypto community’s price predictions for July 31 indicate an increase of $0.00001039 or 101.30% from the current price of the decentralized finance (DeFi) asset which at press time stood at $0.00001026.
At the time of publication, 16,403 community members had voted to arrive at the above estimate. In terms of estimates for the end of the following month – August – the community expects the price to be slightly lower, at $0.00001761, with 8,308 user votes.
SHIB price analysis
Since the beginning of the year, SHIB has been on a steady downward trajectory, recording an especially strong decline in the first half of May and a couple of short-term gains in the meantime.
The dog meme coin has dropped from $0.000034 on January 1, to the current $0.00001026, which is a 60.82% decrease during the observed period, as charts and data demonstrate. As things stand, the total market cap of Shiba Inu is $5.62 billion, CoinMarketCap info shows.
Meanwhile, as Finbold earlier reported, the number of SHIB transactions has dropped to a 15-month low, despite adding over 30,000 new holders in May and briefly leading the top 100 pack in gains in late June.
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