As the majority of assets in the cryptocurrency market have moved into the red over the past few days, Shiba Inu (SHIB) is no exception, having declined by more than a third in its price and market capitalization over the last year, albeit making a marginal recovery in the last 24 hours.
Specifically, Shiba Inu had a market cap of $5.58 billion on October 13, 2023, whereas at press time, it stood at $4.04 billion, which means that the 19th-largest crypto asset has lost $1.54 billion in one year, as per the data retrieved from CoinMarketCap on October 12.
SHIB price analysis
In terms of price, the famous dog meme cryptocurrency is presently changing hands at $0.00000687427, which represents a 0.18% gain in the last 24 hours but also a decline of 4.94% across the previous seven days, a 5.38% drop over the month, and a 33.5% loss in the past year.
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Meanwhile, the above losses have accumulated in spite of the developers’ hard work on the Layer 2 blockchain Shibarium, which has reached a milestone of 1 million blocks, as Finbold reported on October 6. Moreover, they have persisted despite the team’s consistent burning of SHIB coins to limit their supply, the practice which Shiba Inu’s lead developer, Shytoshi Kusama, recently hinted would accelerate in the future.
That said, artificial intelligence (AI) algorithms over at the crypto analytics platform CoinCodex are optimistic about SHIB’s future, setting its price at $0.000007518 by November 11 and increasing to as much as $0.0000111 in the next six months, as per the most recent information.
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