As the period of stagnation continues for the larger part of the cryptocurrency market, Shiba Inu (SHIB) is following the bearish trend, but the prognosis for the following weeks and months looks optimistic, suggesting that the famous dog meme crypto token could soon begin to recover its price.
In this context, Shiba Inu is expected to be changing hands at around $0.00000817 by October 10, 2023, which would indicate an increase of 10.05% to its current price, according to the latest information retrieved from the crypto analytics platform CoinCodex on September 11.
Projected SHIB price
However, a more specific forecast in terms of days looks choppy and suggests that SHIB could trade at $0.00000703 on September 30, 2023, which actually represents a marginal decline of 1.54%. On the other hand, as of October 31, 2023, it could reach $0.000007833, which is 9.71% higher than its current price.
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SHIB price analysis
As things stand, Shiba Inu is currently changing hands at the price of $ 0.000007140, which represents a decline of 3.91% in the last 24 hours, adding up to the 7.5% loss on its weekly chart and plummeting 34.4% in the previous 30 days, as the recent data shows.
Notably, recent on-chain data also shows that 91% of all SHIB holders are sitting on unrealized losses, with only 3% of Shiba Inu holders making money at the digital asset’s current price, as per the information from the crypto analytics platform IntoTheBlock.
Meanwhile, the developers of the Shiba Inu ecosystem have recently deployed the Shibarium upgrade, which is already recording significant results two weeks after the relaunch following a traffic-related failure and could positively affect the price of SHIB in the future.
Specifically, the total number of transactions on the Shibarium network has already surpassed 1.9 million, according to the latest information retrieved from the Shibarium ecosystem block, transaction, and gas tracker Shibariumscan, accessed on September 11.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
