As 2022 comes to a close, meme cryptocurrency Shiba Inu (SHIB) appears to end the year having been unable to replicate last year’s highs. Indeed the digital asset has been weighed down by the general market downturn.
At the same time, as the year ends, it is key to examine how SHIB will likely perform on Christmas day, as reviewing previous Xmas day performances can give a glimpse into how Shiba Inu is expected to trade in 2023.
In this line, according to the historical data acquired by Finbold, over the last two Christmases, Shiba Inu has registered a steady year-on-year (YoY) growth. However, by factoring in several technical analysis (TA) indicators, SHIB’s 2022 Christmas prediction remains bearish, with the asset likely to trade at $$0.0000090 on December 25, according to CoinCodex.com prediction. As things stand, SHIB is trading at $0.0000093.
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SHIB’s 2022 bearish Christmas
Notably, on December 25, 2021, SHIB traded at $0.000036, recording a year-over-year gain of about 100% from 2020’s value of $0.000000000133.
It is worth pointing out that heading into this year’s Christmas, the market condition remains bearish compared to 2021. Last year, the general crypto sector was in a bull run, with SHIB emerging as one of the main gainers, rallying to historical highs.
Furthermore, the token is operating in an environment of skyrocketing inflation with a series of high-profile incidents. For instance, the asset has taken a hit from the Terra (LUNA) ecosystem crash and the FTX crypto exchange collapse.
Amid the market conditions, SHIB has yet to capitalize on recent minor gains. The meme coin found some relief after Elon Musk acquired Twitter. With the purchase, there has been speculation that Musk, a SHIB supporter, might incorporate the token into the social media platform.
Bullish SHIB community
In contrast to the prediction, the SHIB community on CoinMarketCap remains bullish on the asset prospects towards the end of 2022. The community leveraging the price estimate feature projects that SHIB will trade at $0.000011 by December 31, representing gains of about 19% from the asset’s price at the time of publishing.
As SHIB heads into a gloomy Christmas period, the asset will potentially look at network activities for triggers for a possible rally. In this line, the asset has been recording adoption in elements such as payments.
Furthermore, SHIB is also witnessing a spike in holders, with the value standing at 1,249,790, adding over 100,000 addresses in 2022.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
