Shiba Inu’s Price Recovery Looks Promising Despite Current Bearish Trend
Although the larger cryptocurrency market is currently experiencing a period of stagnation, there is optimism surrounding the future price recovery of Shiba Inu (SHIB). The popular dog meme crypto token is following a bearish trend, but analysts predict that its price could soon start to rebound.
Projected SHIB Price
According to CoinCodex, Shiba Inu is expected to be valued at around $0.00000817 by October 10, 2023. This would represent a 10.05% increase from its current price. However, short-term forecasts are more uncertain, with SHIB potentially trading at $0.00000703 on September 30, 2023, reflecting a slight decline of 1.54%. By October 31, 2023, the price could reach $0.000007833, indicating a 9.71% increase.
Recent on-chain data from IntoTheBlock reveals that 91% of SHIB holders are currently experiencing unrealized losses. However, the recent Shibarium upgrade has shown promising results within two weeks of relaunch, potentially influencing SHIB’s future price. The Shibarium network has already recorded over 1.9 million transactions, indicating positive growth.
Hot Take: Shiba Inu’s Recovery Potential Looks Promising
Despite the current bearish trend, Shiba Inu’s price recovery seems promising. Analysts predict a potential rebound in the coming weeks and months. While short-term forecasts indicate some volatility, the overall outlook for SHIB is positive. It is important to note that the majority of SHIB holders are currently facing unrealized losses. However, the recent Shibarium upgrade, which has already demonstrated significant results, could positively impact SHIB’s price in the future. With the Shibarium network experiencing substantial growth in terms of transactions, Shiba Inu’s value could see an upward trajectory.
Disclaimer: The information provided in this article should not be considered investment advice. Investing in cryptocurrencies carries risks, and your capital is at risk when investing.
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