Shiba Inu (SHIB) Sees Decline in Price and Market Cap
Like many other cryptocurrencies in the market, Shiba Inu (SHIB) has experienced a drop in its price and market capitalization over the past year. In fact, SHIB’s market cap has decreased from $5.58 billion to $4.04 billion in one year, resulting in a loss of $1.54 billion. Despite this decline, SHIB has made a slight recovery in the last 24 hours.
Developments and Burning of SHIB Coins
Despite the losses, the developers of Shiba Inu have been actively working on their Layer 2 blockchain Shibarium, which recently achieved a milestone of 1 million blocks. Additionally, they have been burning SHIB coins consistently to control their supply. The lead developer, Shytoshi Kusama, has hinted at an acceleration of this practice in the future.
Predictions from AI Algorithms
CoinCodex, a crypto analytics platform, has AI algorithms that are optimistic about SHIB’s future. According to their predictions, the price of SHIB is expected to reach $0.000007518 by November 11 and potentially increase to as much as $0.0000111 within the next six months.
Hot Take: SHIB Faces Challenges Despite Positive Predictions
Although AI algorithms predict a positive future for SHIB, it is important to note that the cryptocurrency has faced significant challenges with its price and market cap declining over the past year. While developments like Shibarium and the burning of coins may contribute to its recovery, only time will tell if SHIB can overcome these obstacles and reach its projected growth.
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