Last week’s advances on the cryptocurrency market seem to be slowing down, and investors in the dog-themed meme token Shiba Inu (SHIB) also seem to be somewhat pessimistic about its price movements for the end of November. According to the latest tally of votes cast by the crypto community members at CoinMarketCap using the platform’s Price Estimate tool, SHIB is expected to trade at a median price of $0.00001093 on November 30, 2022, as per data retrieved on November 2. The most recent prediction for the decentralized finance (DeFi) asset’s price for the end of November is the result of 5,133 votes cast by press time, and represents a decrease of $0.000001163 or 9.62% from Shiba Inu’s current price of $0.00001209. As for its price for the end of the year, the community predictions are slightly less bearish, expecting it to trade at $0.00001107 on December 31, which represents a decline of $0.00000102 or 8.46% compared to the current SHIB price.
SHIB price analysis
Meanwhile, Shiba Inu is trading at the price of $0.00001209, which is a drop of 6.14% on the day, but still a double-digit gain across the week (14.77%), adding up to the monthly increase of 8.92%. Since the year’s turn, SHIB was moving in a downward fashion along with the rest of the crypto sector’s assets, declining 63.36% from its price which on January 1 stood at $0.000033.
Bullish or bearish signs?
It is also important to note that the current estimates arrive after SHIB had spiked more than 10% in 24 hours after Tesla (NASDAQ: TSLA) CEO Elon Musk officially took over Twitter (NYSE: TWTR), giving strength to dog meme coins like SHIB and Dogecoin (DOGE), which saw $2 billion flow into its market cap in two days. Meanwhile, following the other dog meme token could provide useful insight into SHIB’s future as it has previously shown the propensity to closely follow Dogecoin’s market movements, with similar, currently also bearish, community predictions. That said, bullish movements could follow the upcoming launch of the Layer-2 solution – the Shibarium network – for which Shiba Inu developer Shytoshi Kusama earlier said was coming soon. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
