The cryptocurrency market has been trading in the red for quite some time. However, after the long decline, the market managed to return to the green with the recent recovery. As a result, Bitcoin and many altcoins began to recoup the losses they had erased. However, Shiba Inu (SHIB) has also emerged among the popular cryptocurrencies following the market recovery. The popular memecoin has thus created optimism in the crypto community about its future price. The community at CoinMarketCap has made price predictions for the Shiba Inu. According to CMC’s price prediction tool, the popular memecoin will hit these levels in July.
SHIB may see these levels in July
The community at CoinMarketCap used the platform’s “Price Predictions” tool, which allows users to make crypto price predictions. Thus, the price expectation for the Shiba Inu in July has emerged. Accordingly, the community estimates that SHIB will be trading at an average of $0.00002065 by the end of this month. It is worth noting that the price forecast indicates a 101.30% increase for the meme token. Accordingly, Shiba may experience an increase of $0.00001039 from its current price of $0.000001026. At the time of writing, 16,403 community members had already voted to arrive at the following estimate. However, the community also made various predictions for the end of August. Accordingly, they forecast SHIB to be slightly lower at $0.00001761 at the end of August. For August, 8,308 votes have been cast so far.
Shiba Inu price analysis
Since the beginning of the year, SHIB has been gradually falling. The downtrend gained strength especially in the first half of May. However, the token has managed to post a few short-term gains at the moment. However, the overall price action is still in a steady downtrend. The dog-themed altcoin was trading at $0.000034 on January 1. However, the price continued to drop gradually over the following months. Accordingly, SHIB fell by 60.82% from its price on January 1, 2022. Currently, it is trading at $0.00001026. Additionally, the market cap of the popular meme token stands at around $5.62 billion, according to data from CoinMarketCap.
As the data shows, the Shiba Inu price is depreciating. However, this decrease in price is not reflected in the ecosystem. On the contrary, the Shiba Inu ecosystem continues to grow. cryptocoin.com As we have reported, the number of transactions on the network is increasing. So much so that memecoin managed to get over 30 thousand new unique users in May. It was also among the top 100 for earnings in the crypto space at the end of June. But despite this, the number of transactions with SHIB hit a 15-month low.
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