Shiba Inu has been trading on the back foot this year, barely making a profit for seven months. The dog-themed token is moving along with the crypto market that was largely negative in 2022. However, the Shiba Inu community seems unfazed and optimistic about the price, despite the series of crashes. CoinMarketCap, which conducts community price forecasts every month, shows that SHIB investors are hopeful that the price of the tokens could double.
The crypto community on CoinMarketCap has forecast that the price of Shiba Inu could reach $0.00002065 by July 31. SHIB is trading today at $0.000001033 and the expected cost is 99% higher than the current price. With the data from CMC’s ‘Price Estimates’ tool management, investors can make crypto price predictions.
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Can Shiba Inu peak 99% in July 2022?
Shiba Inu saw only a handful of double-digit growth in the indices this year. That includes when Robinhood got it on board in April and recently surged 40% in late June. Other than these few cases, SHIB has mainly traded in the red or sideways, and the downward trajectory has yet to end and another price drop is expected.
In addition, SHIB trades have hit a 15-month low as only 157,889 trades took place in June. bloxy.info reported. In May 2022, the numbers stood at 209,702, almost 25% lower. The number of transactions fell as analysts predicted that Bitcoin could dip below $20,000.
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On the other hand, however, data from leading crypto exchange Coinbase shows that investors love SHIB. The token attracted good buying pressure on the app, with 90% of investors sticking to ‘buy’ and 7% to ‘sell’. This indicates that interest in SHIB is growing and investors are eager to buy the dips.
In addition, the lead developer of ShibaSwap, Shytoshi Kusama, aware of the upcoming developments that indicate that the future is promising. Since none of the developments will be launched this month, it is unlikely that SHIB could rise 99% by July 31, 2022.
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As of going to press, Shiba Inu was trading at $0.00001035 and is up 2.8% in the last 24 hours. SHIB fell 88% from its all-time high of $0.00008616 in October last year.