CoinJiexi.com reported:
As November approaches, the cryptocurrency market is preparing for potential price changes. Shiba Inu (SHIB) is one of the leading meme coins in the field, with a mediocre performance in October, occasionally experiencing price surges.
November brings hope to the market, especially with Bitcoin and Shiba Inu performing well in terms of price increase.
Here is SHIB’s performance for the next month.
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Shiba Inu: What’s new?
Image source: Watcher Guru
In October, the Shiba Inu ecosystem saw some significant updates. For example, SHIB gained significant momentum after its DAO announcement, recently disclosed by SHIB’s marketing developer Lucie. This development, known as SHIB Doggy DAO, indicates growing community support and aims to provide a comprehensive web3 experience for SHIB community members.
“The SHIB Doggy DAO Foundation will legitimately revolve around DAO, ensuring proper execution of decisions made by the community. It will manage assets like Doggy Treasury, preventing any improper allocation in the future and providing transparency and security. This move demonstrates to the world that SHIB is not just another project; it is a serious participant with a long-term vision.”
Meanwhile, due to the rise in Bitcoin prices, October also brought significant price momentum to SHIB. With Bitcoin breaking through the $67 mark, most investors flocked to SHIB and Doge, contributing to a slight increase in token prices.
Furthermore, with the general expectation of Bitcoin reaching $70,000, this development could alter SHIB’s price trajectory, helping it gain substantial market momentum.
“As people anticipate Bitcoin’s imminent breakthrough of $70,000, traders are doubling down on high-leverage speculative meme coins, with their discussion rates reaching the highest level in five months. Meanwhile, L2 is being overlooked, just like arbitration and optimism. Speculative coins might have some more time, but historical data shows that it’s worth looking where the crowd can’t see.”
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Token price prediction
According to CoinCodex, Shiba Inu may experience a slight price increase in November 2024. The token could rise by 1%, reaching a stable price level of $0.00001818.
Image: CoinCodex
“Based on our current price forecast for Shiba Inu, the price is expected to increase by 1.16%. By November 22, 2024, it may reach $0.00001818. According to our technical indicators, the current sentiment is bearish, with a fear and greed index of 71 (greed). Shiba Inu has recorded 13/30 (43%) green days, and the price volatility over the past 30 days is 7.44%. According to the Shiba Inu forecast, now is a bad time to buy SHIB.”
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