November is upon us, and the cryptocurrency market is gearing up for potential price changes. Shiba Inu (SHIB), one of the leading meme coins in the space, has had a modest October with occasional price spikes.
November is ushering in hopes for the market, especially regarding Bitcoin and Shiba Inu performing their best in price ascent.
Here’s how SHIB may perform next month.
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Shiba Inu: What’s New?
October ushered in some major updates for the Shiba Inu ecosystem. For instance, SHIB gained massive momentum after its DAO announcement, which was first recently disclosed by Lucie, SHIB’s marketing dev. Dubbed the SHIB Doggy DAO, this development indicates increased community support and hopes to deliver a holistic web3 experience to SHIB community members.
“The SHIB Doggy DAO Foundation will legally wrap around the DAO, ensuring that the decisions made by the community are properly executed. It will manage assets like the Doggy Treasury and prevent any future misallocations, providing transparency and security. This move demonstrates to the world that Shib isn’t just another project—it’s a serious player with a long-term vision.”
At the same time, October also brought significant price momentum for SHIB due to Bitcoin’s price upswing. As Bitcoin claimed the $67 mark, the majority of the investors were noted flocking around SHIB and Doge, which helped the tokens gain modest price upticks.
In addition to this, as the crowd anticipates Bitcoin’s ascent to $70K, the development can shift SHIB’s price in the process, helping it gain considerable market momentum.
“With the crowd anticipating Bitcoin’s $70K breach soon, traders are doubling down on high leverage speculative meme coins, where their discussion rates are at their highest level in 5 months. Meanwhile, L2’s like arbitrum and optimism are being ignored. Speculative coins can certainly still pump a bit longer, but historical data shows that it pays to go where the crowd isn’t looking.”
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The Token’s Price Forecast
According to CoinCodex, Shiba Inu may note a modest price uptick this November 2024. The token may surge by 1% to hit a stable price level of $0.00001818.
“According to our current Shiba Inu price prediction, the price of Shiba Inu is predicted to rise by 1.16%. It could reach $0.00001818 by November 22, 2024. Per our technical indicators, the current sentiment is bearish while the Fear & Greed Index is showing 71 (greed). Shiba Inu recorded 13/30 (43%) green days with 7.44% price volatility over the last 30 days. Based on the Shiba Inu forecast, it’s now a bad time to buy Shiba Inu.”
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