AI Sets SHIB Price for August 31, 2024

The Shiba Inu (SHIB) network has endured a tumultuous month. The meme coin witnessed a 21% drop over the past 30 days. As a result, the holders of the asset hope that SHIB ends the month on a relatively bullish note.

At press time, SHIB was trading at $0.00001406, following a 2.36% increase over the past 24 hours. The meme coin is trying to reverse the bearish trend it was caught up in throughout the month.

Also Read: Ripple (XRP) & Dogecoin (Doge) Price Prediction For September 2024

SHIB Price Prediction for August 2024

Recent data reveals that Shiba Inu is expected to end this month relatively positively. According to Changelly, SHIB will witness a triple-digit surge this week.

The meme coin will close the month at a high of $0.00002170 following a 56% rise from its current levels.

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Can Shiba Inu’s Correlation with Bitcoin Spell Trouble?

According to data from IntoTheBlock, a market intelligence company, the price correlation between Shiba Inu and Bitcoin is at 0.94, close to a high of 1.

As a result, the price movement of the meme coin is mimicking that of the king coin. Shiba Inu is in a complex scenario as it fluctuates above and below the $0.000014 price level.

Bitcoin has battled over the last few days to maintain above the $60,000 support level. At press time, it was trading at $60,819.50, with a 2% increase over the past 24 hours.

Similar to Shiba Inu, there has been a notable halt in the growth of demand for Bitcoin, which has resulted in adverse price action.

Also Read: Ripple (XRP) & Toncoin (TON) Have Path to a $50B Market Cap in 2024

Therefore, a potential uptrend in the Bitcoin market could also push the price of SHIB.