How Will SHIB Perform in August 2024?

Shiba Inu celebrates its fourth birthday this month as the token was launched on August 1, 2020. It turned a handful of early investors into millionaires in a short period and outperformed all leading cryptocurrencies between 2020 and 2021. SHIB survived the onslaught of the cryptocurrency market for four years now and has many more years ahead of it.

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The dog-themed token is currently trading around the $0.000015 mark and is mostly heading south in the charts. It is down nearly 10% in the last 14 days with little to no price spurts in the indices. The development is testing the patience of investors as they’re holding Shiba Inu in the hopes of gaining profits. In this article, we will explain how high or low Shiba Inu could trade in its birthday month in August 2024.

Also Read: Shiba Inu: You Can Now Be A SHIB Millionaire For Just $16

Shiba Inu Birthday Month Price Prediction For August 2024

Leading on-chain metrics and price prediction firm CoinCodex has painted a bearish picture for Shiba Inu in August 2024. According to the price prediction, SHIB has more chances of turning towards the red than remaining on the greener side of the spectrum. The price forecast estimates that SHIB could dip by more than 3% by the end of August 2024.

Also Read: SHIB or Pepe Coin: Which Will Reach 1 Cent First?

Therefore, an investment of $1,000 could turn into $970 if the forecast turns out to be accurate. That’s a loss of $30 in 30 days that could lead to investors’ portfolios turning negative. It is advised to remain cautious before taking an entry position into Shiba Inu on its birthday month in August 2024.

At press time, SHIB was trading at $0.00001588 and is down nearly 4% in the 24-hours day trade. SHIB is also down close to 82% from its all-time high of $0.00008616, which it reached in October 2021. It’s been three years since the dog-themed token has reclaimed its previous glory.