Shiba Inu [SHIB] to Record a Bullish August, Here’s Why

The Shiba Inu [SHIB] ecosystem has been experiencing immense volatility. Over the past week, the meme coin saw a major dip in its price. At press time, the asset was trading at $0.00001722 with a daily surge of 2.21%. This comes after a weekly dip of 3.16%. SHIB will likely go on a bullish path this coming month for a lot of reasons. According to data from CryptoRank, SHIB has historically recorded a bullish month of August.

In August, the SHIB token’s profitability was 2.67% on average and 3.36% on median. It is unusual for both the median and average to be positive. Thus, with this feat, the likelihood of a Shiba Inu ending August on a high note is increased. Looking back at August 2021, the meme coin ended the month with a profit of 10.1%. SHIB closed August 2022 with a profit of 3.36%. In 2023, the asset dipped by 5.44%.

While this data is giving a rather uncertain stance, Changelly believes that Shiba Inu is slated to encounter a positive month of August. The meme coin is expected to end July at a high of $0.00002713 which is 60% above its current level.

Also Read: Shiba Inu: $1 Weekly Investments Since launch is $6 Million Today

Shiba Inu in August

Changelly’s cryptocurrency experts predict that Shiba Inu will trade around $0.0000262 by the end of the summer of 2024. The price of a SHIB could decrease to at least $0.0000157 in August 2024. In addition, the asset might see a high value of $0.0000367. This high suggests that the meme coin is bound to encounter a major spike. Other external factors like market sentiment will also come into play while setting the price of the asset.

Also Read: Shiba Inu: When Will SHIB Hit The $0.01 & $0.1 Price Mark?