As the period of stagnation continues for the larger part of the cryptocurrency market, Shiba Inu (SHIB) is following the bearish trend, but the prognosis for the following weeks and months looks optimistic, suggesting that the famous dog meme crypto token could soon begin to recover its price.

In this context, Shiba Inu is expected to be changing hands at around $0.00000817 by October 10, 2023, which would indicate an increase of 10.05% to its current price, according to the latest information retrieved from the crypto analytics platform CoinCodex on September 11.

Projected SHIB price

However, a more specific forecast in terms of days looks choppy and suggests that SHIB could trade at $0.00000703 on September 30, 2023, which actually represents a marginal decline of 1.54%. On the other hand, as of October 31, 2023, it could reach $0.000007833, which is 9.71% higher than its current price.

Shiba Inu 3-month price prediction. Source: CoinCodex

SHIB price analysis

As things stand, Shiba Inu is currently changing hands at the price of $ 0.000007140, which represents a decline of 3.91% in the last 24 hours, adding up to the 7.5% loss on its weekly chart and plummeting 34.4% in the previous 30 days, as the recent data shows.

Shiba Inu 7-day price chart. Source: Finbold

Notably, recent on-chain data also shows that 91% of all SHIB holders are sitting on unrealized losses, with only 3% of Shiba Inu holders making money at the digital asset’s current price, as per the information from the crypto analytics platform IntoTheBlock.

SHIB holders making money at current price. Source: IntoTheBlock

Meanwhile, the developers of the Shiba Inu ecosystem have recently deployed the Shibarium upgrade, which is already recording significant results two weeks after the relaunch following a traffic-related failure and could positively affect the price of SHIB in the future. 

READ MORE -  Senseonics (SENS): is something being announced on January 1st?

Specifically, the total number of transactions on the Shibarium network has already surpassed 1.9 million, according to the latest information retrieved from the Shibarium ecosystem block, transaction, and gas tracker Shibariumscan, accessed on September 11.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

The post SHIB price forecast for September-October 2023 appeared first on Finbold.

Avatar photo
Dennis is a business and financial writer, who had spent almost his entire life independently reporting on different business ventures with major impact on the US and global economy. Dennis places a special focus on examining tech stocks, biotech stocks all while investing a great part of his early hours to researching and writing on the companies in the US markets. Dennis has 15+ years of experience in financial markets.