The crypto community sets the Shiba Inu (SHIB) price by October 31, 2022
Disclaimer: The CoinMarketCap cryptocurrency community price estimate is based solely on the votes of its users. Estimates do not guarantee end of month prices.
With Shiba Inu (SHIB) ranked among the biggest casualties of the ongoing crypto market correction, most investors are monitoring the token for an opportunity to regain its 2021 highs.
In recent days in particular, SHIB has shown glimpses of rally as developers on the platform attempt to make the ecosystem more viable by including aspects such as the metaverse and decentralized finance (DeFi). At the same time, the token has registered a drop in interest that characterized meme cryptocurrencies during last year’s meteoric rise.
The crypto community is betting on SHIB to put behind the massive market selloff and rally. In particular, data obtained by Finbold from the CoinMarketCap price estimation function on September 30 indicates that the crypto community estimates that Shiba Inu will trade at an average of $0.000013 by the end of October 2022.
The estimate is based on votes from 6,167 community members and represents about 20% growth from SHIB’s price of $0.000011 as of press time.
SHIB’s bullish triggers
The bullish sentiment around SHIB follows weeks of significant correction, with interest in the asset waning. Previously, the lack of interest had been attributed to a lack of utility, a factor the development community has responded to by taking several initiatives to rectify.
Although SHIB’s DeFi platform has not taken off as expected, the token draws optimism from its entry into the non-fungible token (NFTs) and gaming space.
In particular, the SHIBOSHIS project, a collection of Shiba Inu NFTs that will allow holders to actively participate in NFT mining and trading, digital land purchase, and VR gaming, has received increased attention from the community.
Furthermore, SHIB continues to advance its token burning mechanism to achieve deflationary status. Since the community took to cutting SHIB’s supply, over 410 trillion tokens have been burned.
Elsewhere, SHIB also records increased whale activity, an indicator of a positive outlook. For example, a chirping on September 27 by WhaleStats, indicates that Shiba Inu was the most held token among the top 1000 Ethereum whales.
SHIB’s DeFi fails to take off
Despite the bullish community outlook, SHIB has been weighed down by other factors, such as the inability to attract users to its DeFi platform, ShibaSwap. In particular, ShibaSwap’s Total Value Locked (TVL) has seen a steady decline in recent weeks.
After weeks of trading in the red, SHIB has recorded positive gains over the past seven days of over 3%, trading at $0.000011. Meanwhile, the asset still ranks 14th with a market value of $6.14 billion.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
