The Shiba Inu Ecosystem (SHIB) has been trying to reach the coveted penny mark since its inception. The second largest meme coin sits 33,211.96% below this mark. However, SHIB has managed to rise by 2249258.24% since its origin, which brings even more hope to the SHIB market.
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Shiba Inu sinks in the Red Sea
At press time, Shiba Inu was trading at $0.00002996 after a nearly 7% decline in the past 24 hours. The asset, however, had an excellent week as it jumped more than 16%.
Amidst this, Shiba Inu has witnessed a lot of on-chain activity over the past few days. The asset recorded a trading volume of 11.39 trillion SHIB. Upside is often a significant market driver of asset price momentum. This further corresponds to this increased activity.
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Price forecast for December
According to CoinCodex data, Shiba Inu is predicted to trade in a range between $0.00002905 and $0.00006045 by the end of the year. This would mean that if the average price for December was $0.00003791, the price of SHIB increased by 27.04% from today’s price. This means that if SHIB makes a forecast, investors could potentially make a profit of 102.56%. The meme coin is clearly far from reaching the coveted 1 cent mark.
The meme coin will not reach this level until 2025. Moreover, Telegaon data revealed that SHIB will take some time to reach this zone. Shiba Inu will reach this peak between 2040 and 2050. Although this seems quite far away, the second largest meme coin has, time and time again, risen by a huge margin. Along with this, several factors could influence the SHIB price and push it towards 1 cent much sooner than expected.
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