Shiba Inu Price Prediction: SHIB Drops 18% – Dog-Themed Tokens Leading the Fall?

Join Our Telegram channel to stay up to date on breaking news coverage

The cryptocurrency market has recorded a notable downturn pushing Shiba Inu SHIB, and other dog-themed tokens, to drop by over 18%.

This recent decline among the top crypto assets such as BTC, ETH, and others has raised concerns about the vulnerability of low-cap digital assets to the ever-changing market trends.

Given the spike in trading activities, more investors wonder if this is the best time to buy SHIB or diversify to the latest projects in the crypto market.

Price Trends of Shiba Inu

Since reaching its lowest price value in June, Shiba Inu has had an impressive recovery with over 100% increase. At 5:54 EST, the price of Shiba Inu is down by 7.5% and is trading at $0.000008396. Also, SHIB’s price is down by 15% in the last seven days but up by over 8% in the previous 30 days.

The meme coin now boasts a trading volume of over $473.85m, indicating a 12% increase in the last 24 hours. Following general market downtime, this could be the ideal time for investors to increase their Shiba Inu holdings by buying the dip.

Technical indicators on Shiba Inu

The chart shows that SHIB trades above the 50-Day Simple Moving Average SMA, indicating a short-term bullish price movement. The asset price is below the 200-Day SMA, suggesting a long-term bearish market outlook.

The Moving Average Convergence Divergence MACD is below the signal line with red histogram bars, which denotes short-term bearish price momentum.

The Relative Strength Index of 44.50 shows that the price is neutral and could approach the oversold zone. Combining the following technical indicators points towards a temporary bearish price movement.

But on the bigger picture, investors and meme coin enthusiasts are optimistic about a positive price trajectory for Shiba Inu in the long term.

Factors that Could Affect Price of Shiba Inu

In a recent ecosystem development, the Shiba Inu team announced the launch of the much anticipated Shibarium. But after the mainnet launch, the protocol fell short of expected performance, resulting in transaction delays.

GM #SHIBARMY ☕️ Did we mention #Shibarium mainnet is live? 🤣👀 check it out at: https://t.co/56VsqOa2jt
— Shib (@Shibtoken) August 17, 2023

This underwhelming outcome contrasted with the initially high expectations, fostering an atmosphere of Fear, Uncertainty, and Doubt (FUD) within the ecosystem.

However, the development team has addressed concerns by providing insights into the unforeseen challenge. According to the Shiba Inu developers’ report, the Layer 2 scaling solution encountered a significantly more significant influx of initial users than anticipated.

The team explained that the system experienced an unexpected surge of millions of “Compute Units,” which led to the consolidation of thousands of transactions into a single block. This overload triggered a “fail safe” mode, disrupting the entire system.

The developers stated that activating the fail-safe mode was a precaution to safeguard users’ on-chain funds.

Having identified the issue, the development team recognized the need for assistance from a more experienced group to swiftly address the protocol’s problems. They assured the community of forthcoming updates once they were ready to share the progress made.

Notably, the SHIB coin’s price could be affected by technical setbacks and community sentiment following its launch issues. Adverse reactions might lead to short-term declines, while prompt solutions and positive views could restore investor confidence and enhance long-term adoption, impacting its value.

yPredict – A Possible moonshot

yPredict’s concept involves harnessing artificial intelligence (AI) to improve trading choices. The system brings together a community of AI and Machine Learning (ML) specialists, financial quants, and traders.

It employs Natural Language Processing (NLP), an AI technique assessing diverse token purchase sentiments, complemented by pattern recognition, sentiment analysis, and assorted charting patterns.

yPredict furnishes in-depth analytical instruments, delivering data-driven insights and metrics crucial for well-informed trading judgments. As financial markets, particularly the cryptocurrency domain, grow intricate and swiftly transformative, traders seek enhanced statistical advantages.

The yPredict whitepaper underscores its mission to narrow this gap by granting entry to validated analytical metrics and data-backed insights.

Features and Tokenomics

The project is working on an AI-driven content editor designed to empower medium and large enterprises to transform and optimize their content creation procedures.

The platform will incorporate AI capabilities for user administration and streamlined task delegation, ensuring efficiency. Furthermore, a scoring mechanism will be integrated, enabling editors to swiftly assess an article’s SEO compatibility and overall quality.

yPredict innovatively introduces a play-to-earn function, enabling traders to place speculative bets on the cryptocurrency’s future price trajectory.

This distinctive element gamifies the prediction experience, allowing traders to assess their market instincts and knowledge. Accomplished participants receive extra $YPRED tokens, diversifying users’ earning potential within the platform.

Financial data scientists can market their predictive model outcomes via a monthly subscription system within the platform’s marketplace, creating a mutually advantageous scenario for scientists and traders.

The marketplace, endorsed by the yPredict Decentralized Autonomous Organization (DAO), delivers insights into market trends from esteemed AI specialists and quantitative analysts.

The heart of yPredict’s ecosystem lies in the $YPRED token, fulfilling diverse functions. Holding $YPRED tokens is a prerequisite to utilizing yPredict’s tools and data insights.

A tiered subscription model powered by these tokens grants access to crypto market insights, tailored trading utilities, and a marketplace for predictive models.

With the platform’s evolution, the utility value of $YPRED tokens is poised to expand, auguring an exhilarating future for yPredict and its expanding user base.

Having secured more than $3.5 million in funding, the presale exhibits positive indications. Eighty million $YPRED tokens will be available for sale in the ongoing presale with a targeted hard cap of $6.5m. Buyers can grab $YPRED tokens at $0.1 by visiting this website for further instructions.