Though talk that the meme coin ‘fiesta’ is at an end – a period of crypto market trading that saw the launch of numerous new such coins and tokens as well as old and established one aiming for all-time highs (ATHs) – the most recent movements appear to have truly solidified a downtrend.
The downturn was especially visible in the last 24 hours of trading when even the most popular meme coins—such as Shiba Inu (SHIB)—collapsed some 23% from $0.00001734 to $0.00001334.
Additionally, the bigger cryptocurrencies have not fared much better, with Bitcoin (BTC) falling below $55,000 for the first time since February and Ethereum (ETH) collapsing to May lows near $2,800.
Much of the downturn has been attributed to the fear of mounting selling pressure that emerged as the German government began transferring Bitcoin it seized onto cryptocurrency exchanges as well as by Mt. Gox finally initiating repayments for its creditors.
In total, the ongoing bloodbath has led to the cryptocurrency markets losing approximately $350 billion in market capitalization and falling from about $2.3 trillion at the start of the month to $1.96 trillion at press time.
AI sets SHIB price for July 31, 2024
Given the situation that has emerged in recent weeks and the uncertainty inherent to it, Finbold decided to consult the predictive artificial intelligence (AI) algorithms of a platform specializing in forecasting asset prices – PricePredictions – on whether the meme coin ‘fiesta’ is truly over, and where SHIB might find itself at the end of July.
According to the AI-driven machine learning algorithms of PricePredictions, Shiba Inu – one of the world’s biggest meme coins – is expected to stabilize soon.
Unfortunately, the stabilization is expected to end the recent rapid price changes and restore the relatively slow decline observable throughout much of June. This pattern is set to lead to the meme coin falling to $0.000010 – 25% below the Shiba Inu price today of $0.00001334.
The expected forthcoming decline comes at the tail of a generally poor performance as SHIB is down 20% in the last week of trading and more than 10% in a single day. Additionally, it is, at press time, trading below its 200-day moving average (MA) after witnessing no more than 11 green days in the last 30.
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