The Shiba Inu (SHIB) ecosystem has been trying to get back into the coveted top ten. But it seems to be getting more challenging than expected. Meanwhile, the meme coin wanted to reach the $20 billion mark. Currently, the market value of SHIB stands at $17.48 billion. While the globe is prepping for the holidays, the Shiba Inu community hopes to witness a spike in the value of the meme coin.
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Shiba Inu’s Latest Drop
Over the past 24 hours, Shiba Inu dropped by a staggering 8%. At press time, the meme coin was priced at $0.00002979. During this period, the asset went from trading at a high of $0.00003229 to a low of $0.00002961. While this is a notable dip, the community lauded the asset’s surge. Currently, SHIB trades 66% below its peak of $0.00008845.
During the weekend, an analyst revealed that Shiba Inu could witness a rise. In a post on X, a cryptocurrency expert named Bluntz said that SHIB was ready to report numerous price rises. The analyst included a chart that indicated short-term price goals above $0.00006 and $0.00009, which correspond to gains of more than 94% and 191%, respectively.
But the real question is if the meme coin could reach a notable peak by Christmas this year.
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Is It Going To Be A Merry Christmas?
According to data from CoinCodex, the Shiba Inu market is expected to witness an uptrend over the next couple of days. The asset could rise to a high of $0.00005312. But this momentum could be cut short by Christmas day. The firm revealed that the meme coin will trade at a low of $0.00002937 on December 25. This is certainly a slight setback, but the asset is all set to bounce back over the coming days.
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