Meme cryptocurrency Shiba Inu (SHIB) has been characterized by sustained sell-offs in 2022, aligning with the general trajectory of the digital assets market. However, with no signs of a possible bullish trigger in the short term, the SHIB community is still betting the token would end the year on a high.
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In this line, the SHIB community on CoinMarketCap estimates the token would be valued at an average price of $0.000011 by December 31, 2022, representing gains of 17.53% from the asset’s price at the time of publishing. The estimates are based on votes by 2,924 members leveraging the price estimate feature, according to data retrieved by Finbold on November 12.
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Notably, the bet by community members aligns with SHIB’s increasing number of holders, an indicator that investors still believe the token would rally in the future and possibly regain the highs of 2021.
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In this line, SHIB has witnessed a steady increase in holders, with the figure standing at 1,243,497 as of November 11. The holders represent a growth of 3% or 37,225 over the last three months.
SHIB 3-month holders chart. Source: CoinMarketCap
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SHIB technical analysis
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Elsewhere, the SHIB technical analysis remains bearish at a point the decentralized finance (DeFi) token is feeling the effects of the FTX crypto exchange liquidity crunch. Indeed, a summary of the technicals aligns with “sell” at 14, with the moving averages favoring a “strong sell” at 13, while oscillators are “neutral” at nine on the daily gauges.
SHIB technical analysis. Source: TradingView
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In the meantime, SHIB has extended its week-long losses, trading at $0.0000096 by press time, dropping by over 23% in the last seven days. The asset has made less than 1% gains on the daily chart.
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SHIB fails to maintain gains
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It is worth noting that SHIB recently found some relief in the wake of Elon Musk’s acquisition of social media giant Twitter (NYSE: TWTR). Notably, the purchase of Twitter by Musk acted as a short-term catalyst for dog-themed cryptocurrencies like SHIB and Dogecoin (DOGE).
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In general, SHIB has failed to hold on to the gains after the FTX crisis hit the crypto sector. Amid the collapse, the SHIB community continues with network development in a bid to improve the asset’s utility.
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At the same time, SHIB appears to remain popular among traders. For instance, it emerged that SHIB forms about 20% of the $2.9 billion worth of assets held in the reserves of the crypto exchange Crypto.com. Notably, the platform published the results amid increased pressure on crypto entities to show proof of reserves after FTX’s liquidity crunch.
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Overall, for SHIB to make solid gains, the asset’s prospects largely depend on the price trajectory of the general cryptocurrency market.
