The recent landscape of the cryptocurrency market has been marked by a significant shift, signaling a potential end to the era of meme coin mania. This phase was characterized by the emergence and peak performance of numerous new and established digital currencies striving for record highs. However, current trends suggest a definitive bearish turn.
In the past day alone, the decline has been starkly evident, with even the most prominent meme tokens, such as **Shiba Inu (SHIB)**, experiencing a sharp 23% drop from $0.00001734 to $0.00001334.
**SHIB 1-week price chart. Source: Finbold**
The downturn isn’t isolated to meme coins; major cryptocurrencies have also suffered setbacks. **Bitcoin (BTC)** dipped below the $55,000 mark for the first time since February, while **Ethereum (ETH)** saw its value plummet to lows around $2,800, reminiscent of May’s figures.
Recent headlines have highlighted the volatility:
– “Crypto market plunges below $2 trillion; the underlying causes”
– “Amidst accelerated BTC sell-off, analyst predicts Bitcoin’s July trajectory”
– “Bitcoin’s critical support falters; are we on the cusp of a major bear market?”
– “Cryptocurrency traders face $600M losses in a single day as market tumbles”
The downturn is largely attributed to the anticipation of increased selling pressure following the **German government’s** move to transfer confiscated Bitcoin to various cryptocurrency exchanges and the commencement of repayments to creditors by Mt. Gox.
The cumulative effect of these events has resulted in the crypto market shedding an estimated $350 billion in value, descending from a monthly high of approximately $2.3 trillion to $1.96 trillion.
In light of the recent developments and the prevailing uncertainty, Finbold sought insights from **PricePredictions’** AI algorithms, specialists in asset price forecasting, to ascertain the fate of the meme coin craze and SHIB’s position by the end of July.
According to **PricePredictions’** AI-powered machine learning models, a period of stabilization is on the horizon for **Shiba Inu**, a leading meme coin.
**SHIB price forecast for July 31. Source: PricePredictions**
Regrettably, this stabilization is anticipated to halt the rapid price fluctuations and revert to the gradual decline observed throughout June. This trend is expected to result in SHIB’s value decreasing to $0.000010, which is 25% lower than today’s price of $0.00001334.
This anticipated decline follows a period of underwhelming performance, with SHIB’s value diminishing by 20% in the past week and over 10% in a single day. Presently, it is trading beneath its 200-day moving average, having experienced a mere 11 days of gains in the last month.
**Disclaimer**: The information provided here should not be construed as investment advice. Investment activities are speculative and carry inherent risks, potentially leading to the loss of capital.
