As the larger part of the cryptocurrency industry is going through a cooldown, the popular dog-themed meme coin Shiba Inu (SHIB) is no exception, as it is recording declines on all of its recent price charts, and machine learning and artificial intelligence (AI) algorithms are not optimistic.

Indeed, the crypto winds seem to have slowed down lately for the majority of digital assets, including Shiba Inu, the currently 13th-largest asset in the crypto sector by market capitalization, despite the latest innovations in the form of the launch of the ShibTorch burn portal on the Shibarium network.

Shiba Inu price prediction

As for its performance in the following weeks, Shiba Inu could continue to trade in more or less the same manner, concluding the month at the price of $0.000013, which is what advanced AI and machine learning models deployed by crypto market analytics and forecasting platform Price Predictions project for August 31, 2024.

More recently, however, it has come to light that SHIB is facing selling pressure from futures trades, considering that the Coinglass Crypto Derivatives Visual Screener’s plot of SHIB’s open interest (OI) versus price demonstrates that shorts are opening, signaling that traders are anticipating further declines.

Shiba Inu price analysis

For the time being, SHIB is changing hands at the price of $0.00001333, reflecting a 1.51% decline in the last 24 hours, dropping 4.92% across the previous seven days, and accumulating a loss of 25.16% over the past month, albeit advancing 29.41% since the year’s turn.

Ultimately, SHIB could continue making bearish movements (or lack bullish ones) toward the end of this month, although the market could yet price in the positive developments in its ecosystem. Regardless, doing one’s own research and keeping up with any SHIB news is critical when investing in this crypto asset.

Not financial advice!
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