The Shiba Inu (SHIB) network has endured a tumultuous month. The meme coin witnessed a 21% drop over the past 30 days. As a result, the holders of the asset hope that SHIB ends the month on a relatively bullish note.
At press time, SHIB was trading at $0.00001406, following a 2.36% increase over the past 24 hours. The meme coin is trying to reverse the bearish trend it was caught up in throughout the month.
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SHIB Price Prediction for August 2024
Recent data reveals that Shiba Inu is expected to end this month relatively positively. According to Changelly, SHIB will witness a triple-digit surge this week.
The meme coin will close the month at a high of $0.00002170 following a 56% rise from its current levels.
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Can Shiba Inu’s Correlation with Bitcoin Spell Trouble?
According to data from IntoTheBlock, a market intelligence company, the price correlation between Shiba Inu and Bitcoin is at 0.94, close to a high of 1.
As a result, the price movement of the meme coin is mimicking that of the king coin. Shiba Inu is in a complex scenario as it fluctuates above and below the $0.000014 price level.
Bitcoin has battled over the last few days to maintain above the $60,000 support level. At press time, it was trading at $60,819.50, with a 2% increase over the past 24 hours.
Similar to Shiba Inu, there has been a notable halt in the growth of demand for Bitcoin, which has resulted in adverse price action.
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Therefore, a potential uptrend in the Bitcoin market could also push the price of SHIB.