Cryptocurrency Meme Shiba Inu (SHIB) features a sustained sell-off in 2022, which is in line with the general trajectory of the digital asset market. However, with no signs of a possible bull run in the near term, the SHIB community is still betting that the token will finish the year high.
In this line, the SHIB community on CoinMarketCap estimates that the token would be valued at an average price of 0.000011 by December 31, 2022, representing a gain of 17.53% from the asset price at the time of publication. The estimates are based on the votes of 2,924 members using the price estimation function, according to data obtained by Finbold on November 12.
Notably, the community members' bet is in line with the growing number of SHIB holders, an indicator that investors still believe the token will recover in the future, possibly regaining its 2021 highs.
In this line, SHIB has seen a steady increase in holders, with 1,243,497 as of November 11. Holders represent an increase of 3% or 37,225 over the last three months.
Elsewhere, SHIB technical analysis remains bearish as the decentralized finance (DeFi) token feels the effects of the FTX cryptocurrency liquidity crisis. Indeed, the technical summary is concurring with “sell” at 14, with moving averages favoring “strong sell” at 13, while oscillators are “neutral” at nine on the daily indicators.
Meanwhile, SHIB extended its weekly losses and was trading at $0.0000096 at press time, down more than 23% in the past seven days. The asset recorded less than 1% gain on the daily chart.
SHIB is unable to sustain profits
It's worth noting that SHIB recently found some relief as a result of Elon Musk's acquisition of social media giant Twitter (NYSE: TWTR ). Musk's purchase of Twitter acted as a short-term catalyst for dog-themed cryptocurrencies such as SHIB and Dogecoin (DOGE).
In general, SHIB failed to hold on to gains after the FTX crisis hit the crypto sector. Amidst the collapse, the SHIB community continues to evolve the network in an effort to improve the utility of the asset.
At the same time, SHIB seems to remain popular among traders. For example, it turns out that SHIB accounts for about 20% of the $2.9 billion worth of assets held in the reserves of crypto exchange Crypto.com. The platform published the results at a time of increased pressure on crypto entities to demonstrate reserves following the FTX liquidity crisis.
All in all, for SHIB to make solid gains, the asset's outlook is largely dependent on the price trajectory of the general cryptocurrency market.
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