Popular meme coin Shiba Inu (SHIB) has started a rally on the head of Ethereum Merge. However, he later gave back his earnings. As a new month begins, the CoinMarketCap crypto community predicted the Shiba Inu price for the end of September with 7,800 participants.
Crypto community’s September SHIB forecast
After the historic rally in 2021, the momentum of meme coin Shiba Inu (SHIB) seems to be weakening in line with the overall bearish momentum affecting the industry. However, in recent weeks the token has posted sustained positive gains, with investors hoping the rally will continue.
In particular, the CoinMarketCap crypto community predicts that SHIB will be trading at an average price of $0.000015 by the end of September 2022. This means a gain of over 23% from the price of the cryptocurrency compared to the current situation. The estimate is based on the votes of 7,837 community members.
SHIB average price forecast / Source: CoinMarketCapSHIB is making positive gains
The bullish projection is associated with SHIB’s recent price action, where the asset is mostly trading in the green zone, despite other assets posting large sell-offs. Accordingly, the latest price puts SHIB on the verge of completing two months of flat gains. cryptocoin.com As you follow, during the period, the asset’s value peaked on August 15. SHIB was trading at $0.0000122 at press time.
SHIB monthly chart / Source: TradingViewAccording to experts, news about the upcoming Ethereum (ETH) Merge upgrade is also effective in the recovery of the token. Accordingly, it has benefited from a broader crypto market rally. Interestingly, the rest of the market failed to sustain gains after being pressured by the Fed’s attempt to raise interest rates to curb rising inflation.
Moreover, the number of transactions on the SHIB network maintained a steady rise, reaching a three-month high of 254,227 as of August 2022. According to experts, given this situation, the interest in the token is also increasing. The figure represents a 61% increase from 157,889 transactions. These transaction numbers were recorded in June, according to Bloxy.Info data. In this context, the data show that it has climbed for three consecutive months.
SHIB transaction count graph / Source: Bloxy.InfoImpact of Shiba Inu network activity
Meanwhile, developers are moving towards making Blockchain a fully-fledged decentralized ecosystem and transferring 100% rights to the community to manage the protocol. Experts note that SHIB’s bullish projection is also due to network activity. Investors maintained a largely pessimistic outlook for most of the year. Specifically, the network has listed various activities that could change these mindsets of investors.
One notable event is the launch of Shiba Eternity, a blockchain-based card game with a meme cryptocurrency theme. The game has since recorded success after being released on iOS devices. The community’s long-term incineration plans are also important. There are other use cases as well, such as being included in payment systems. Experts say SHIB will potentially benefit from these as well. In particular, a minimum of 410.37 trillion SHIBs have been burned since the launch of the incineration portal. Therefore, experts expect the reduction of circulating SHIB to increase the value even more.
