Here is the Shibainu forecast, as I see the movement of the coin during December, and below is the argumentation and explanation.
As I wrote in the forecast for November, which turned out to be correct, Shiba should be compared with other meme coins, and not with Bitcoin, Ether and other steadily growing cryptocurrencies. Shiba is not the first meme coin, so we have a chance to predict its behavior by comparing it with other meme coins. At the end of October, when I made my forecast for November, I chose Doge as a pair to compare with Shiba, because Doge’s pump was relatively recent and the reasons for it growth are approximately similar. Who does not know, Doge began as a meme coin after a poll on one of the Twitter accounts among users, where the question was asked: “which coin do users consider more promising.” In the comments, many peoples wrote about Doge, after admin of that page chose it and began to predict its growth. This was the first Doge’s pump. After that, Elon Musk began to mention the DOGE, which led to the strengthening of the upward movement of the coin.
Shiba Inu has about the same story, the coin attracted with its value with many zeros, users began to guess that if it ever soars to even one cent, you can become millionaires by investing now only 100 dollars. One cent is considered by many to be a very real price if you look at the bitcoin price of $ 60,000, but many forget the fact that the price of 1 cent for a shibu implies a coin capitalization several times larger than bitcoin. Nevertheless, a meme is a meme, the community begins to grow, the price gradually increases. Then, Elon Musk posts on Twitter a photo with a Shiba puppy, which leads to a pump of the coin and the beginning of its already serious growth and an increase in the community. It is still a mystery to me whether Ilon had plans to hype Shiba, it seems to me that the goal was to hype Doge, but many regarded this as support for the Shiba, after which its stronger growth began. After that, Elon said that he did not have a Shiba coin, which led to a short-term price decrease, but the community and the meme could not be stopped).
In this regard that I took for comparison the Doge’s chart to Shiba, since the coins have approximately the same history, etc., which turned out to be correct in November and the coin absolutely reached my goal at the end of the month.
I understand that Shiba now has its own positive background for growth, and the destruction of tokens, etc. But with such decline, you need to understand that there is also a negative background, every day many investors want to come out of the coin. And for the start of growth, sales must be stop and a more positive background for growth should be formed. In the short term, I do not see such a background, so I believe that the coin will continue to move further as Doge in this period of decline after it pumped, after which an upward movement may form.
On the main chart, added Doge’s movement after the pump, the similarity of the movement is obvious. The forecast may be hampered by an overly favorable background in the crypto market by the end of the year, but I think this is unlikely, since the entire background will be aimed at the growth of nft and meta coins, the shiba has no prospects for growth in the near future.Join my Telegram channel to get market updates quickly and follow my Twitter to get intraday thoughts about the markets. Also, in my Instagram I post short reviews about promising coins.
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