Shiba Inu (SHIB) entered November as it moved up a spot on the cryptocurrency list. The meme coin saw a slight surge in market cap and took over Avalanche (AVAX) as the 12th-largest cryptocurrency. SHIB’s market value currently stands at $9.89 billion. Sadly, the asset witnessed a dip over the weekend.

Also Read: How High Bitcoin(BTC) May Pump If Trump Wins The US Elections?

How Is Shiba Inu Faring Now?

The second-largest meme coin in the market saw a significant drop over the past couple of days following a great week. The asset rose to a high of $0.00001950 last week. But at press time, Shiba Inu traded at $0.00001677 following a 2% drop over the past 24 hours.

Despite this plunge, the sentiment in the meme coin market seemed optimistic. According to CoinMarketCap’s Community Sentiment, most of the SHIB Army was bullish. Of 43661 votes, 88% were optimistic about Shiba Inu surging in the coming days. A dainty 12% of the crowd seemed to be bearish about this.

Also Read: ChatGPT Predicts Dogecoin (DOGE) Price If Musk Assumes A Cabinet Role

November Price Prediction

The above sentiment will come to life during the rest of November. According to CoinCodex, the meme coin will rise to a high of $0.00003539 following a 111% rise from its current price level. The firm revealed that the asset is expected to trade at an average price of $0.00002067. The lowest that SHIB will be priced at this month is $0.00001562.

November has historically been bearish for the meme coin. Data from CryptoRank highlighted that the average price change of SHIB is negative 13.6%. The asset, however, saw a 6% surge last year in 2023.

In addition, in 2022 and 2021, Shiba Inu recorded a 24% and 29% drop, respectively. While the asset has only dipped so far this month, the community hopes that the CoinCodex prediction comes to life.

Also Read: Top 3 Stocks to Buy Now If Kamala Harris Wins the Election