Shiba Inu (SHIB) entered 2024 with a whimper, not a bang. The digital asset has begun shedding its gains from late last year, tumbling 6.19% in the past week and adding a zero it struggled to erase last year.
At the time of writing, Shiba Inu (SHIB) is trading at $0.000009622. This bearish entry into the new year has drawn pessimistic predictions from experts like Andrew Lokenauth, creator of The Finance Newsletter, who predicts a further dive to the $0.000005 price level.
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While the immediate outlook may seem bleak, this is not the end of the road for SHIB. A closer look reveals glimmers of hope amid the carnage. Firstly, SHIB’s woes mirror the broader crypto market’s struggles. The crypto market’s decline was caused by rumors that the SEC could potentially deny all spot Bitcoin ETF applications.
The Bitcoin ETF approval hype has been driving optimism in the crypto market for over a month. The rumors of a potential denial across the board sent the market into a downward spiral, losing 7.5% of its market cap.
Changelly, a crypto exchange known for its long-term cryptocurrency predictions, also paints a less gloomy picture for Shiba Inu (SHIB). Changelly anticipates a rebound starting on January 4, the analysts expect SHIB to recover the $0.00001 price level by January 5 with a predicted price of $0.00001005.
Although Changelly provides a more optimistic view than Lokenauth, the analysts at the exchange don’t expect SHIB to make much progress this month. The crypto asset is expected to reach its January peak of $0.00001036 on January 10. They also expect SHIB to struggle through the month, and close at $0.000008886 on January 31.
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What’s Next for Shiba Inu (SHIB)?
So, can SHIB defy the odds? The answer lies in its ability to perform two tasks. The first is successful burns at a higher rate, and the second is generating investor interest. The burn mechanism’s success in reducing supply, coupled with potential ecosystem expansion through projects like Shibarium, could reignite investor interest.
However, external factors can also help push SHIB up. Just like the rumors of Bitcoin ETF denial sent it tumbling, approval from the SEC could send SHIB and the rest of the market flying. There’s also the upcoming Bitcoin halving event, which analysts and experts believe will send the crypto market to new heights in the coming bull run to be led by Bitcoin (BTC).
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