Shiba Inu (SHIB), the second-largest meme coin, has had a turbulent start to 2024. Despite the approval of Bitcoin Spot ETFs in the US, SHIB remains down over 12% from the start of the year. Investors, looking for a positive turn, now glance towards February, a month historically kind to SHIB.
Looking back, February has indeed been a period of growth for SHIB. Data from CryptoRank reveals a significant 20.3% gain in February 2022, followed by a more modest 1.6% increase in February 2023.
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Interestingly, SHIB has never closed February in the red, with the token’s historical average return rate for February at a noteworthy 10.95%. Could this suggest double-digit gains for SHIB in the upcoming month?
While historical trends offer a glimmer of hope, caution is paramount. The cryptocurrency market is famously volatile, and past performance is no guarantee of future success. Moreover, external factors beyond February’s historical significance can significantly impact SHIB’s trajectory.
The Auto-Burn Portal
One such factor lies within the Shiba Inu ecosystem itself. The development team’s actions in February will play a crucial role. The highly anticipated Shibarium auto-burn portal, slated for release this month, holds immense potential.
This novel solution, initially deployed on Puppynet for testing, aims to permanently remove millions, potentially billions, of SHIB tokens from circulation through predefined rules.
Increased adoption of Shibarium would directly correlate with the frequency and volume of these burns, further contributing to SHIB’s deflationary model and potentially raising its price.
However, the widespread adoption of Shibarium is not automatic. Its success hinges on attracting users and developers to the platform. The team’s ability to effectively market and deliver on the burn portal’s promises will be crucial in driving this adoption.
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Read Also: Shiba Inu Price Faces Uncertainty as 1 Trillion SHIB Tokens Hit Exchanges. What’s Next? Details
Other Factors That Might Influence Shiba Inu (SHIB)
Beyond Shibarium, February could see other developments affecting Shiba Inu (SHIB). Broader market movements, particularly those related to Bitcoin, can heavily influence the entire cryptocurrency landscape. Regulatory updates or unexpected industry events can also play a part.
An analyst also drew attention to a bullish falling wedge on SHIB’s chart recently. Based on this Bullish signal, SHIB could reach $0.00001486, a significant increase from the current price of $0.000009066.
However, while February’s historical track record paints a potentially bullish picture, it is essential to temper expectations with awareness of the market’s inherent volatility and the ongoing challenges facing SHIB. Investors will have to wait and see if SHIB can keep the streak going.
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