Shiba Inu’s SHIB has over the past few weeks emerged as a principal topic for debate in the crypto sphere. Despite the prevailing bear market outlook, some market watchers and analysts still seem to project bullish predictions about the dog-themed token.
In one of the most recent discussions about SHIB price moments, two renowned analysts in the finance industry, Krishna Rungta, the founder of Guru99, and Andrew Lokenauth, the founder of TheFinanceNewsletter.com, waded into SHIB price discussions.
Both appeared blunt in their evaluation of SHIB, remarking that the coin does not seem likely to live up to the hype that has long been associated with it since its onset.
Read Also: Shiba Inu Profitability Surges As SHIB Price Reclaims Key Level
Giving his take on SHIB’s price pattern, Rungta noted that the advent of the Shibarium failed to produce significant spikes in SHIB’s selling price. He added that it could be attributed to the complex nature of the crypto market.
The Guru99 founder noted, “In SHIB’s case, the Shibarium upgrade, while highly anticipated, didn’t have the immediate impact on price some had hoped for. This highlights the complexity of crypto markets, where even significant developments may not lead to immediate price surges.”
In addition, Rungta highlighted significant factors that will propel SHIB’s future price to greater heights. He spotlighted the adoption rate, external factors like regulatory issues, the general crypto market outlook, and other developments within the project.
TheFinanceNewsletter.com founder predicted further declines in SHIB price, noting that SHIB might drop to a price low of about $0.000005, a 29% decrease from its current price of $0.00000706 by January 2024.
According to Andrew, Shiba Inu could be likened to a speculative asset with no significant value or utility, lacking real-world application beyond trading.
Despite acknowledging the fact that SHIB is a prominent competitor to DOGE, he called out Shiba Inu developers for the poor communication and transparency that seemed to have limited advancements in Shiba Inu, making the coin prone to instabilities.
Read Also: This Indicator Shows that Shiba Inu is Undersold. How Does This Affect SHIB Price? Details
Per a previous news publication, Shiba Inu was recently integrated into LaborX, a Web3-based LinkedIn alternative connecting young entrepreneurs and other businesses with talents in the crypto ecosystem.
In addition, LaborX will also burn SHIB and BONE tokens accumulated from competing tasks on the platform. This is expected to go a long way in enhancing the SHIB burn rate to reduce the token’s massive supply.
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