Shiba Inu (SHIB), a popular dog-themed cryptocurrency, has exhibited strong performance in 2024. Although the crypto market is looking bearish, many analysts believe we are still in the bull market. Despite the recent display of bearishness, SHIB still boast an mpressive 150% price increase in the last 365 days.
Machine Learning Model Predicts Modest SHIB Growth
Looking towards the future, machine learning algorithms deployed by crypto analytics platform, PricePredictions, offer a forecast for SHIB’s price by April 30, 2024. This prediction, based on technical indicators like Bollinger Bands, RSI, and MWA, suggests modest growth to $0.00003. This represents a minimal gain of approximately 6.23% from SHIB’s price at the time of writing.
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SHIB Price Analysis: Recent Performance and Burning Initiatives
According to data from Coinmarketcap, SHIB is currently trading at $0.00002824, reflecting a 7.57% daily decline and a 2.43% decline on a weekly basis. Looking at broader timeframes, Shiba Inu has seen significant growth over the past month, with a 21.64% increase.
An important factor contributing to this positive sentiment is the activity on the SHIB network, particularly regarding token burning. According to data from SHIB burn tracker, Shib’s burn rate surged by over 2,330% in March.
This process aims to reduce the overall circulating supply of SHIB, aimed at boosting the price in the long term. It’s important to point out that the effectiveness of token burning initiatives on price is a debated topic within the crypto community. Some analysts believe it can significantly impact price, while others argue its impact is minimal.
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Read Also: Machine Learning Model Sets Shiba Inu (SHIB) Price For April 1, 2024
Investor Confidence and the Importance of Research
Further bolstering SHIB’s prospects is recent advice from prominent Bitcoin investor Davinci Jeremie. He recommends the inclusion of SHIB in portfolios, citing the aforementioned burning mechanism and the development of the Shibarium blockchain, a dedicated blockchain network for SHIB.
While the machine learning prediction suggests modest growth, the cryptocurrency market remains highly volatile. Unexpected events can significantly impact prices. Therefore, conducting thorough research, staying informed about SHIB developments, and understanding the inherent risks involved are crucial before making any investment decisions.
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