Shiba Inu (SHIB), the second largest dog-themed meme coin, had a rough 2023. Although SHIB has not reclaimed its yearly high of $0.00001471, which it reached on February 5. it is still up 32.91% from last year, currently trading at $0.0000106.
As the year draws to a close, some in the market expect SHIB to do great things in 2024. Despite falling short of some investors’ expectations, market analysts have set ambitious price targets for the meme coin giant, predicting significant gains by January 2024.
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Shiba Inu’s 2023 Journey
2023 witnessed significant developments for Shiba Inu. The dog-themed crypto project showed that it had more to offer than regular meme coins with the launch of its Layer-2 blockchain, Shibarium.
This launch marked a turning point, offering faster and cheaper transactions, and more significant token burns. Alongside Shibarium, the team unveiled exciting projects like Shib Magazine and Shib Name Service (SNS), solidifying the Shiba Inu ecosystem.
Despite climbing high in the first two months of the year, SHIB saw a sharp decline in March. After a brief climb, the digital asset dropped again in May. However, the worst of these came in the middle of June, when SHIB dropped to its all-year low of $0.000006555.
However, August 13 brought a brief rally to $0.00001072, fueled by Shibarium anticipation. This rally did not last, as a few days later, SHIB had dropped below $0.000009.
Whales and Shibarium Burns Propel SHIB
Shiba Inu (SHIB) did not reclaim the $0.00001 price level until December 9. Nevertheless, whale activity and Shibarium-powered SHIB burns had been building up to this surge.
Whales have been accumulating SHIB, while the Shibarium-powered burns have incinerated a portion of Shibarium gas fees, removing tokens from circulation. These strategic moves have driven SHIB’s recent stability above $0.00001.
Can SHIB Reach New Highs in 2024?
Market analysts predict that the bare minimum price prediction for Shiba Inu (SHIB) by January 2024 could be around $0.00000950, plummeting by about 12% from its current price.
The analysts also set SHIB’s maximum price target for January to $0.00001170. Moreover, the analysts also predicted that the digital asset could have an average price of $0.00001060 by January 2024.
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A recent analysis showed that SHIB’s consolidation around $0.00001 could be a sign of a further decline, which could send the meme coin into a free fall. SHIB is at a crucial crossroads, but it has two potential lifelines. The first is the historical New-Year Bounce, which brings a resurgence to the crypto market at the start of each year.
The second is the potential launch of a spot Bitcoin ETF in the U.S. A green light could significantly boost Bitcoin prices, positively impacting other cryptocurrencies, including Shiba Inu (SHIB).
A digital asset investment expert recently shared that a spot Bitcoin ETF approval could bring trillions of dollars in value into the crypto market, sending the entire crypto industry to new heights.
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