At the beginning of the new year, financial experts have different predictions for Shiba Inu (SHIB) based on its recent positive performance.
Two experts, Andrew Lokenauth, the founder of TheFinanceNewsletter.com, and Krishna Rungta, the founder of Guru99, offered their insights on SHIB’s potential price movements for early 2024.
Andrew Lokenauth, TheFinanceNewsletter.com Founder
Lokenauth considers Shiba Inu as a purely speculative asset without underlying value or utility, limited real-world use cases, and poor transparency in developer communication. He believes Shiba Inu competes with other dog-themed meme coins like Dogecoin and anticipates its price to continue declining due to the absence of major catalysts and the overall bearish market sentiment. His prediction places the price of Shiba Inu at $0.000005 at the beginning of 2024.
Krishna Rungta, Guru99 Founder
Rungta pointed out that despite the high expectations for the launch of Shibarium, it didn’t have an immediate impact on Shiba Inu’s price. He emphasized that this highlights the complexity of the cryptocurrency markets, where significant developments may not lead to instant price surges.
He also highlighted the various factors influencing Shiba Inu’s price, including internal aspects like the project’s development progress and adoption rate, as well as external factors such as regulatory changes, market sentiment, and the overall performance of the broader cryptocurrency sector.
SHIB Price Analysis
Currently, SHIB is trading at $0.00000707, marking a 0.46% daily increase. However, it’s down 0.54% over the past week and has lost 5.3% on the monthly chart, based on data from October 16.
SHIB 30-day price chart. Source: Finbold
Considering various factors, SHIB may struggle to make a strong recovery in January. However, AI algorithms suggest that it could begin the new year on a positive note, with a projected price of $0.000007146 on January 1, 2024.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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