As Shiba Inu continues to trade above $0.00001, market analysts speculate that the price of the canine-themed cryptocurrency will soar higher by January 2024.
It is common knowledge that 2023 was an outstanding year for Shiba Inu (SHIB). The crypto asset took a major leap towards shredding its memecoin title following the launch of its Layer-2 blockchain Shibarium.
Aside from the launch of Shibarium, the team behind the canine-themed token also spearheaded the rollout of other significant projects specifically designed for the cryptocurrency, including Shib Magazine and Shib Name Service (SNS).
Despite the rollout of these remarkable projects, Shiba Inu did not meet many investors’ expectations regarding its price in the early part of the year.
In June, SHIB crashed to around $0.00000650 following a downturn in the crypto market. Interestingly, SHIB rallied to above $0.00001070 on August 13 as Shiba Inu enthusiasts anticipated the rollout of Shibarium. However, the rally was short-lived as SHIB plunged below $0.000009 immediately after the L2 blockchain launched.
Since August 16, SHIB has been trading below $0.00001 until this month, when it finally broke the resistance amid increased whale activity and Shibarium-powered burns.
While whales have been scooping huge amounts of SHIB from exchanges, the team behind Shiba Inu has burned over 33 billion tokens using a portion of Shibarium gas fees. These activities have helped SHIB stay above the $0.00001 price level for most part of the month.
At the time of writing, SHIB was changing hands at $0.00001086, up 4% over the past 24 hours. Although SHIB’s recent price performance has been commendable, the canine-themed token is expected to surge even higher by January 2024.
Market analysts predict that the bare minimum price prediction for SHIB by January 2024 could be around $0.00000950, plunging 12.5% from its current price.
Conversely, the analysts also set Shiba Inu’s maximum price target for next month to $0.00001170. Furthermore, the analysts also forecast that Shiba Inu could have an average price of $0.00001060 by January 2024.
These predictions will not shock many, given that the broader crypto sentiment for crypto next year has been bullish.
This is major because of the expectations regarding the launch of a spot Bitcoin exchange-traded fund (ETF) in the United States.
Notably, the SEC faces a deadline of January 10 to decide whether to approve or deny the first spot Bitcoin ETF application filed by Ark Investment Management and 21 Shares.
With several analysts predicting that the SEC would approve one or multiple Bitcoin ETF applications, an approval could bolster BTC prices, thus having a positive impact on other crypto assets, including Shiba Inu.
It will not be a daunting task for Shiba Inu to hit or surpass these price targets by next month, given the widespread adoption of SHIB among whales and the continuous incineration of the tokens on Shibarium.
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