AI Forecasts Shiba Inu (SHIB) Price for February 2024

• Shiba Inu (SHIB) Continues to Face Challenges in 2023
• Predictions for Shiba Inu (SHIB) Performance on February 1, 2024
• Contrasting Predictions by Changelly and CoinCodex
• Shiba Inu's Performance in 2023 and The Future

Shiba Inu (SHIB) Continues to Face Challenges in 2023

The meme-inspired cryptocurrency, Shiba Inu$0.000010 -2.05% (SHIB), has experienced a turbulent start to the year. The coin has seen a 2.1% reduction in the past day, a 6.7% decrease in the last two weeks, and a 13.6% fall in the last month. Since the start of 2023, the price of SHIB has plunged by over 24%. This significant decrease occurs after the recent crypto market sell-off, which is potentially down to investors offloading their Grayscale GBTC shares.

Predictions for Shiba Inu (SHIB) Performance on February 1, 2024

Despite the recent downturn, Shiba Inu's price is expected to rally in the coming days. According to the machine learning algorithm by PricePredictions, the SHIB price could likely increase to $0.000011 on February 1. This potential price surge would correspond to a growth of approximately 21.4% from current values. PricePredictions also suggests the rally could continue until at least February 17.

Contrasting Predictions by Changelly and CoinCodex

However, Changelly presents a different prediction, anticipating a decrease in Shiba Inu's price. They project it to fall to $0.000008532 on February 1, signifying a decline of roughly 5.8% from the current value. The platform anticipates SHIB to oscillate between $0.000009 and $0.000008 throughout February, reaching a peak of $0.000009888 on February 26.

Meanwhile, CoinCodex predicts a modest rise in Shiba Inu's price to $0.000009151 on February 1, representing an increase of around 1.02% from present levels. They expect SHIB to fluctuate between $0.000009 and $0.000008 over the course of February. Both Changelly and CoinCodex do not foresee SHIB erasing a zero in the near future.

Shiba Inu's Performance in 2023 and The Future

The performance of Shiba Inu (SHIB) has been subpar throughout 2023 and this trend looks to continue into the new year. Despite this, the Shiba Inu team has disclosed a novel automated burn mechanism for its layer-2 network, Shibarium, which may help to elevate the token's price.

Edited by Jonathan Stoker