SHIB Price Forecast: A Peek into February 2024

• Bitcoin and Shiba Inu Face Significant Market Corrections
• Shiba Inu (SHIB) Price Forecast for February 2024
• Changelly's Price Predictions for Shiba Inu (SHIB)
• Shiba Inu's (SHIB) Performance in 2023
• Shiba Inu (SHIB) May Rebound Later This Year

Bitcoin and Shiba Inu Face Significant Market Corrections

The digital currency market has experienced a considerable correction in the past few days, most notably with Bitcoin$42,260 -0.64% (BTC) dropping below the $40,000 threshold. Many attribute this correction to the substantial sell-off of Grayscale's Bitcoin fund, GBTC. Shiba Inu$0.000010 -2.05% (SHIB), the famed memecoin, also experienced a downturn, depreciating by over 9% in the past week, and an 18% decrease in the past month. SHIB's price descended to less than $0.000009 for the first time since early December 2023.

Shiba Inu (SHIB) Price Forecast for February 2024

According to CoinCodex, it is anticipated that SHIB could attain a price of $0.000009286 by February 7, 2023. This would be an approximate increase of 5.6% from present levels. However, CoinCodex also suggests a decrease to around $0.0000080 by mid-February, representing a drop of close to 9% from current figures. It is expected that SHIB's price will fluctuate between $0.000008 and $0.000009 during February.

Changelly's Price Predictions for Shiba Inu (SHIB)

Similarly, Changelly forecasts Shiba Inu (SHIB) to reach $0.000008125 on February 1, 2023, a drop of around 7.5% from existing levels. However, the platform also anticipates SHIB to ascend to $0.000009796 during the first week of February, a rise of approximately 11.5% from the current price.

Shiba Inu's (SHIB) Performance in 2023

Despite the launch of a significant layer-2 network in August the previous year, Shiba Inu's (SHIB) price has consistently struggled throughout 2023. Even though the Shibarium network has been achieving new milestones regularly, the cryptocurrency's performance has been underwhelming.

Shiba Inu (SHIB) May Rebound Later This Year

However, there are predictions that Shiba Inu (SHIB) could recover later in the year. Based on Changelly's forecast, SHIB could reach a maximum price of $0.0000149985 in 2024. Additionally, the introduction of a new token-burning mechanism on Shibarium could help decrease SHIB's supply, thereby increasing demand. Nevertheless, it is important to note that burns alone will not guarantee a price increase for SHIB. To trigger a rally in price, the project requires increased adoption and demand.

Edited by Jonathan Stoker