For Shiba Inu (SHIB), the ever-changing cryptocurrency world has been an exhilarating and challenging ride. Let’s examine the possible scenarios that SHIB may encounter in the upcoming months and dissect the nuances of its recent troubles as a seasoned blockchain developer and ardent crypto enthusiast.
Shiba Inu’s Recent Performance: A Roller Coaster Ride
The past year hasn’t been great for Shiba Inu, despite the hype surrounding the token. SHIB’s price did not increase significantly, despite the introduction of a major layer-2 network. While the token experienced a shift in decimal places, reflecting the upward trend in the market, it was not exempt from the overall correction.
According to the most recent data, SHIB is seeing a decline of about 6% on the daily chart and a more notable decline of more than 12% on the weekly and monthly charts. The token’s price has increased by a meager 7.3% since January 2023.
The Dog-Themed Crypto Anticipation: Will SHIB Bounce Back in 2024?
Dogecoin (DOGE) and Shiba Inu took a backseat in the crypto narrative last year. However, enthusiasts and investors remain optimistic about SHIB’s resurgence in 2024, speculating on the potential for a new bull run. A key factor in this anticipation is the expectation that the US Securities and Exchange Commission (SEC) might approve spot Bitcoin (BTC) ETF applications in January 2024. Additionally, Bitcoin’s approaching halving cycle in April adds fuel to the bullish projections, with some predicting six-digit figures for the pioneer cryptocurrency.
Forecasting SHIB’s Price in the Wake of Bitcoin’s Surge
Google’s Bard AI Chatbot ventures into predicting SHIB’s price in the event Bitcoin reaches $200,000. The AI presents two scenarios based on the correlation between SHIB and BTC:
1. Strong Correlation Scenario:
In this scenario, SHIB’s price could surge to $0.00004386, marking an impressive 380% increase from current levels. However, the chatbot remains cautious, refraining from predicting a return to SHIB’s previous all-time high of $0.00008616 in October 2021.
Also Read: Shiba Inu: Breaking Down the $1 Token Hype and Potential for 2024
2. Weak Correlation Scenario:
If SHIB’s price exhibits a weak correlation to BTC’s surge, it might reach $0.00001357, a more conservative yet notable 50% increase from its current position.
