Shiba Inu (SHIB), and other memecoins like Dogecoin (DOGE), took a backseat in 2023. From Jan. 1, 2023, to Jan.1, 2024, SHIB’s price rallied around 28%. Although the growth is welcome, SHIB did not perform as well as Solana’s (SOL) almost 1000% growth and Bitcoin’s (BTC) over 150% growth in the same time frame. SHIB struggled despite launching a significant layer-2 network, Shibarium. Nonetheless, investors and fans hope 2024 will be different for the popular dog-themed cryptocurrency.
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How high can Shiba Inu (SHIB) rise in January 2024?
According to CoinCodex, SHIB’s price could surge to $0.00001158 by the end of January 2024, a rise of about 7.2% from current levels. However, the platform anticipates SHIB to drop to around $0.000009 in mid-January before picking up steam.
Changelly, on the other hand, predicts SHIB to hit $0.00001136 by Jan. 31, 2024, a rise of about 7% from current price levels. Moreover, Changelly also anticipates SHIB to fall below $0.00001 in mid-January.
Telegaon predicts Shiba Inu (SHIB) to reach a maximum of $0.0000571 in 2024. However, the platform does not clarify when the memecoin could achieve this target.
Many platforms and analysts anticipate SHIB’s price to rise in 2024. However, the question is when will SHIB rally. If the crypto market enters a bull run, fuelled by a spot BTC ETF (Exchange Traded Fund) and BTC’s halving in April, SHIB may follow suit. Moreover, the memecoin did not rally as much as others last year. Hence, we may see an upward movement this year.
Also Read: Shiba Inu: Shibarium To Start Burning SHIB Tokens From January 2024
Moreover, SHIB’s layer-2 network, Shibarium, will begin burning tokens from January, which may aid in the price rise. One of the most significant barriers to SHIB’s price is its massive circulating supply. If the team can reduce SHIB’s supply, we may see a surge in the asset’s price soon.
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