The cryptocurrency market has faced a significant correction over the last few days, with Bitcoin (BTC) falling below the $40,000 mark. The latest correction was likely due to the massive selloff of Grayscale’s Bitcoin fund, GBTC. Shiba Inu (SHIB) also faced the brunt of the market correction, falling over 9% in the weekly charts and 18% over the previous month. The popular memecoin’s price dropped to below $0.000009 for the first time since early December 2023.
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Shiba Inu (SHIB) price prediction for February 2024
According to CoinCodex, SHIB could reach a price of $0.000009286 by Feb. 7, 2023, a rise of around 5.6% from current levels. However, the platform anticipates SHIB to fall to about $0.0000080 by mid-February, a drop of nearly 9% from current levels. CoinCodex expects SHIB to oscillate between $0.000008 and $0.000009 throughout February.
Changelly predicts Shiba Inu (SHIB) to hit $0.000008125 on Feb. 1, 2023, a fall of around 7.5% from current levels. However, the platform anticipates SHIB to climb to $0.000009796 by the first week of February, a growth of about 11.5% from current levels.
Shiba Inu’s (SHIB) price has struggled throughout 2023 despite a significant layer-2 network launch in August last year. Although the Shibarium network is reaching new milestones ever so often, the asset’s performance has been lackluster.
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However, Shiba Inu (SHIB) may bounce back later this year. Changelly predicts a maximum price of $0.0000149985 for SHIB in 2024. Moreover, the project has introduced a new token-burning mechanism on Shibarium. The burn mechanism could help reduce SHIB’s supply, driving demand. However, burns alone will not push SHIB’s price. The project will need more adoption and demand for price to rally.
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