Shiba Inu (SHIB) is a meme coin, like Dogecoin (DOGE), and it has had some good and bad things happen in the last few weeks. People think it might do better than DOGE on the market in February 2024.
In simpler terms, on January 24, the Shiba Inu team said they’re changing their focus to something called Shibdentity, which is all about decentralized identity on the internet.
However, despite this plan, the value of SHIB has gone down by more than 20% in 2024 because of larger market trends, like the sale of Grayscale GBTC shares.
SHIB reached a peak of $0.00001092 on January 2nd, but its price has been going down since then. It dropped to a low of $0.000008574 on January 8th. However, there’s some good news, as it has been slowly going back up and is currently trading at $0.000008984 as of February 2nd.
Let’s take a closer look at how SHIB’s system works and see what these changes could mean for predicting the price of Shiba Inu.
The current situation of the Shiba Inu community.
In 2024, Shiba Inu is putting a lot of attention on something called Shibdentity. This is all about changing how digital identification works on the internet, especially in the Web3 system. Shiba Inu is working with a company called D3 Global, which is an expert in setting up online domains, to make Shibdentity widely used and easy for people to use.
Shibdentity wants to make things easier in the Shiba Inu community, like how the Ethereum Name Service (ENS) makes using Ethereum simpler by using easy-to-remember names instead of complicated wallet addresses.
Shibarium, the second layer of Shiba Inu’s blockchain, has been doing well since it started in August 2023. As of February 2, it has handled more than 328 million transactions, created over 2.9 million blocks, and attracted almost 1.35 million wallet addresses, according to the project’s data.
Furthermore, the Shiba Inu platform has successfully decreased the number of its tokens. The most recent data shows that 410.7 trillion SHIB tokens have been removed from the original supply.
In the crypto market, it’s a common tactic to boost the value of a token by lowering its supply, as long as people keep wanting it or the demand goes up.
Factors affecting Shiba Inu price prediction in 2024
Various factors affect the Shiba Inu price predictions for 2024, and each of them plays a part in shaping how the market behaves.
The future price of SHIB depends a lot on how well Shibarium does. In 2024, things like making it work better with more transactions, increasing its speed, and setting up a system to automatically burn SHIB tokens will be important for its success.
Impact of influencer endorsements
The SHIB market is easily affected by things like social media excitement. For example, tweets from important people like Elon Musk, who often influence cryptocurrency prices, have really changed how much SHIB is worth. This sensitivity might change SHIB’s price in the future.
SHIB’s engagement with the metaverse
SHIB is also part of the metaverse, which is important. It’s being included in games and virtual worlds, making it more useful and interesting.
Creating metaverse apps like the ‘Shib the Metaverse’ project might make more people use SHIB and find it valuable, not just as a meme coin.
Transformation through utility and dApps
The Shiba Inu’s progress from a meme token to a more solid project depends on how much its usefulness and decentralized applications (dapps) expand.
ShibaSwap, the decentralized exchange, should be used more for trading SHIB and other tokens to increase liquidity and accessibility.
The success of the Shiboshis NFT collection and the Shiba Eternity game is important for Shiba Inu’s growth. To make Shiba Inu successful, tokens like BONE and LEASH need to become more important by supporting governance and joining metaverse land initiatives.
Influence of Bitcoin halving
A really important thing to consider is the Bitcoin halving in 2024. This happens every four years and cuts the reward for mining Bitcoin in half. This could mean there’s less new Bitcoin available, which might affect the whole crypto market, including SHIB.
The 2024 Bitcoin halving might affect Shiba Inu’s price indirectly. It could make people more optimistic about the market or make the market more unpredictable.
Shiba Inu price prediction: short-term outlook
In the next little while, it looks like the price of the Shiba Inu coin might go up and down. According to CoinCodex, a prediction says it could decrease to $0.000007733 by February 13, which means it might drop a lot from its current price.
But Shiba Inu’s path isn’t only going down. CoinCodex also expects it to go back up to about $0.000009785 by March 2.
Remember, predictions about Shiba Inu’s price can be uncertain, so be careful. When thinking about SHIB’s price or any crypto investment, it’s important to do your own research and not just trust predictions, which may be wrong.
Shiba Inu price forecast: long-term outlook
In 2024, predictions for Shiba Inu’s price vary. According to different prediction tools, Digital Coin Price thinks it could reach $0.0000181, indicating a positive outlook. On the other hand, Wallet Investor predicts a lower price of around $0.000004030, being more cautious.
Looking ahead to Shiba Inu’s price in 2025, it looks like it might slowly go up.
DCP predicts it could be around $0.0000224, showing an increase from their 2024 estimate. On the other hand, WI’s analysis suggests a much lower price of $0.000000745.
Looking ahead to 2030, predictions for the Shiba Inu price are interesting. DCP thinks it could be $0.0000644, showing a positive trend for SHIB in the next ten years.
On the other hand, Coin Codex gives a wider range, estimating it could be as low as $0.00004705 or as high as $0.00008868.
Always be careful when considering these predictions and do thorough research. Investing in cryptocurrencies is risky, and the market can change a lot, causing you to lose a significant amount of money.
Even though computer-generated forecasts can give helpful information, they are not always right. You should use them along with other tools to make smart investment choices.
Is it a good idea to invest in Shiba Inu?
The answer depends on different things, like how the market is doing and how comfortable you are with taking risks. Shiba Inu started as a meme coin but has grown into a more complicated system with things like Shibarium. However, it’s still a risky investment because its value can go up and down based on what people think and say on social media. It’s smart to only invest money you can afford to lose and think about spreading your investments to be safer.
Is it a good idea to put money into Shiba Inu?
Before deciding, think about your financial situation, why you want to invest, and how much risk you’re okay with. Shiba Inu has grown, but it’s a risky investment because its price can change a lot. Make sure to do your own research and maybe talk to a money expert before deciding.
Is Shiba Inu going to go higher or lower?
It’s hard to predict because the cryptocurrency market can change a lot. Short-term predictions say the price might go up and down. Long-term forecasts show different possibilities, suggesting the price could either go up or down.