Shiba Inu (SHIB) is navigating a series of highs and lows as it strives to establish itself as more than just a meme coin. Recent weeks have brought a mix of developments and challenges for SHIB, positioning it as the second most popular meme coin after Dogecoin (DOGE). Moreover, there are speculations that it could potentially surpass DOGE in market performance in February 2024.
SHIB has faced a drop of over 20% since the beginning of 2024. This dip can be credited to broader market tendencies like the sell-off of Grayscale GBTC shares.
From its peak at $0.00001092 last January 2, the price of SHIB has been spiraling downwards to a recent low of $0.000008574 on January 8. Still, there is some good news for SHIB owners as per the latest trading at $0.000009103 as of February 2.
Shibdentity, Shibarium Growth, and Key Factors for Shiba Inu’s 2024 Outlook
One of the more notable strategy shifts came on January 24th when the Shiba Inu team announced a shift toward Shibdentity as a strategic move. This new shift emphasizes a new focus on decentralized identity among the web3 ecosystem, a forward-thinking initiative to help shape digital identification moving forward.
Update Shib Name Service https://t.co/VoByLy8guX
— 𝐋𝐔𝐂𝐈𝐄 | Shibarium ⛓️ (@LucieSHIB) December 28, 2023
This will focus on Shibdentity, aiming at simplifying digital identification within the web3 ecosystem in partnership with D3 Global’s domain infrastructure. Shibdentity is much like Ethereum Name Service (ENS) that simplifies Ethereum user experiences and aims to simplify but in the user-friendly sense within the Shiba Inu ecosystem.
Shiba Inu’s layer-2 blockchain platform, Shibarium, has seen tremendous growth following its mainnet launch in August 2023. Totaling more than 328 million in transaction volume, 2.9 million blocks minted, and almost 1.35 million wallet addresses accrued up until February 2, the layer-2 blockchain that adds scalability to Shiba Inu base operations is well on its way towards seeing adoption and becoming an integral part of the Shiba Inu ecosystem.
The Shiba Inu platform has also made strides to reduce its token supply through the burning of 410.7 trillion SHIB amounts from its initial supply. This decline is in keeping with common moves in the crypto market whereby a declined token supply may create conditions under which the value of those tokens might appreciate if demand remains stable or increases.
Further trading of SHIB and other tokens is warranted on ShibaSwap, the decentralized exchange (DEX), to boost liquidity and accessibility. The determiner for growth for Shiba Inu is Smokes (Shiboshis NFT) collection as well as Shiba Eternity, the play-to-earn game.
Shiba Inu Short & Long-Term Prediction
Shiba Inu’s price targets in 2024 are poised to be affected by a mixture of items. Firstly, there is the performance of Shibarium, whereby the platform will have better scalability and improved transactions per second. Then, there are plans to use an automated SHIB token burn portal.
The SHIB market is touch and highly responsive to social media, as past tweets from influential persons stirred up a notable shift in SHIB’s value. The metaverse integration has brought along enhanced utility and another dimension of engagement due to recent projects like ‘Shib the Metaverse.’
In the short term, Shiba Inu’s price prediction indicates some volatility. According to CoinCodex, a forecast suggests a decline to $0.000007733 by February 13, followed by a rebound to around $0.000009785 by March 2.
However, it’s essential to approach these predictions cautiously, as they are often speculative. Different algorithmic forecasting tools provide varied outlooks for Shiba Inu’s price in 2024, with Digital Coin Price (DCP) forecasting a potential price of $0.0000181 and Wallet Investor (WI) presenting a more conservative estimation of around $0.000004030.
Looking ahead to 2025, DCP predicts a gradual growth to around $0.0000224, while WI offers a lower estimate of $0.000000745. For the long term, DCP optimistically predicts a price of $0.0000644 for 2030, while CoinCodex provides a broader range, varying from $0.00004705 to $0.00008868.
Related Reading | FTX Ends Two-Year Saga with Full Customer Refunds and Liquidation