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Shiba Inu has been the subject of various discussions in the past few weeks. Despite the bearish market conditions, some market participants and analysts continue to make bullish predictions for SHIB.
Two prominent analysts, Krishna Rungta, the founder of Guru99, and Andrew Lokenauth, the founder of TheFinanceNewsletter.com, have expressed their opinions on the SHIB price debate.
Future of SHIB Coin According to Analysts
Both analysts have confidently and clearly stated their evaluations of SHIB. They expressed their views that SHIB may not be able to keep up with the bullish scenarios associated with it since its inception.
Rungta, who evaluated the price movement of SHIB, stated that SHIB, which was expected to rise with the emergence of Shibarium, did not meet expectations and did not experience significant price increases. He attributed this to the stagnation in the crypto market and the strong stance of bears.
Rungta said:
In the case of SHIB, despite the high expectations for Shibarium upgrade, it did not have a sudden impact on the desired price. This highlights the complexity of crypto markets, where even significant developments may not lead to sudden price increases.
In addition, Rungta emphasized the key points that could potentially drive the price of SHIB higher in the future.
Will SHIB Coin Fall?
Andrew Lokenauth, the founder of TheFinanceNewsletter.com, expressed his opinion that SHIB may fall further. He stated that SHIB could experience a 29% drop from its current price of $0.00000706 until January 2024, potentially falling to around $0.000005.
According to Andrew, Shiba Inu resembles a speculative asset without significant value or utility beyond being a cryptocurrency.
However, Lokenauth also acknowledged that SHIB is a significant competitor to DOGE and called on Shiba Inu developers to be transparent in sharing the developments in SHIB.
Shiba Inu (SHIB) Comments
According to a previous report, a major step was taken in the Shiba Inu ecosystem. Integration with LaborX, a Web3-based platform that brings young entrepreneurs and other businesses together with talents in the crypto ecosystem, was recently announced. LaborX is introduced as an alternative to LinkedIn.
In addition, LaborX could be a major precursor to price volatility. It was announced that the burning of accumulated SHIB and BONE tokens from competitive tasks on the platform will also take place. The developers of Shiba Inu, who aim for token burn at every opportunity, taking such a step could provide significant support to the SHIB price by reducing the supply.
