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As 2024 approaches, the January curse, previously observed, seems to have already started worrying Shiba Inu (SHIB) holders. If we look at SHIB’s history in the market, it wouldn’t be wrong to say that there’s a 50% chance of success in January. This has led many to wonder whether 2024 will bring a price surge or a deep decline.
The History of Shiba Inu
When the calendars showed January 2022, SHIB was painting a grim picture for its holders. According to data provided by Cryptorank, SHIB had experienced a disappointing 36% drop during that period, leading to significant investor disillusionment.
However, when the calendars turned to January 2023, the trend had reversed. Contrary to the previous year, it had increased by 46.2%, creating a shock effect in the crypto market.
Nevertheless, predicting the future based on just two years of price data may not be considered a reliable analytical basis. The crypto market, known for its high uncertainties and risks, can defy even the most experienced investors’ predictions.
When it comes to altcoins with a recent history like SHIB, predictions based on past performance become more of a suggestion than an accurate forecast.
April of the past year could be highlighted as a clear indicator of why price predictions may not always be reliable. In April 2021, following its launch, SHIB had seen a 69.4% increase.
However, when April 2022 came around, it was clear that this increase was not permanent, as it experienced a sharp 22% drop. In April 2023, SHIB showed a slightly better performance, but still ended up with a negative 6.41% loss.
Yet, ignoring the price movements in January might not seem sensible. The ups and downs of SHIB’s price in January have created an unwanted image and have already led investors to hold their breath for New Year’s Eve.
According to price predictions by crypto analysts, there was an expectation of low performance for SHIB in January 2024. It was predicted that the meme coin could drop to $0.0000095 if it lost its stagnation.
The decline of Shiba Inu (SHIB) may not be the end, as a historic leap post-New Year could save it. The New Year often brings a capital influx as new investors flock to the market, hoping to start the year with a bang.
ChatGPT’s SHIB Prediction
An interesting detail emerged in the responses given by ChatGPT. The AI bot expects SHIB to overtake Dogecoin, the current leader of meme coins, in the coming year. If a positive scenario occurs for SHIB in January, it could lead to the best January performance ever seen for SHIB.
Another big expectation for SHIB is the potential approval of a spot Bitcoin ETF. An approval from the SEC could pave the way for a significant capital influx into the crypto market, which could trigger a rise in Bitcoin’s price and help lift the rest of the market.
