With the start of 2024, the gains in cryptocurrencies have attracted attention. Shiba Inu (SHIB) has found itself a good position in this regard. As the gains continue and Bitcoin ETF expectations increase, investors continue to question what price point it could reach by the end of January.
Artificial Intelligence’s Expectation for SHIB
Considering the recent price movements, artificial intelligence has been consulted once again. CoinCodex’s algorithms made a price prediction for SHIB at the end of January.
What sets algorithms apart from humans is their ability to examine multiple scenarios simultaneously. In this context, the algorithm evaluated the situations that investors could face in January, taking into account changing market conditions.
According to Coincodex’s algorithm, the SHIB price could rise to $0.00001038 by January 31. This means a 4.24% decrease from its current price at the time of writing, which investors could face.
Despite the algorithm’s predictions, cryptocurrency experts do not seem so pessimistic. Analysts pointed out that the gains seen at the beginning of January could trigger another scenario and emphasized that the price movement showed parallelism with the period when SHIB reached its all-time high.
According to a chart shared by crypto analyst Javon Marks on January 2, if the price trend continues, SHIB could see an increase of over 710% and trade beyond the level of $0.000088598.
Contrary to the analyst, many other experts appear to have a bearish outlook on SHIB’s potential price. It is noted that the cryptocurrency, especially when compared to DOGE, does not seem very strong against high volatility.
Highlighting the competition with other meme coins led by Dogecoin (DOGE), analyst Lokenauth emphasized a continuous decline for SHIB due to the absence of significant triggers specific to SHIB and the potential impact of a bear market on meme coins. According to the analyst, SHIB’s price could trade at $0.000005 at the beginning of 2024.
SHIB Price Analysis
At the time of writing, SHIB was trading at $0.00001085 and had experienced a 0.37% decrease in the last 24 hours. The altcoin has seen a 1.32% gain compared to the previous week and a 27.88% increase in the last 30 days.
There was also a noticeable increase in SHIB’s 24-hour trading volume. The volume increased by 86% to $164 million. Additionally, there was an increase in the overall volume, which rose by 1.43% to exceed $6.2 billion.
The course of SHIB this month will depend on the developments in the Shibarium network, which are influenced by the broader cryptocurrency and macroeconomic environment.
