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As we approach the last day of the year, altcoins have encountered profit-taking and significant easing. What are the expectations for Shiba Coin? For investors, January will be exciting as optimism for a spot Bitcoin ETF approval is almost certain. However, such major developments could lead to surprise price movements, so investors looking to reduce risk are not to be underestimated.
Shiba Coin Commentary
The appetite for risk in the last quarter is now giving way to increasing caution. Investors who do not want to erase their gains are positioning their portfolios to take advantage of buying opportunities in potential downturns as we approach ETF approval week. Shiba Coin investors, on the other hand, have been holding the price steady in the $0.0000105 range for three days.
According to Whale Alert data, whales have become active and we have seen a massive transfer traffic of 4.25 trillion recently. Shiba Coin, which gained 27.5% over a 30-day period, has fallen by 12% in the last two weeks.
A popular cryptocurrency analyst known by the pseudonym Kaleo made a connection between the price performance of Ethereum and his latest Shiba Coin commentary. As ETH surpasses $2,300, the analyst believes it is likely that the SHIB price will follow suit.
“We should not be surprised to see another god candle (massive gain candle) similar to October ’21 when Shiba Inu finally breaks out of this base range.”
The Future of Meme Coins in 2024
Due to their volatile nature, all investors are aware that meme coins are extra risky. Recently, we have seen horizontal or downward trends in the biggest meme coins as market value much lower alternatives attract liquidity.
However, it is unlikely that meme coins with weak market value will occupy the agenda for a long time, and once the excitement fades, leaders like DOGE, Shiba, and BONK may begin to attract more interest. Moreover, a general market rise is expected to reach serious levels in 2024. Considering that meme coins have experienced abnormal rises when liquidity is abundant, 2024 could be exciting.
If the cumulative value of over 2 trillion dollars can be surpassed by the first half of 2024, it wouldn’t be surprising to see Shiba Coin and others reach new ATH levels next year. The only concern here is that investors who believe institutional liquidity will not flow into meme coins may move away from this area. Moreover, there is no Elon Musk to reignite social media, and the absence of such a catalyst has been felt in crypto for some time.
