After a strong start to 2022, crypto traders and investors are once again discussing Shiba Inu (SHIB), with many believing that the meme coin has the potential to reach the highs it achieved in 2021.
Given the developments on the SHIB network as well as the ongoing burning of tokens combined with the data on January 20, which suggests Shiba Inu is among the most undervalued assets based on short and long-term returns.
In this line, the votes cast by the members of the crypto tracking platform CoinMarketCap predict that SHIB will be trading at the average price of $0.00001064 on January 31, 2023, according to the data retrieved by Finbold on January 20.
Should the estimations of 1,754 member votes prove true, it would mean that the price of the dog meme token by the end of January will decline further by -7.09% or -$0.0000008119 compared to its current value, which at press time stood at $0.00001148.
Taking into consideration the performance of the SHIB community’s projections for the six previous months, it has historically forecasted the price of the flagship decentralized finance (DeFi) token with an accuracy rate of 68.31%.
AI predicts SHIB price for February 1
According to the AI technology, which utilizes technical indicators such as moving average (MA), moving average convergence divergence (MACD), relative strength index (RSI), and Bollinger Bands (BB), among others, to make its forecast, Shiba Inu will trade at $0.000011 on February 1.
Currently, Shiba Inu is trading at $0.00001147, up 0.62% on the day and a further 18.11% across the previous seven days, with a total market capitalization of $6.2 billion.
The optimistic crypto market and positive events in its ecosystem, such as the SHIB team releasing core principles of the long-anticipated layer 2 blockchain Shibarium, may have contributed to Shiba Inu’s rise, helping its market cap to grow $1.7 billion in a week as bullish meme coin sentiment rises.
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