As the week has started on a bullish note in the cryptocurrency market, dog meme digital asset Shiba Inu (SHIB) is no exception, breaking its negative streak with a modest daily gain, and finance experts have varying views on its expected price for the beginning of 2024.
Specifically, two finance experts have shared their professional views of Shiba Inu, as well as their insights on its potential price movements at the start of the new year, including Andrew Lokenauth, the founder of TheFinanceNewsletter.com and Krishna Rungta, the founder of Guru99, on October 14.
Andrew Lokenauth, founder of TheFinanceNewsletter.com
As it happens, Lokenauth views Shiba Inu as a “purely speculative asset” with “no underlying value or utility” and which “lacks real-world use cases beyond trading and speculation.” Additionally, he has criticized the “poor transparency and communication” of its developers, as well as the “limited ecosystem compared to other major cryptocurrencies,” which all make it “vulnerable to volatility.”
On top of that, the experienced investor argued that Shiba Inu “competes with other dog-themed meme coins,” including the famed Dogecoin (DOGE). With this in mind, he predicts SHIB will “likely continue declining” in the absence of major catalysts and in the face of the bear market “eating into speculative assets,” setting the price of Shiba Inu at $0.000005 at the start of 2024.
Krishna Rungta, founder of Guru99
At the same time, Rungta noted that the launch of the highly anticipated layer 2 blockchain Shibarium has failed to produce a major effect on the price of Shiba Inu, adding that this illustrates the complicated nature of the crypto market in general. As he explained:
“In SHIB’s case, the Shibarium upgrade, while highly anticipated, didn’t have the immediate impact on price some had hoped for. This highlights the complexity of crypto markets, where even significant developments may not lead to immediate price surges.”
While not offering any specific numbers, Rungta has observed the key drivers for the price of Shiba Inu, including internal factors like the project’s development progress and adoption rate and external ones, such as regulatory changes, market sentiment, and the overall performance of the wider crypto sector.
SHIB price analysis
As things stand, SHIB is currently changing hands at the price of $0.00000707, which represents an increase of 0.46% on the day, albeit still being down 0.54% across the previous week and losing 5.3% on its monthly chart, as per the latest information retrieved on October 16.
All things considered, SHIB could, indeed, lack the strength to make a significant recovery in January, but artificial intelligence (AI) algorithms have suggested that it might still start the next year on a bullish note, currently setting its price at $0.000007146 on January 1, 2024.
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