As the cryptocurrency market rides out its most recent wave, with Bitcoin (BTC) recently hitting a new all-time high (ATH) after briefly topping $69,000, the ripple effect is being felt across the entire sector.
Shiba Inu (SHIB), a notable player in the decentralized finance (DeFi) space, has been part of this bullish trend, echoing the market’s overall positive sentiment.
Machine learning and artificial intelligence (AI) algorithms alone forecast a further increase for the token, setting SHIB to reach $0.000043 by March 31, per the data acquired on March 5, 2024.
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Following SHIB’s bullish trend, several finance analysts have weighed in to answer the question – where will SHIB’s price stand at the end of 2024?
#1 Alexander Kuptsikevich
Alexander Kuptsikevich, a senior market research analyst at FxPro, has a positive stance with regard to SHIB, predicting a price target of $0.0001 by the end of 2024. The analyst notes:
“This is just one of many meme coins. It is unlikely to roar as it did in 2021, although it can ride the future waves of the crypto market.”
#2 Sathvik Vishwanath
Dissimilar to Kuptsikevich, the CEO of Unocoin Technologies, Sathvik Vishwanath is not as optimistic. The executive offers a more cautious endorsement of SHIB, suggesting it holds a ‘hold’ rating.
“[SHIB] can be a good investment. The growth potential is over 100% in the next few years. However, it is better to buy Shiba Inu in moderate quantities because the project has not yet found its true value.”
#3 Finder panel of industry specialists
According to Finder, a panel of industry specialists projects SHIB to decrease to a value of $0.00001 by the close of 2024, with its current price at $0.000034. Looking further ahead, the panel anticipates another change in SHIB’s value, expecting the token to reach $0.000025 by the conclusion of 2025.
Daniel Polotsky, the founder and chairman of CoinFlip elaborates:
“SHIB is an asset whose future price is basically impossible to predict. It’s all based on narratives/vibes and the dog coin mania that DOGE unleashed. SHIB doesn’t have an established use case in crypto besides being a fun project. I would proceed with caution and only invest what you’re willing to lose.”
However, following Bitcoin’s surge above the $65,000 threshold this week, Wall Street Financial Analyst Linda Jones took to Twitter to announce that her investment firm had also acquired tokens such as SHIB.
The author of the financial self-help book ‘3 Steps to Quantum Wealth’ expressed her satisfaction with Shiba Inu’s performance surpassing Bitcoin’s in the current bullish market.
Shiba Inu price analysis
At the time of publication, Shiba Inu was trading at $0.00003419, having retreated 7.16% in the past 24 hours.
Despite this slight decline, it has grown 219.35% over the last week.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
