Can Shiba Inu Defy Experts’ Bearish Projections for 2024?

Shiba Inu (SHIB) is facing a strong selloff, triggering the debate on how high it could rise by the end of 2024.

Shiba Inu is constantly facing a battle between the bulls and bears. The token has given up the gains accrued this year, falling 9.69% over the past 24 hours as the price drops to $0.00000959. SHIB has dropped one zero, showcasing the extent of the latest bearish drawdown.

The bearish opening to the year has drawn a negative projection for SHIB from top experts like Andrew Lokenauth, the founder of The Finance Newsletter, who expects Shiba Inu to drop as low as $0.000005 starting the year.

Shiba Inu Price Projection for 2024

Though there is an ongoing selloff in Shiba Inu, the market pattern is reminiscent of the broader industry trajectory. Crypto trading platform Changelly currently maintains a less pessimistic outlook for Shiba Inu this January and the subsequent months of this year.

According to the platform’s predictions, Shiba Inu’s recovery will start today, with the rest of the week looking promising. In the attempt to retest new highs, Changelly believes Shiba Inu will regain the $0.00001 price level by January 5 and hit a monthly high of $0.00001036 by January 10.

For the rest of the year, Changelly sees Shiba Inu trading at a minimum price of $0.0000149985. Additionally, the platform projects SHIB might trade at an average price of $0.0000149985 and a maximum price of $0.0000169983.

These projections are quite conservative and mark a significant deviation from the bogus targets typically issued by AI chatbots like ChatGPT and also the bearish calls from experts like Lokenauth.

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Fighting the Odds

Per the current trends in the broader crypto ecosystem at the moment, the odds are against Shiba Inu as an asset class for investors.

While it remains the second-largest memecoin by market cap, pegged at $5,677,961,838, Shiba Inu keeps competing with rivals that brandish a higher risk, higher reward opportunity to investors in search of short-term gains.

Shiba Inu also has to fight the odds associated with its massive supply. In tackling this, a burn mechanism is reportedly coming to Shibarium to help automate the incineration of SHIB in circulation.