As 2024 looms, it brings forth a crucial inquiry for Shiba Inu (SHIB) enthusiasts: Is it plausible for this meme coin to exceed its current accomplishments and attain success.
Within the optimistic anticipation of its community, there is increasing excitement surrounding the potential emergence of Shiba Inu as a vital factor in the decentralized finance (DeFi) realm.
Amidst the prevailing uncertainty, skepticism arises, prompting investors to seek expert guidance for insights and predictions. There is a collective curiosity about whether SHIB will successfully retrace its all-time highs or if it is poised for another devaluation phase.
The number of Shibarium transactions. Source: Lucie
This development highlights the activity and trust this cryptocurrency receives from traders as it seeks to retrace its price toward its all-time highs.
High number of SHIB withdrawals tells a different story
The importance of backing and trust can also be measured by the number of withdrawals of specific crypto from exchange wallets, which might mean that investors are cashing out on their positions.
Since November, a substantial withdrawal exceeding 8 trillion SHIB has occurred from identifiable crypto exchange wallets, amounting to an approximate value of $88 million, per a post from crypto analyst Ali Martinez on December 24.
Change in balance of SHIB on exchanges chart. Source: Ali Martinez
Expert is not optimistic
Andrew Lokenauth, the founder of TheFinanceNewsletter.com, offered his insight and comment on the main characteristics of this asset, as well as his prediction for the start of 2024.
Lokenauth perceives Shiba Inu as a “purely speculative asset” devoid of intrinsic value or utility, limited to trading and speculation without tangible real-world applications.
He critiques the developers for poor transparency and communication, highlighting the cryptocurrency’s restricted ecosystem compared to other major counterparts, rendering it susceptible to volatility.
Additionally, he points out Shiba Inu’s competition with other dog-themed meme coins, including the well-known Dogecoin (DOGE). Given the absence of significant catalysts and the bear market impacting speculative assets, Lokenauth anticipates a continued decline for SHIB, projecting its price to be $0.000005 at the commencement of 2024.
The ability of this digital asset to replicate past successes is yet to be determined. Nonetheless, investors should exercise caution and conduct thorough analysis before allocating assets.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
