The cryptocurrency community at CoinMarketCap expects SHIB to trade at $0.000010439 on January 31. A total of 1,497 people have voted in the survey so far. This reveals that SHIB will increase by 14.59% from its current price. Since the beginning of the year, SHIB has been gaining in value along with the rest of the cryptocurrency market.
SHIB managed to add $600 million to its market cap of $5.02 billion. Also, the machine learning algorithm on leading platforms PricePredictions predicts that SHIB will likely trade at $0.000008036 by the end of January. The critical platform uses indicators such as moving average (MA), moving average convergence divergence (MACD), relative strength index (RSI) and Bollinger Bands (BB). The price of Shiba Inu had fallen as 13 trillion tokens were not staked on January 10. However, SHIB later managed to recover.
According to experts, the current bear market must end first for the SHIB price to rise. It is also of great importance that SHIB continues its projects and partnerships in this process. Use cases and adoption rate can also play a role in reaching the new high. An important factor that gave impetus to the Shiba Inu price was the launch of the NFT series known as the Shiboshi. In this process, the resumption of the NFT craze is also important. Most importantly, investor interest and the continuation of the activity in social media. Listing SHIB on different exchanges and getting support from famous names can also affect the price. Another factor driving the price of SHIB was the increase in open interest (OI) on futures on multiple exchanges, including OKEx and Huobi.
The Fed’s interest rates, the pressure of the SEC and the regulation that will harm the sector will also be among the factors that guide the SHIB price. As the Shiba Inu tries to get rid of the meme coin image, it continues to attract global attention. Institutional investment in SHIB can also play a critical role in this process.