The SHIB token was able to outperform its “big brother” Dogecoin in terms of growth rates.
In the last few weeks, the Shiba Inu price has seen a stronger increase. At the turn of the year, the market went into a bullish phase, which basically lasted throughout January and has only calmed down in the last few days. In this mixed situation, it is natural that the Shiba Inu course was able to rise sharply.
In this case, the SHIB course was able to rise from USD 0.000008 to USD 0.0000127 within the first 3 weeks. Especially with the massive rally on January 17th, 2023, the course managed to explode in the short term. The course has stabilized in the last 1 to 2 weeks, but has seen strong ups and downs in the meantime.
What Caused the Shiba Inu Price to Rise Sharply?
The gains of the past few weeks have been linked to the general rise in the market. This surge was fueled by several factors, such as a falling US inflation, liquidations in the FX markets, as well as the Chinese New Year with heavy buying in the market.
The Shiba Inu price was also able to benefit, as the losses in 2022 were very heavy until the end. Unlike Dogecoin, the Shiba Inu coin did not see such a strong rally in Q4. Overall, though, the Shiba Inu has held up well against other cryptocurrencies even in the bear market. This caused FOMO to rise again, fueling the rally in the Shiba Inu price.
What is the Shiba Inu forecast for February 2023?
The Shiba Inu Coin could also continue its upward trend in the coming weeks. With more sharp increases, the price could head towards $0.000015. However, whether the Shiba Inu coin can continue to rise in the coming weeks cannot be answered with certainty.
Below are two possible scenarios for the Shiba Inu in the next few weeks.
With a continuously bullish market, the SHIB price should continue to benefit strongly. If Bitcoin can break out to the upside in February, the Shiba Inu coin price should be able to surge above $0.000015. In this case, Shiba Inu price forecast could range from 0.00014 to 0.000016 US dollars.
In another scenario, the market could see a crash again. The Bitcoin price would fall below the $20,000 mark, which also hit the Shiba Inu price hard. The Shiba Inu forecast for the end of the month should be in the range of $0.00008 to $0.000010.
The Shiba Inu coin continues to be an extremely speculative coin that can see strong gains but also extremely heavy losses in the short term. Caution and research are strongly advised.
By Audy Castaneda
