As the year draws to a close, altcoins have faced sell-offs, leading to significant price relaxations. Shiba Coin’s expectations are a point of interest, with investors gearing up for an optimistic January, largely due to the anticipated approval of a Bitcoin ETF. However, such major developments carry the risk of unexpected price movements, prompting investors to minimize their risks.
The appetite for risk seen in the last quarter is giving way to caution. Investors are positioning their portfolios to capitalize on potential buying opportunities during any downturns as the ETF approval week approaches. Shiba Coin holders have managed to maintain the price around $0.0000105 for three days.
According to Whale Alert data, there has been significant activity from large holders (“whales”), with a massive transfer of 4.25 trillion observed recently. Shiba Coin, which gained 27.5% over a 30-day period, has seen a 12% decline in the past two weeks.
A popular crypto analyst known as Kaleo has linked Shiba Coin’s performance to that of Ethereum, suggesting that SHIB’s price is likely to follow Ethereum’s, which has surpassed $2,300. Kaleo hints at the possibility of a significant price surge for Shiba Coin similar to the one in October 2021.
Investors are aware of the extra risk associated with meme coins due to their volatile nature. Recently, the market has seen the largest meme coins experiencing sideways or downward trends as lower-valued alternatives attract liquidity.
However, the dominance of smaller meme coins is unlikely to last, and leaders like DOGE, Shiba, and BONK may gain more interest when the excitement fades. With a general market upswing expected in 2024, meme coins could experience significant rallies, especially if the cumulative market value exceeds $2 trillion in the first half of the year. The only concern remains whether institutional liquidity will flow into meme coins, as some investors are skeptical. Additionally, the absence of a market-stimulating figure like Elon Musk is being felt in the crypto space.