As 2024 approaches, Shiba Inu (SHIB) investors are becoming anxious about the so-called “January jinx,” a pattern observed in the past. Historically, SHIB has had a 50% chance of either soaring or plummeting in January, sparking curiosity about what the upcoming year might bring.
In January 2022, SHIB disappointed investors with a 36% drop, according to Cryptorank data. However, in January 2023, the trend reversed with a surprising 46.2% increase, shocking the crypto market.
Predicting the future based on just two years of price data is not considered a reliable method, especially in the volatile and unpredictable cryptocurrency market, where even seasoned investors’ forecasts can fail.
For newer altcoins like SHIB, predictions based on past performance are more speculative than certain. April’s price movements illustrate this uncertainty: SHIB surged by 69.4% in April 2021, but experienced a sharp 22% decline in April 2022 and a 6.41% loss in April 2023.
Ignoring January’s price fluctuations may not be wise, as they have created an undesirable pattern, leaving investors holding their breath for New Year’s Eve. Analysts predict a potential low performance for SHIB in January 2024, with the possibility of falling to $0.0000095 if it loses momentum.
However, SHIB’s decline may not be permanent, as a post-New Year surge could revive it. The influx of new investors hoping to start the year with a bang usually brings a capital influx into the market.
ChatGPT suggests that SHIB might overtake Dogecoin as the leading meme coin next year. A positive scenario in January could lead to SHIB’s best January performance ever. Another significant expectation for SHIB is a potential Bitcoin ETF approval, which could trigger a capital inflow into the crypto market, boosting Bitcoin’s price and the rest of the market.
