Meme cryptocurrencies, like Dogecoin and its close competitor Shiba Inu (SHIB), have made many people rich in the past. As 2024 approaches, a crucial question remains for SHIB investors: Can the meme coin replicate or surpass its previous achievements? The success of a cryptocurrency often hinges on its versatility, and for Shiba Inu, the confidence investors place in Shibarium significantly supports this view.
The confidence in Shibarium can be measured by the number of transactions it processes. Recently, Shibarium surpassed a significant milestone of 200 million transactions, highlighting the activities of traders working to push the price back to its all-time highs and the resulting trust that has emerged.
Another indicator of support and confidence is when cryptocurrencies are moved from exchanges to personal wallets, suggesting that investors may not sell their holdings until they see a substantial profit or are in for the long term. Notably, transactions since November caught the attention of crypto analyst Ali Martinez, who reported a significant withdrawal of over 8 trillion SHIB, equivalent to approximately 88 million dollars, from crypto exchange wallets.
Andrew Lokenauth, founder of TheFinanceHaberleriletter.com, shared his views on SHIB’s fundamentals and future, including a prediction for the start of 2024. He criticized the developers for poor transparency and communication, highlighting the limited ecosystem of the cryptocurrency compared to its major counterparts, making it susceptible to volatility.
Moreover, Lokenauth pointed out the competition between SHIB and other dog-themed meme coins, including Dogecoin (DOGE). Considering the absence of significant catalysts and the bear market affecting speculative assets, Lokenauth predicts a persistent decline for SHIB, forecasting its price to be $0.000005 at the beginning of 2024.