Shiba Inu has the potential to achieve double-digit gains in February 2024, as suggested by its historical price performance.
The launch of Bitcoin Spot Exchange-Traded Funds (ETFs) in the United States did not positively impact Shiba Inu’s (SHIB) price. SHIB, which began the year around $0.000001030, is currently down 12.23%.
With less than four days left before January ends, investors have now turned their attention to February as they hope that SHIB’s performance in the upcoming month puts smiles on their faces.
Shiba Inu Could See Double-Digit Gains Next Month
Since Shiba Inu’s inception, February has been a bullish month for the token. This is reflected in data provided by CryptoRank.
According to the data, SHIB recorded substantial gains in February 2022, ending the month with a 20.3% gain. However, Shiba Inu did not impress the following year, as it closed in February 2023 at 1.6%.
Looking at the charts, Shiba Inu’s historical median return rate for February exceeds 10.95%. Thus, Shiba Inu could end the upcoming month with a double-digit gain.
While Shiba Inu could close February 2024 with double-digit gains, it is imperative to note that things might not go as expected, given the massive volatility of the crypto market.
Past performance cannot perfectly predict future results, especially when it comes to crypto. Hence, there is a need to exercise caution when investing in the canine-themed token.
Factors to Help SHIB Achieve This Goal
Although Shiba Inu’s historical performance in February has ended on a positive note, other factors are still required to help SHIB record double-digit gains in the upcoming month.
Shiba Inu’s ecosystem team will majorly determine SHIB’s performance in February 2024. It needs to release significant updates that could bolster the token’s adoption. The team has revealed plans to roll out the highly-anticipated Shibarium burn portal this month.
As reported earlier, the burn portal will first be deployed on Puppynet for rigorous testing. If everything works fine, the solution will roll out on the mainnet and function based on predefined rules.
This could see millions to billions of SHIB sent to dead wallets at intervals, thus contributing to the deflationary nature of the asset. The rate at which these burns will occur depends on the adoption of Shibarium.
As more people use Shibarium, the network will quickly meet the requirements to trigger automatic SHIB burns.
