Shiba Inu (SHIB) might close February with gains: here’s why

Shiba Inu (SHIB) traded at $0.000009075 at press time, following a 1.17% dip over the past day. Also, the meme coin lost nearly 15% within the past month.

SHI 30D Chart on Coinmarketcap

While SHIB presented a bearish performance in January, data shows the altcoin could close the upcoming month with an upside stance.

Historical data shows a bullish Feb for SHIB

Cryptorank stats indicate that Shiba Inu could be bracing for upswings next month, as the meme coin has recorded positive growth in February since its launch.

Source – Cryptotrank

SHIB joined the crypto world in mid-2020 and attracted a significant following within a few months due to notable price actions. Data shows the coin gained 20.3% in February 2022 and 1.59% in February 2023. The upsides match October, which has seen significant price growth since the token’s inception.

With a 10% average growth for February, Shiba Inu remains well-positioned to erase the latest price dip in the upcoming month.

Factors supporting SHIB’s potential rebound

Shiba Inu has mirrored the downtrends that ensued in the overall crypto market. Nonetheless, some indicators suggest an imminent bounce-back for SHIB prices.

CryptoQuant shows the altcoin maintained positive exchange netflows once over the past week. Migrating to self-custody from CEX is optimistic as it decreases immediate selling momentum.

Source – CryptoQuant

Also, the token burn program might catalyze uptrends. The project has destroyed more than 9 billion SHIB coins since 2024 began. Moreover, layer2 solution Shibarum plans to introduce an automated token-burning system.

Exciting updates on the horizon for Shiba Inu (SHIB)! Anticipated developments in Shibarium, including an auto-burn feature and SHIB identity, are set to boost Total Value Locked (TVL) and enhance the overall SHIB experience. Optimism already reflects in a modest price increase.

— BlockVoyager (@BlockVoyagerAIO) January 28, 2024

Also, the potential recovery in the meme coin market will likely propel Shiba Inu prices. The asset class witnesses increased attention, with Solana-based dog tokens stealing the show.

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