The price of Shiba Inu (SHIB) is currently struggling to keep up a positive appearance but history shows the token has a good chance of ending February well.
Shiba Inu trades for $0.00000907, down 1.87% in the past 24 hours. The coin’s market capitalization has slumped by an equal margin to $5,344,838,331 while the trading volume sees a 22% jump to $86,319,274.
In the past week and month, Shiba Inu’s drawdown has led to a 0.65% and 13.13% drop, respectively. Despite this negative outlook for January, market data hints at the notion of a better February.
Shiba Inu in February: Historical Trends
Data from Cryptorank shows that brighter days might be ahead for Shiba Inu in February, as the month has not recorded any negative growth for the month since its inception.
The digital currency made its emergence in the second half of 2020 during which after a few months, it became well established with visible price growths.
In February 2021, Cryptorank data pegged the growth of SHIB at 20.3% and in February 2022, the token ended the month with a 1.59% growth.
This price outlook presents February in line with the month of October that has never experienced any negative outcome since the inception of Shiba Inu.
With an average growth rate of 10.9% for February, expectations remain that Shiba Inu might eventually upturn the current 17% price drop in the coming month.
SHIB Catalysts to Watch
While there is a likelihood that history technically repeats itself, it is highly uncertain that it will be the case for Shiba Inu at this time. This calls for utmost caution and a deeper insight into the catalysts that might help trigger a positive outlook.
The community anticipates increased token burns, bolstered by Shibarium. This metric will complement the broader sentiment in the market as marked by the presence of spot Bitcoin Exchange Traded Fund (ETF) products.
Overall, Shiba Inu prides itself as having amongst the vibrant community. Though its volatility can range wildly, it might end positively for the token in the coming month.
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