Shiba Inu (SHIB), the most popular dog-inspired meme cryptocurrency and the second largest by market capitalization currently alive as an ERC-20 based token Ethereum blockchain, has corrected about 6.7% lower in the last 24 hours according to CoinMarketCap. The withdrawal coincided with a broader drop in cryptocurrency prices as traders took profits on new long positions.
At its current level of just above $0.000011, SHIB is still up about 38% this month, though it has now pulled back close to 14% from its new high of just $0.000013. The Shiba Inu’s pullback is due to the cryptocurrency falling below the uptrend that has pushed the price up for months so far.
Currently, support at $0.000011 is holding, thanks in part to buying ahead of the 200-Day Moving Average at $0.00001075. But if it breaks, SHIB could see a quick drop to the next support around $0.00001.
Experts Give SHIB Price Predictions
According to the algorithm-driven financial asset forecasting website Wallet Investor that uses technical and asset price history to forecast the future, Shiba Inu will lose more than 92% of its value by 2023, dropping from its current value to about $0.0000008. Investor Wallet thus characterizes the Shiba Inu as a bad long-term investment.
But many analysts would argue that this is an overly pessimistic view. 2023 looks set to be a better year for crypto than 2022, as many expect the Fed’s aggressive tightening cycle in 2022 to end and even begin to reverse by the end of the year.
And the developers of Shiba Inu are expected to release new products to increase the utility of the cryptocurrency – until now, the Shiba Inu token has been ridiculed for its lack of real-world use cases.
Shiba Inu developers will soon release a layer-2 blockchain that will sit on top of the Ethereum network – SHIB owners will be able to trade tokens in the Shiba Inu ecosystem on this blockchain and benefit from lower fees and faster transactions. The developers also hope to release the Shiba Inu metaverse in 2023.
This, together with the general meeting of many hopes-for the cryptocurrency market, can also help SHIB gain value in 2023. CEO of Unocoin Technologies Sathvik Vishwanath, said in a recent survey conducted by Finder.com, who gave the coin a hold rating saying that “[SHIB] could be a good investment… Potential growth of more than 100% in the next few years”.
However, he added, “it is better to buy a moderate amount of Shiba Inu because the project has not yet found its true value”.
Is It Too Late To Buy SHIB?
Ask what it is late purchase never ask the right question. The answer is definitely never. The real question is whether the asset should be purchased or not. And it depends on how investors judge it long-term price performance prospects.
If you think SHIB is likely to increase in value in recent years, based on your own research, it’s worth buying some. If not, then stay away.
Alternative Shiba Inu
If you are looking for other high potential crypto projects along with SHIB, we have reviewed the top 15 cryptocurrencies for 2023, as analyzed by CryptoNews Industry Discussion Team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not part of Cryptonews.com’s editorial content.