Many investors are now questioning if Shiba Inu cryptocurrency would reach $1 in 2023 after its 1000% increase in the final months of 2021. Well, even if this might seem a little far-fetched, this is crypto, so everything is possible.
In recent weeks, it appears that all crypto investors have been talking about the Shiba Inu token (SHIBA), and SHIBA INU Price Prediction and the financial media has been covering it extensively. What’s expected about this crypto, and why is it referred to as “the Dogecoin killer”?
What is Shiba Inu Coin?
Shiba Inu (SHIB) is a token that exists within the Shiba Inu ecosystem. Ryoshi — an unknown individual or group of people — invented this decentralized meme token in August 2020. Since the Shiba Inu coin first appeared in the cryptocurrency trading system, it has been likened to the DOGE coin; however, they have little in common other than being meme currencies with the odd support from Elon Musk. With the usage of a Shiba Inu dog, the project even parodies Dogecoin, but SHIB’s developers hope to tackle important, real-world problems.
After SHIB joined Binance, the globe began to read headlines like “Shiba Inu valuation 2022”, claiming that it was an excellent investment for trading on cryptocurrency. Last year’s Shiba Inu pricing dynamics were insane. In May, the SHIB coin soared in a relatively short amount of time.
If you wanted to trade Shiba Inu (SHIB) at its peak, it might not be too late. Let’s take a look at Shiba Inu price prediction year by year to see whether it’s still a good time to purchase or sell this “Dogecoin killer.” And learn more on how to trade crypto.
Shiba Inu may reach the $0.0001 threshold before the end of 2022 and drop another digit after the decimal point. It consumed one more zero in October 2021. Between now and the end of 2022, broader market price movement is expected to function as the catalyst for such a surge.
SHIB might potentially lose one more zero in 2022 if the market is bullish. This is due to the fact that SHIB is currently the subject of considerable excitement, as evidenced by its price movement in early October. Since so many people anticipate that SHIB will rise, FOMO may have a gain of several thousand percent in 2019.
Shiba Inu’s price movement in 2023 will be significantly influenced by the market’s success in 2022. In the event that the market rises in 2022, part of that momentum may transfer to SHIB in 2023. The Shiba Inu, however, might go through a corrective phase in 2023 if the market is weak in 2022.
Shiba Inu is one of the cryptocurrencies that could go off in 2023. Don’t forget that the performance of the larger crypto market is closely related to Shib’s price movement. Therefore, Shib may either correct in 2023 or earn small gains compared to its prior moves if Bitcoin slows down in 2023.
This supposition has a strong historical foundation. The market is typically subdued a year before Bitcoin’s halving. Typically, this is the time for long-term investors to stockpile and for those who have made significant profits from prior rallies to cash out. After the pump that began in 2020, bull exhaustion might cause the market to trade sideways in 2023, just before the next Bitcoin halving, which is scheduled for 2024.
Shiba Inu’s value might rise in one of two ways. One possibility is that dealers just bid up the price. The other option is for the supply to decrease, which should increase the value of the remaining coins. To do this, the coins must be removed from circulation, or “burned,” as traders refer to it, by being transferred to dead wallets.
It’s not uncommon for this to occur. In reality, 410 trillion Shiba Inu coins have already been burned, according to Shibburn, a website that chronicles the burning of Shiba Inu coins. According to Shibburn, 62 million Shiba Inu coins have been burnt in the previous 24 hours at the time of writing. The burn might be accelerated if there is a concerted effort among SHIB holders, which could gain traction if the value of SHIB continues to fall. There is, nevertheless, a strong deterrent to burning the money.
Suppose the value of bitcoin begins to rise. In that case, it is in the best interests of holders to preserve their coins rather than burn them. The decentralized structure of cryptocurrencies makes it unlikely that an organized movement powerful enough to limit the number of coins significantly will emerge.
Learn about the best indicators for crypto trading.
As per the Shiba Inu coin price estimates, it may be an excellent investment. The growth potential is greater than 100% for the next few years. Keep in mind that the information regarding the Shiba Inu cryptocurrency is provided solely for educational reasons. Knowing an approximate SHIB price is useful, but you must conduct your own price movement analysis like with any currency. Always conduct your research on how to trade crypto before making any financial decisions, in addition to looking at the Shiba Inu prediction.