Is Shiba Inu a Good Investment? | Shiba Inu Price Prediction
The Shiba Inu token is trying to regain its strength after hitting eight-month lows in the last few months amid a broader collapse in cryptocurrency prices. It has also struggled to regain ground over the summer of 2022 as bearish sentiment took over cryptocurrency. The price of Shiba Inu was trending at $0.00001183, consolidating around a support level. It was close to 90% below its all-time high in September.
However, The token has since shown some significant gains attributed to the buzz surrounding a Shiba Inu-focused game called Shiba Eternity and the recent rise in the price of crypto giant Ethereum. The Shiba Inu price prediction forecasts a recovery for the token. This article looks at the future of the Shiba Inu coin and whether you should buy now to make gains in the future.
What is Shiba Inu?
This is a cryptocurrency coin launched in August 2020. It is built on the Ethereum network providing SHIB’s underlying blockchain. The coin emerged as an altcoins of Dogecoin and became insanely popular among significant crypto exchanges. The project has evolved from the SHIB decentralized meme token into an ecosystem incorporating the LEASH and BONE tokens.
In 2021, different coins themed around the Shiba Inu dog breed gained popularity as investors looked for the next multi-bagger crypto to invest in. It gained momentum after Elon Musk tweeted a photo of his Shiba Inu puppy in a Tesla in October 2021. However, the coin has struggled in 2022, hitting an 8-month low in mid-June. It was trending between the $0.00001800 and $0.00001139 range, which is close to 90% below its all-time high.
Is Shiba Inu a Good Investment?
SHIP presents serious buying opportunities in the coming future. It is ranked the 14th largest cryptocurrency globally, with a market capitalization of $6.25 billion. The community continues to build the ecosystem in what started as a meme coin. Momentum has been engaged since Whales appear to be accumulating SHIB, indicating a bullish trend.
The token is trying to reinvent itself by adding more features like a decentralized exchange and a non-fungible token incubator to its ecosystem. It is also looking to become independent from the Ethereum network by developing a Layer-2 solution. The network will allow users to bypass expensive gas fees on the Ethereum network when using the Shiba Inu-based decentralized applications.
Shiba Inu supply continues to maintain a positive outlook despite the extended decline into the bear market. This supply is held by top non-exchange wallets, accounting for nearly $600 million of SHIB’s total supply. The growth implies a positive sentiment towards Shiba’ Inu price despite ongoing bear market forces. As the large shareholders continue to add to their stack, it indicates that the current price is a bargain worth buying. Investors hold on to their assets or buy more when serious buying opportunities exist.
Expect Short-term Relief
Like any other cryptocurrency, the pandemic affected the Shiba Inu price trajectory. However, it is predicted to gain upside momentum in the early stages of a bullish market. The short-term price predictions for Shiba Inu suggest the breakout is expected from the descending channel and the descending assistance line. If any occurs, the price could increase could likely be positive. Short-term losses will likely carry on based on the insight from the directional movement index (DMI).
Shiba Inu price prediction
It is difficult to predict the accurate Shiba Inu price. The token’s incredible success in 2021 and a subsequent price drop the following year make it highly volatile. Shiba Inu price anticipates another retracement below the middle through the line but 0.00000900. If the overhead pressure intensifies, Shiba Inu may fold with a 0.00000700, though this seems unlikely.
The descending parallel channel is a governing chart pattern on the daily chart. The daily chart foreshadows a double-bottom pattern where the price will eventually tag its crucial support price. The Shiba Inu price in recent months has rendered and level of solid support.
Likely drop in 2023
With the high volatility of crypto, it can be hard to make long-term predictions for any currency. In the immediate future, analysts are not optimistic about the price of SHIB. Wallet investors predict that the coin will drop in 2023 with a one-year price prediction of $0.00000126. If this prediction is correct, there will be an 87% price drop in value.
Optimistic returns by 2025
If the 2022 bear market ends by the start of 2023, the SHIB coin is expected to have a good start. Some analysts are more optimistic about the future of SHIB in 2024, predicting that Shiba Inu will be better. If investor interest and use case for the cryptocurrency continues to increase, the SHIB token can grow in price by 2030.
Expect a comeback
Even with the price down from its all-time high, the token may have a chance to come back soon. Most price predictions forecast hefty returns over the next several years, which overrun anything possibly offered by stocks, bonds, or other investments. Some analysts are bullish about SHIB’s price performance. It may take one tweet from a celebrity or influencer to revive the token.
What is the future holding hold for Shiba Inu?
Shiba Inu price prediction is difficult due to its immense volatility. While unlikely, the token’s next target is a $50 billion market capitalization. This valuation will place the tone price at around $0.0001.
Whether Shiba Inu has a future depends on whether it finds a use that leads toward being adopted across different crypto markets. New coins are emerging regularly, which risks taking away investors’ interest.
Cryptocurrency can be a high-risk investment and generally volatile. Before investing in the SHIB token, conduct due diligence and remember your decision depends on your risk tolerance and expertise in the market.
Shiba Inu is highly undervalued, with the market value realized value reading -5.3%. The Shiba Inu price predictions suggest that a short-term breakout is expected to occur. However, the directions of the long-term trend are still unclear because SHIB is still trading in a range. The article has looked at Shiba Inu coin’s recent performance and the latest price projections to help inform your trading strategy.