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Shiba Inu (SHIB), the second most popular by market cap and the second largest dog-inspired meme cryptocurrency, currently existing as an ERC-20 token based on the Ethereum blockchain, according to CoinMarketCap, has a It fell about 6.7% in 24 hours. The pullback coincides with a widespread drop in major cryptocurrency prices as traders have profited on their recent long positions.
At its current level just above $0.000011, SHIB is still up about 38% this month, but has pulled back to nearly 14% from just below its recent high of $0.000013. Shiba Inu’s drop came as the cryptocurrency fell below its upward trend over the past month.
So far, the 200-day moving average has found buying at $0.00001075, holding the support at $0.000011. However, if it breaks, the SHIB is likely to fall rapidly to his next support near $0.00001.
Expert SHIB Price Prediction
The Shiba Inu will lose more than 92% of its value in 2023, down from its current value to about $0.0000008, according to Wallet Investor, an algorithmic financial wealth forecasting website that uses technical and asset price history to predict the future. fall down Wallet Investor therefore sees Shiba Inu as a bad long-term investment.
However, many analysts would argue that this is an overly pessimistic outlook. 2023 looks set to be a much better year for cryptocurrencies than 2022, with growing expectations that the Fed’s aggressive 2022 tightening cycle will end and begin to reverse by the end of the year.
Shiba Inu developers are also expected to release new products to increase the utility of the cryptocurrency. Until now, the Shiba Inu token has been ridiculed for not having a real-world use case.
Shiba Inu developers will soon release a Layer 2 blockchain that sits on top of the Ethereum network. SHIB holders can trade their tokens within this blockchain Shiba Inu ecosystem and benefit from lower fees and faster transaction speeds. The developer also hopes to release the Shiba Inu Metaverse in late 2023.
This, along with the much-anticipated broader rally in the cryptocurrency market, could serve well enough for SHIB to gain value in 2023. Unocoin Technologies CEO Sathvik Vishwanath said recently that Finder.com conducted gave Memecoin a hold rating in a survey of[SHIB] Could be a good investment…growth potential over 100% over the next few years.
However, he added, “This project hasn’t found its true worth yet, so it’s better to buy a moderate amount of Shiba Inu.”
Is it too late to buy a SHIB?
Asking if it’s too late to buy an asset is never the right question. The answer is always never. The correct question is whether the asset should be purchased. It all comes down to how investors judge long-term price performance prospects.
If, based on your own research, you believe that the price of SHIB is likely to increase significantly in the future, it may be worth buying. If not, stay away.
Shiba Inu substitute
If you’re looking for other likely crypto projects alongside SHIB, crypto news Industry talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talks section features insights from crypto industry insiders and is not part of the editorial content of Cryptonews.com.
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