According to a popular cryptocurrency trader, whose predictions and assessments previously proved to be true, he now predicts that the price of Shiba Inu Coin (SHIB) will hit a new low in 2023. He further cites that the SHIB coin will eventually fall to a price of $0.00008616.
SHIB’s dismal performance in 2022
The pseudonymous crypto trader using the Twitter handle CryptoCapo has painted a rather bleak picture for the viral meme cryptocurrency which is second only to its predecessor, Dogecoin, in market capitalization.
— il Capo of Crypto (@CryptoCapo_) December 19, 2022
The year 2022 was mostly gloomy for SHIB, as the token’s value fell by more than 70% due to rising interest rates and ongoing internal market turmoil.
Read more: SHIB Burn Rate skyrockets by over 250% in the last 24 hours
In October 2021, the price of SHIB skyrocketed to a new all-time high. However, due to the unfavorable macro environment and instability in the domestic market, things went from bad to worse for SHIB holders from then on.
Shiba Inu’s Growth Plans
Despite the poor performance of SHIB tokens and the extremely pessimistic sentiment prevailing in the crypto community, there have been many significant efforts by the project and its community to drive utility and support newer use cases.
From the launch of the SHIB Metaverse, the Layer-2 Blockchain solution called Shibarium and the recently announced Shiba Racing Game, which is based on the P2E model.
Read more: Shiba Racing NFT launch; All about SHIB Metaverse P2E game
The racing game will also come with its own set of NFTs and the team plans to host the Grand Prix competitions on its metaverse where players from all over the world can participate to win crypto rewards.
Time to enter Shiba Inu (SHIB)?
While falling prices have affected overall sentiment, some experts think it’s a good time for investors to reinvest, enjoying the lower valuations across all assets.
Read more: Here’s the Shiba Inu price analysis guide for the week ahead
They expect the US Federal Reserve to take a more accommodative monetary stance, which will increase investor interest in risky assets again.
Also, technical analysis of the SHIB token indicates signs of a trend reversal in the near term, while the consolidation phase is expected to last for a few more days.
Also Read: This Is Why Shiba Inu Coin Is Seeing A 10% Jump In The Near Future
Pratik has been a crypto evangelist since 2016 and has experienced almost everything crypto has to offer. Be it the ICO boom, the bear markets of 2018, Bitcoin’s halving so far – he’s seen it all.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post Will Shiba Inu Coin (SHIB) Price Hit a Low in 2023?
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