Is it too late to buy Shiba Inu? Cryptocurrency experts give their SHIB price predictions

Shiba Inu (SHIB), the second-most popular and second-largest dog-inspired meme cryptocurrency by market cap that currently lives on as an ERC-20 token based on the Ethereum blockchain, has corrected about 6.7% lower in the last 24 hours according to CoinMarketCap. Such a pullback is in line with a broader decline in major cryptocurrency prices as the trader takes profit on recent long positions.

At current levels just above $0.000011, SHIB is still up about 38% this month, although it has now retreated nearly 14% from its recent highs just below $0.000013. The Shiba Inu pullback comes on the heels of the cryptocurrency breaking below an uptrend that had so far raised its price for the entire month.

For now, the support at $0.000011 is holding, partly thanks to buying ahead of the 200-day moving average at $0.00001075. But if it breaks down, SHIB could see a rapid decline to the next support round around $0.00001.

Experts give their predictions on SHIB prices

According to the algorithm-based financial asset forecasting website Wallet Investor which uses technical data and a history of asset prices to forecast the future, the Shiba Inu will lose more than 92% of its value in 2023, falling from its current value to around $0.0000008. Wallet Investor therefore characterizes Shiba Inu as a bad long-term investment.

But many analysts would argue that this is an overly pessimistic outlook. 2023 looks set to be a much better year for cryptocurrencies than 2022, thanks to growing expectations that the Fed’s aggressive 2022 tightening cycle will come to an end and even begin to reverse towards the end of the year.

And Shiba Inu developers are expected to release new products in an effort to improve the cryptocurrency’s usefulness: Until now, Shiba Inu tokens have been mocked because they have no real-world use cases.

Shiba Inu developers will soon release a layer 2 blockchain that will sit atop the Ethereum network: SHIB owners will be able to trade tokens within the Shiba Inu ecosystem on this blockchain and benefit from lower fees and faster transactions. The developers also hope to release a Shiba Inu metaverse later in 2023.

This, coupled with a much-hoped-for broader rally in cryptocurrency markets, could help SHIB gain value in 2023. that”[SHIB] it can be a good investment… The growth potential is more than 100% in the coming years”.

However, he added, “it’s best to buy a Shiba Inu in moderate quantities because the project hasn’t found its true value yet.”

Is it too late to buy SHIB?

Wondering if it’s too late to buy an asset is never the right question. The answer is always never. The right question is whether an asset should be purchased or not. And that depends on how an investor judges his long-term price performance prospects.

If you believe that SHIB is likely to increase in price significantly in current years, based on your research, a few are probably worth buying. If not, stay away.

Shiba Inu alternatives

If you’re looking for more high-potential crypto projects alongside SHIB, we’ve looked at the top 15 cryptocurrencies for 2023, as analyzed by the CriptoNews Industry conversation team.

The list is updated weekly with new altcoins and ICO projects.

Disclaimer: The Industry Talk section features insights from cryptocurrency industry players and is not part of the Cryptonews.com editorial content.

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