Shiba Inu Coin ON THE MOVE! New uptrend 2023?

The year 2023 started on a consolidating note as most cryptocurrencies tried to return to their bullish trend. Shiba Inu specifically hit a strong support price and looks promising during the next crypto bull run. Will the price of Shiba Inu coin increase in 2023? Is SHIB a good buy? Let us analyze in this Shiba Inu prediction article.

What is the Shiba Inu coin (2023)?

Shiba Inu is a cryptocurrency that belongs to meme coins mentioned. These are fun coins with no specific function, which are still bought by investors for speculative purposes. The Shiba Inu coin is a parody of Dogecoin, the first ever meme coin.

The first cryptocurrency to mock Bitcoin was Dogecoin. To create his own cryptocurrency, Shiba Inu copied the Dogecoin meme and transformed the bewildered Shiba Inu dog into an angry Shiba Inu dog. Shiba Inu makes use of the innovative and effective proof-of-stake consensus algorithm. Therefore, Shiba Inu currency can be used for quick and easy transactions.

How to extract Shiba Inu Coin?

Shiba Inu uses the Ethereum blockchain. Since Ethereum’s conversion from PoW to PoS, mining is no longer an option for it or any other coin using the Ethereum network. Therefore, Shiba Inu mining is no longer possible. However, Shiba Inu can bet on a variety of exchanges, including Binance .

Can Shiba Inu recover in 2023?

Basically, it all depends on the crypto market in general. Most (if not all) cryptocurrencies are still very

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Massive jumps in bullish times are always conceivable as Bitcoin is a speculative asset that is much more unpredictable than other cryptocurrencies. However, the Shiba Inu coin could disappear into obscurity at some point in the future. This can be the case, in particular, if little attention is paid to the meme coin. The huge price increases were mainly due to the spread of the meme on social media.

How much is 1 billion Shiba Inu worth?

Given the current price of $0.00000827 for 1 SHIB, 1 billion SHIB tokens would be worth around $8,270. Don’t be fooled when someone tells you they own billions and billions in Shiba Inu tokens, they can be worth a couple thousand.

Shiba Inu Prediction 2023: Buy Shiba Inu TODAY?

Shiba Inu is currently sitting in a strong support area. If we look at figure 1 below, we can see how prices tend to pull back each time they reach this zone. The latter is bounded between a price of $0.0000075 and $0.0000090. SHIB may correct further as the entire market currently looks bearish. However, the prices are bound to pull back and return to the resistance price of $0.000012. This should happen once the entire market returns to its recovery.

SHIB/USD 1-day chart
Fig.1 SHIB/USD 1-day chart – GoCharting

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Shiba Inu Coin ON THE MOVE! New uptrend 2023?