The year 2023 started off on a solid note as most cryptos attempted to return to their bullish trend. Shiba Inu specifically hit a high support price and looks promising in the upcoming crypto bullrun. Will the Shiba Inu price go up in 2023? Is SHIB a good buy? Let’s analyze in this Shiba Inu prediction article.
What is the Shiba Inu (2023) part?
Shiba Inu is a cryptocurrency that belongs to meme coins mentioned. They are play currencies with no specific function, which investors always buy for speculative purposes. The Shiba Inu coin is a parody of Dogecoin, the very first meme coin.
The first cryptocurrency to mock Bitcoin was Dogecoin. In order to create his own cryptocurrency, the Shiba Inu copied the Dogecoin meme and turned the bewildered Shiba Inu dog into an angry Shiba Inu dog. Shiba Inu uses the state-of-the-art and efficient Proof-of-Stake consensus algorithm. The Shiba Inu coin can thus be used for quick and easy transactions.
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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 currency that uses the Ethereum network. Shiba Inu mining is therefore no longer possible. However, Shiba Inu can be staked on a variety of exchanges, including Binance .
Can Shiba Inu recover in 2023?
Everything basically depends on the crypto market in general. Most (if not all) cryptocurrencies are still heavily
Massive jumps in bullish times are always conceivable because Bitcoin is a much more unpredictable speculative asset than other cryptocurrencies. The Shiba Inu piece may fade into obscurity at some point in the future, however. This may be the case, in particular, if little attention is paid to the same corner. The huge price spikes were mainly caused by the spread of the meme on social media.
How much is 1 billion Shiba Inus 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 have billions and billions of Shiba Inu chips, they could be worth a few 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 move higher each time they reach this zone. The latter is delimited between a price of $0.0000075 and $0.0000090. SHIB may correct further as the overall market currently looks bearish. However, prices are bound to retrace higher and come back to the resistance price of $0.000012. This should happen once the broader market regains its recovery.
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