According to a popular cryptocurrency trader, whose predictions and reviews have proven true in the past, now predicts that the price of Shiba Inu (SHIB) coin will hit a new low in 2023. He also states that SHIB coin will eventually fall at a cost of $0.00008616.
SHIB’s disastrous performance in 2022
The self-proclaimed cryptocurrency trader CryptoCapo on Twitter painted a rather bleak picture of the viral cryptocurrency, second only to its predecessor, Dogecoin, in terms of market cap.
— il Capo Of Crypto (@CryptoCapo_) 19 December 2022
2022 has been a mostly dismal year for SHIB, with the token’s value dropping more than 70% due to rising interest rates and continued turmoil in the domestic market.
In October 2021, the price of SHIB rose to a new record high. However, due to the adverse macroeconomic climate and domestic market instability, everything went from bad to worse for SHIB holders from then on.
Shiba Inu growth plans
Despite the poor performance of SHIB tokens and the overwhelmingly pessimistic mood in the crypto community, the project and its community have made many significant attempts to expand utility and support new use cases.
Since the launch of SHIB Metaverse, the Tier 2 Blockchain solution called Shibarium and the recently announced Shiba Racing Game, which is based on the P2E model.
The racing game also comes with its own set of NFTs, and the team plans to host the Grand Prix competitions on its metaverse, where players from around the world can participate to earn crypto rewards.
Time to get into the Shiba Inu (SHIB)?
Although the drop in prices has had an impact on general sentiment, some experts believe that now is a good time for investors to reinvest and take advantage of falling asset valuations.
They expect the US Federal Reserve to adopt a more dovish monetary stance, which in turn will revive investor interest in risky assets.
Moreover, the technical analysis of the SHIB token indicates signs of a short-term trend reversal, while the consolidation phase is likely to extend for a few more days.
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