The Shiba Inu price has shown life again in recent weeks after suffering heavy losses in 2022. Since the beginning of 2023, SHIB prices saw a massive increase of more than 40%. As a meme coin, it’s always possible for the Shiba Inu coin to show a strong rally. How will Shiba Inu perform in Q1 of 2023? Let’s analyze in this Shiba Inu prediction article.
How did Shiba Inu Perform recently?
In the last few weeks, the Shiba Inu price has seen more of a sideways movement. The course rose sharply again at the beginning of November and then fell sharply again due to the FTX crash. In the weeks that followed, the price stabilized at a low level. At the end of December, the price dropped again to $0.000008.
After the turn of the year, things got a little more positive for the meme coin. The price could increase by 20 to 30 percent in the last few days and the price went up to a value of $0.000012. The Shiba Inu forecast for the beginning of 2023 has thus improved somewhat.
What will Happen to SHIB Token?
In the last bull market, the Shiba Inu Coin saw massive price increases. Due to several rallies, the course exploded, especially in 2021, and was even able to climb into the top 10 cryptocurrencies by market capitalization for a short time. In a bull market, meme coins are known for such massive increases. But are strong increases also possible in a bear market?
In 2022, Shiba Inu was still well-established in the top group of cryptocurrencies. Furthermore, in November we already saw a stronger rally before the FTX crash. The Dogecoin, the “big brother” of the Shiba Inu Coin, has already seen a doubling at times. In addition, the market should go in a slightly bullish direction again in 2023.
Will Shiba Inu go up?
The Shiba Inu price has risen again slightly in the last few days. This trend could also continue in the coming days and weeks. Bitcoin broke its resistance of $17,000, hence we should see altcoins rise as well in the days that follow.
Overall, the Shiba Inu price could be likely to increase in the coming weeks. We already saw a trend reversal on the market in 2019, back then in the first quarter of the year. Furthermore, many cryptocurrencies seem to be severely undervalued at the moment. Although the Shiba Inu Coin is considered highly speculative, it should follow the trends of the overall market.
How High can Shiba Inu reach in 2023?
In the last few days, the Shiba Inu price has already risen from $0.000008 to $0.000012, which improves the forecast. A continuation of this rise seems almost guaranteed, especially if the Bitcoin price breaks through the resistance at $17,000. If Bitcoin price rises above the $20,000 mark in the next few weeks, the Shiba Inu price could soon follow with increases.
After a small rally, the Shiba Inu price could stabilize again in the weeks that follow. In addition, the Shiba Inu coin has not seen such strong increases as the Dogecoin over the past few weeks. This also affects the Shiba Inu forecast for the next few weeks. Still, a 50% rise is possible in a larger rally, but then a 20-30% consolidation afterward.
We, therefore, assume a Shiba Inu forecast of $0.000014 to $0.000016 for the end of the first quarter of 2023.
Is Shiba inu a Good Investment in 2023?
Shiba Inu (SHIB) is a very high-risk meme coin. It is a speculative asset that can bring in high profits but can also result in extremely heavy losses. Whoever got in early won a lot. Others have seen big casualties.
At the current bear market, there could be another opportunity to buy SHIB tokens relatively cheaply. But the risk is very high even for cryptocurrencies, which you should be aware of. Therefore, see an investment in Shiba Inu as highly speculative and only hold a smaller portion of your portfolio in meme coins, if at all!
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