The entire crypto market crashed on news of the demise of FTX. The average cryptocurrency lost around 20% in the past 2 weeks. Shiba Inu also lost an average of 20%, dropping from a price of $0.000012 to the current price of $0.000009. However, SHIB prices are currently in a strong support area. Is it a good time to buy Shiba Inu? Let’s assess in this Shiba Inu prediction article.
What is Shiba Inu crypto?
The Shiba Inu is a cryptocurrency that belongs to the meme coins mentioned. These are fun currencies without a specific function, which investors still buy for speculative purposes. The Shiba Inu Coin is a parody of the Dogecoin, the first meme coin ever.
Dogecoin was the first meme coin to make fun of Bitcoin. The Shiba Inu now took up the Dogecoin meme and turned the confused Shiba Inu dog into an aggressive Shiba Inu dog for its own cryptocurrency. Shiba Inu uses the modern and efficient Proof-of-Stake consensus mechanism. As a result, the Shiba Inu Coin can also be used for transactions quickly and efficiently.
Can you Mine Shiba Inu Tokens?
Shiba Inu runs on the Ethereum blockchain. Since Ethereum switched from PoW to PoS, mining for it or any other currency running on the Ethereum blockchain is no longer an option. So you can no longer mine Shiba Inu. Shiba Inu can, however, be staked on different exchanges, such as Binance.
Can Shiba Inu recover in 2023?
In 2021, Shiba Inu Coin appeared out of nowhere. The currency was just minted in 2020 and essentially had a very significant surge at the beginning of the following year, in 2021. No other significant cryptocurrency has had a growth of this magnitude such as meme coins.
Massive jumps in bullish times are always conceivable since Bitcoin is a speculative asset that is much more unpredictable than other cryptocurrencies. The Shiba Inu Coin could, however, vanish into obscurity at some point in the future. This may be the case, in particular, if little attention is paid to the meme coin. The huge price spikes were mostly brought on by the meme’s social media dissemination.
How much is 1 Billion Shiba Inu worth?
Given the current price of $0.0000090 for 1 SHIB, 1 Billion SHIB tokens would be worth around $9,000. Don’t get fooled when someone tells you they own billions and billions in Shiba Inu tokens, they might be worth a couple of thousands.
Shiba Inu Prediction: Buy Shiba Inu at $0.0000090?
Shiba Inu is currently sitting at a strong support area. If we look at figure 1 below, we can see how prices tend to retrace higher every time they reached this area. The latter is delimited between a price of $0.0000075 and $0.0000090. SHIB can correct further as the entire market is currently looking bearish. However, prices are bound to retrace higher and go back to the resistance price of $0.000012. This should happen once the entire market goes back to its recovery.
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