The year 2023 started on a consolidated note as most cryptos attempted to revert back to their uptrend. Shiba Inu specifically reached a strong support price and is looking promising during the next crypto bullrun. Will Shiba Inu price increase in 2023? Is SHIB a good buy? Let’s analyze in this Shiba Inu prediction article.
What is Shiba Inu Coin (2023)?
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.
The first cryptocurrency to mock Bitcoin was Dogecoin. In order to create its own cryptocurrency, the 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 cutting-edge and effective Proof-of-Stake consensus algorithm. The Shiba Inu Coin may thus be used for transactions that are quick and easy.
How to Mine Shiba Inu Coin?
Shiba Inu utilizes 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 thus no longer possible. However, Shiba Inu may be staked on a variety of exchanges, including Binance.
Can Shiba Inu recover in 2023?
It basically all depends on the crypto market in general. Most (if not all) cryptocurrencies are still heavily
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 $0.00000827 for 1 SHIB, 1 Billion SHIB tokens would be worth around $8,270. 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 2023: Buy Shiba Inu TODAY?
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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