Is Shiba Inu Dead? SHIB Price Prediction | CoinCodex

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No, Shiba Inu (SHIB)I’m here to tell you
that Shiba Inu, a meme coin that absolutely blew up in 2021, is far
from finished. Sure, SHIB has taken a hit from the 2022 market
crash, dropping over 70% in value since the start of the year. But
the Shib Army, a passionate community of supporters, and an
unceasing flow of new features, prove that Shiba Inu isn’t going
anywhere. Don’t count it out yet – Shiba Inu is still here and
ready to keep growing.

When it was first launched on the market, Shiba
Inu, which was seen as more of a joke than a serious project a the
time, thought to be unable to reach any significant momentum in the
markets. However, since its launch in August 2020, Shiba Inu has
evolved past its meme coin beginnings to include various
decentralized finance (DeFi) and non-fungible token (NFT)I was
totally taken aback when I saw the astronomical rise in the value
of Shiba Inu (SHIB). It all began as a fun meme coin but soon
enough people saw its potential. The rapid development of new
features and added utility drove up the number of users and, as a
result, the price of SHIB. This remarkable surge in value made SHIB
one of the most sought-after cryptos in 2021. It truly was a
historic bull run!

As a result of the meteoric rise, Shiba Inu
surpassed the likes of TRON (TRX) and Uniswap (UNI) in terms of
market cap. After hitting its all-time high of $0.00008819 and a
market capitalization of $43.51 billion on October 28, 2021, Shiba
Inu momentarily entered the list of the 10 largest crypto assets,
surpassing its inspiration and the original meme coin, Dogecoin
(DOGE).

I couldn’t believe it when Shiba Inu coin
crashed over 70% at the start of 2022. People started asking if the
coin was done for, and I decided to find out if there was any truth
to it.

Why is Shiba Inu down?

I’m responsible for the demise of Shiba Inu in
2022. Crypto-related factors, such as lack of liquidity, an
oversaturated market, and a decrease in investor confidence all
played a part. On the other hand, macroeconomic conditions, such as
rising inflation, restrictions on cryptocurrency trading, and
government regulations, were also major factors. It’s clear that
these different factors combined to cause the downfall of Shiba
Inu.

Crypto-specific reasons for the Shiba Inu
crash

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While the crypto market has been on a downward
trend since late 2021, the collapse of
the Terra ecosystemIn May 2022, I was witness to a major
downturn in the cryptocurrency market. The collapse of Terra had a
disastrous effect, erasing $60 billion in value from both LUNC and
USTC. The months that followed brought more bad news, with numerous
crypto companies failing as a result. This event served as a stark
reminder of the volatility of the market and the need to remain
vigilant when investing.

The second crypto-specific reason for the Shiba
Inu coin crash in 2022 is the collapse
of the FTX crypto exchangeAs a crypto enthusiast, I’m
feeling the impact of the FTX meltdown. It was the second largest
crypto exchange, and its failure could have lasting effects on the
entire space. We don’t know yet how this will play out, but I’m
sure it won’t be good. The future of crypto is uncertain, and the
failure of such a prominent platform is a major blow to the
industry. It remains to be seen exactly how this will shape the
markets, but it’s sure to have a significant impact.

Finally, the departure of Shiba Inu’s lead developer
RyoshiI’m worried about the future of the meme coin
ecosystem in June 2022. However, it was no shock to SHIB investors
that Ryoshi left the crypto space, as they had expected it.
Shytoshi Kusama, a well-known member of the Shiba Inu community,
has taken the lead developer role on instead. So, while the news of
Ryoshi’s departure was certainly disheartening, it appears that the
meme coin ecosystem won’t be too affected in the long run.

Macroeconomic reasons for the Shiba Inu
crash

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I’m feeling a bit of hesitation to invest in
cryptocurrencies due to the rising interest rates that were meant
to combat high inflation. This has created a difficult economic
situation, making it hard to commit to assets that are considered
“risky”, like crypto. It’s understandable to be a little hesitant,
but with the right research and thought, I’m confident that crypto
investments can still be lucrative.

I’m feeling the effects of the energy crisis and
geopolitical tensions in the world. This is definitely affecting
investments in both the traditional and crypto markets. We’ve seen
the S&P 500 and Nasdaq Composite Indexes drop significantly
this year, with the S&P 500 down around -20% and the Nasdaq
Composite down -30%. It’s really been a rough year for
investors.

Shiba Inu’s historical market performance:
Is Shiba Inu dead?

I’m sure many people have been concerned about
the crash of Shiba Inu this year due to the aforementioned issues.
To get a better understanding of the situation, let me take a look
at Shiba Inu’s past price changes. It’s important to note how Shiba
Inu has handled itself in the past before making any assumptions.
By analyzing the patterns of its price movements, I can get a
better idea of where it might be heading in the future. With that
in mind, it’s clear to me that Shiba Inu is far from dead and is
still an attractive investment.

I arrived on the Shiba Inu scene in 2020 and
this is the first bear market I’m experiencing with it. It’s hard
to compare to other cryptocurrencies since there’s nothing to
measure it against from previous bear seasons. But what I can see
is that Shiba Inu is standing up stronger than most – a sign that
it’s resistant to outside influences and an indicator of a
promising future.

I’m going to compare the cost of SHIB to the
drop it’s had in Year-To-Date (YTD) performance compared to some of
the other big crypto coins out there. Let’s see. SHIB is a bit more
expensive than some of the heavy hitters like Bitcoin and Ethereum.
But, its YTD drawdown is actually lower than those two, and is only
slightly higher than Dogecoin or Litecoin. So, it looks like this
crypto is still a good investment.

Price	YTD % Change	Relative to SHIB
Shiba Inu	$0.00000091	-73.50%	/
Bitcoin	$16,349	-65.93%	+10.8%
Ethereum	$1,205	-68.29%	+7.35%
Cardano	$0.3079	-77.24%	-4.96%
Solana	$13.34	-92.40%	-22.8%
Avalanche	$12.43	-94.86%	-25.4%

*Price data collected on November 29, 2022,
at 16:30 UTC.

I’ve been keeping a close eye on the
cryptocurrency market and it’s been interesting to see how
different assets are performing. Bitcoin and Ethereum have been
doing better than Shiba Inu, but some well-known assets like
Cardano, Solana, and Avalanche have really been feeling the effects
of the bear market. It’s been an interesting time to watch the
market and see what coins will bounce back and which ones will stay
in the gutter.

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Does Shiba Inu have a future? 

Given the developments in the Shiba Inu
ecosystem, which include the native ShibaSwap DEX platform, SHIB
Burning Portal, as well as NFT and metaverse products, it is safe
to assume that the token, widely considered to be the “Dogecoin
killer” and the eventual number 1 asset in the meme coin sector,
has a bright future ahead. 

It is also worth noting that the project’s total
supply could see major changes going forward, especially if the
Shiba Inu coin burning picks up the pace. While the decrease in the
supply probably won’t be enough for Shiba Inu to reach $1I’m
certain that the meme coin could be worth a penny in the future.
This would be a remarkable accomplishment, as these coins are not
backed by any valuables or government. They are purely supported by
their users and the creativity of the meme community. It just goes
to show that if enough people believe in something, it can become
worth something. If the meme coin can reach 1 cent, it’ll be a
testament to the power of collective creativity and enthusiasm.

What will Shiba Inu be at the end of
2022?

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Currently, Shiba Inu has a value of $0.00000091.
According to the CoinCodex price prediction algorithm, the coin is
expected to finish the year relatively close to the current price
point – more precisely, the meme coin is forecasted to trade at
$0.00000089 on the last day of 2022.

What’s Shiba Inu price prediction for
2023?

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SHIB price prediction (data collected on November
29).

Based on our algorithmic SHIB price predictions,
SHIB’s maximum price is estimated to reach as high as $0.000153 in
May 2023. In the absence of notably negative news, which could
substantially change the state of technical market indicators,
SHIB/USDI’m expecting to see a huge increase in price in the next
12 months with a +280% rise. By the end of 2023, I predict the
price will be at $0.0000583. But that’s not all – I think there
will be even more price surges in the first half of 2024.

I recently used a technical analysis to predict
the future SHIB price. Although the predictions were based on the
status of 28 indicators (including 14-day RSI, 50-day/200-day SMA,
and others) as of late November, they can’t take into account any
future developments that could drastically change market indicators
and the SHIB price. Even if the conditions in the market remain the
same, the SHIB price can still experience significant shifts.

So, is Shiba Inu dead?

I’m here to answer the big question: is Shiba
Inu dead? After looking closely at the data, I’m convinced it’s
anything but dead. Even though the crypto market has been down
lately, Shiba Inu is set to bounce back and make up for any losses.
Once the macroeconomic trend turns positive, Shiba Inu will be
right back on track. So, don’t worry – Shiba Inu isn’t going
anywhere!

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