A change in market trends could increase the price of Shiba Inu in 2023.
Shiba Inu coin was probably the biggest sensation of 2021. As the second major meme coin after Dogecoin, it was able to establish itself as one of the largest cryptocurrencies on the market with massive rallies. However, in 2022, the price was mostly low.
For most of 2022, there was a steeper drop in the Shiba Inu price. Due to the bear market, the value of the meme coin has declined almost continuously for the past 12 months after peaking in 2021. Losses in the first half of 2022 were particularly severe.
After these massive losses in the first half of the year, the price decline leveled off a bit in the second half of 2022. In early November, the SHIB price rose from $0.00001 to $0.000013. There has been a slight and steady drop in price over the last few weeks. Most recently, the SHIB price was around $0.000008.
Why Shiba Inu Coin Experienced Such Huge Losses?
Shiba Inu coin has lost a lot of value in the last 12 months. As a meme coin, the losses were particularly severe during this period. That is the nature of this type of currency. In a bear market, of course, losses are special. Especially after such strong hype like 2021, it was to be expected that the SHIB price would crash.
Unlike Dogecoin, Shiba Inu coin also did not benefit as much from the altcoin rally in early November and the acquisition of Elon Musk. As a result, Shiba Inu only fell to 15th place among cryptocurrencies by market capitalization.
What is the Shiba Inu Forecast for 2023?
In the coming months, another change of trend in the market will be seen. Bitcoin also rose massively in the first 6 months in the second year of the last bear market, in 2019. If such a development repeats itself, a sharp rise in meme coins like Shiba Inu could be seen again.
It will be interesting to see how the SHIB can continue to establish itself in the bear market. Dogecoin has already had a bear market and is therefore much more established.
There was a risk that Shiba Inu would disappear into the darkness; however, this assumption was refuted despite heavy losses. A turnaround in the market should also allow the Shiba Inu price to rise again in 2023, improving the forecast.
An increase in the Shiba Inu price seems very likely if the crypto market picks up slightly next year. If Bitcoin could triple again in the next few months, then a meme coin like the Shiba Inu coin could also massively increase up to 5x in value.
An investment in the Shiba Inu coin could pay off in the coming weeks and months, as the forecast shows. But care should be taken, as the meme coin is considered to be extremely volatile. Moreover, Shiba Inu has not yet gone through a full bear market and no historical data exists.
By Audy Castaneda
