Shiba Inu was a meme cryptocurrency like Dogecoin and the fastest-growing digital coin in 2021. It was amazing to see how fast the asset grew, particularly after it experienced a 46,000,000% price rise.
- Shiba Inu’s trading price is now its resistance marker
- SHIB token priced now at $0.00001118
- It is expected that the meme crypto coin will be worth $0.00001501 by 2022.
Shiba Inu was a meme cryptocurrency like Dogecoin and the fastest-growing digital coin in 2021. It was amazing to see how fast the asset grew, particularly after it experienced a 46,000,000% price rise.
This attracted many investors, and it is why a large percentage of crypto investors have found their way onto the market.
This was such an instant hit that initial investors, who were already holding SHIB worth $10 each became extremely rich.
Fast forward to today, and some consider that the token’s era is over. Crypto experts don’t see any reason for it to rise again.
SHIB currently changes hands for $0.00001118, according to CoingeckoPress time. Already, 87% has been lost from its record-breaking October 28th 2021 high.
For the last five months, it has been in steady decline.
Shiba Inu: Breaking Through Resistance
SHIB’s slump and bearish activities led to the conversion of its $0.00001118 support level into its current resistance.
This meant that for the time being, the token’s price won’t see any upward movement, unless it breaks through the resistance.
The market is already dominated by sellers, which has triggered the push towards $0.0000103. Shiba Inu may face another drop if it succeeds, although it should recover quickly.
The SHIBArmy facilitated a massive buying spree between June and August. The token’s gains from this activity were reduced by sellers who entered, and they pulled the price down again.
The SHIB is expected to rise by the end of 2022
Even though the token has been suffering for 5 months, it isn’t over. The price prediction for 2022/2023 points to an eventual price hike.
Source: Santiment
Shiba Inu’s metaverse platform deal is underway. It is anticipated that this will push token prices to $0.00001501 at the end of the year. SHIB is currently priced at $0.00001307.
Ever since about the middle of September, SHIB’s social influence has been steadily dwindling. It showed an increase of just 1% in its price. Despite the traction, this reading reflected the SHIBArmy’s assurance.
The crytpocurrency will be in a much better place if the bear market of 2022 is ended by the first part next year.
SHIB trades at $0.00002271 as a maximum in 2023, according to forecasts.
Featured Image from Paper Writer Chart: TradingView.com| Featured image from Paper Writer, Chart: TradingView.com