Shiba Inu Price Forecast: Insights from Experts

Shiba Inu, a meme coin introduced in 2020, gained significant attention during the 2021 bull market, reaching a peak market cap of $32.84 billion. Despite losing a substantial portion of its value, it currently holds the 18th position on CoinMarketCap with a $4 billion market cap, representing only 12% of its all-time high (ATH).

Despite the market fluctuations, the Shiba Inu team has demonstrated resilience by implementing various improvements, transforming Shiba Inu from an average meme coin into a thriving decentralized finance (DeFi) ecosystem. This Shiba Inu price prediction considers factors such as utility, tokenomics, community support, the broader crypto market, and more for the period between 2023 and 2030.

Shiba Inu Price History:

Shiba Inu made its debut in August 2020 with an initial price of $0.000000001009. The first significant price surge occurred in May 2021, reaching a high of $0.00003469 due to a 457% rise on May 10. Following this all-time high, the price experienced corrections and consolidation between $0.0000065 and $0.000008.

In October 2021, Shiba Inu's price witnessed a rapid ascent, surpassing 1100% in less than a month to reach its ATH of $0.00008845. Subsequently, the price underwent a swift decline but found support at levels around $0.00000802 and $0.00001. Recent developments, particularly the SEC suing Binance and Coinbase, led to a breakdown below this support.

The current Shiba Inu price is approximately $0.000006955, reflecting a 92% decrease from its all-time high. The total circulating supply is 589,346,914,631,298 SHIB, with a market cap of $4,098,907,791.

Shiba Inu Price Prediction for 2023:

Shiba Inu is currently trading near the crucial long-term support level of $0.00000620. The near-term performance is expected to be influenced significantly by broader market conditions. If the overall market performs well, Shiba Inu may rebound from this support. Conversely, a market downturn might lead to Shiba Inu breaking below this support and establishing new lows.

From a technical standpoint, the SHIB chart indicates a long-term downtrend with notably low trading volumes. The crypto market, including Shiba Inu, has been following a similar pattern throughout the year. Falling wedges, descending trend lines, and key resistance levels suggest that investors might be anticipating the Bitcoin Halving event in April of next year.

The crypto market remains volatile, with ongoing legal battles involving the SEC, Coinbase, Binance, and Ripple, alongside false ETF approvals, influencing price movements. Despite the launch of Shibarium, Shiba Inu's Ethereum Layer-2 solution, in August, technical issues led to a swift erasure of gains.

Considering these factors and hoping for a lack of major negative news, Shiba Inu is anticipated to trend between the long-term resistance at $0.0000062 and the descending trend line until the end of the year.