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shiba inus (SHIB), the second most popular and second largest dog-inspired cryptocurrency by market cap that currently lives on as an ERC-20 token based on the Ethereum blockchain, has corrected around 6.7% decline in the last 24 hours according to CoinMarketCap. The pullback is in line with a broader decline in major cryptocurrency prices as traders take profits on recent long positions.

At current levels just above $0.000011, SHIB is still up around 38% this month, but has now fallen almost 14% from its recent highs just below 0.000013 $. Shiba Inu’s pullback comes on the heels of the cryptocurrency breaking below an uptrend that had driven its price higher for the entire month so far.

For now, support at $0.000011 holds, thanks in part to buying ahead of the 200-day moving average at $0.00001075. But if that breaks, SHIB could see a quick drop to the next round of support around $0.00001.

Experts give their SHIB price predictions

According to the algorithm-based financial asset forecasting website Wallet Investor, which uses techniques and asset price history to predict the future, Shiba Inu will lose more than 92% of its value in 2023, dropping from its present value at around $0.0000008. Wallet Investor thus characterizes Shiba Inu as a bad long-term investment.

But many analysts would say this is too pessimistic a prospect. 2023 appears to be a much better year for crypto than 2022, thanks to growing expectations that the aggressive Fed tightening cycle of 2022 will end and even begin to reverse by the end of the year.

And Shiba Inu developers are expected to release new products in an effort to improve the usefulness of cryptocurrency – so far Shiba Inu tokens have been derided as having no use case in the world real.

The Shiba Inu developers will soon release a layer 2 blockchain that will be built on the Ethereum network – SHIB owners will be able to trade tokens within the Shiba Inu ecosystem on this blockchain and benefit from lower fees and faster transactions. The developers also hope to release a Shiba Inu metaverse later in 2023.

This, along with a long-awaited broader rally in the cryptocurrency markets, may well help SHIB gain value in 2023.”[SHIB] can be a good investment… The growth potential is over 100% in the next few years”.

However, he added, “it is better to buy a Shiba Inu in moderate quantities because the project has not yet found its true value”.

Is it too late to buy SHIB?

ask if it is too late to buy an asset is never the right question. The answer is always never. The right question is whether an asset should be bought or not. And it depends on how an investor judges his long-term price performance outlook.

If you think the price of SHIB is likely to increase significantly in the current years, based on your own research, it’s probably worth buying. If not, stay away.

Alternatives to the Shiba Inu

If you’re looking for other high-potential crypto projects alongside SHIB, we’ve reviewed the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Discussion Team.

The list is updated weekly with new altcoins and ICO projects.

Disclaimer: The Industry Talk section features information from crypto industry players and is not part of the editorial content of Cryptonews.com.



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