2023 began on a bullish note as most cryptocurrencies attempted to return to their uptrend. Shiba Inu specifically hit a strong support price and looks promising for the next crypto bull run. Will Shiba Inu Coin Price Increase In 2023? Is SHIB a good buy? Let’s analyze Shiba Inu prediction in this article.
What is Shiba Inu Coin (2023)?
Shiba Inu is a cryptocurrency belonging to meme coins mentioned. These are fun coins with no specific function that are still bought by investors for speculative purposes. The Shiba Inu coin is a parody of Dogecoin, the first ever meme coin.
The first cryptocurrency to mock Bitcoin was Dogecoin. To create his own cryptocurrency, Shiba Inu copied the Dogecoin meme and turned a confused Shiba Inu dog into an angry Shiba Inu dog. Shiba Inu uses an innovative and efficient proof-of-concept consensus algorithm. Shiba Inu currency can therefore be used for quick and easy transactions.
How to mine Shiba Inu coin?
Shiba Inu uses the Ethereum blockchain. Since Ethereum has converted from PoW to PoS, mining is no longer an option for it or any other coin using the Ethereum network. Therefore, Shiba Inu mining is no longer possible. However, Shiba Inu can bet on various exchanges including Binance.
Can the Shiba Inu recover in 2023?
Basically, it all depends on the crypto market in general. Most (if not all) cryptocurrencies are still around
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Massive jumps are always conceivable because Bitcoin is a speculative asset that is much more unpredictable than other cryptocurrencies. However, the Shiba Inu coin may disappear at some point in the future. This can happen, in particular, if little attention is paid to the meme coin. The huge price increases were mainly due to the spread of memes on social networks.
How much is 1 billion Shiba Inu worth?
Given the current price of $0.00000827 for 1 SHIB, 1 billion SHIB tokens would cost about $8,270. Don’t be fooled when someone tells you they have billions and billions in Shiba Inu signs, they could be worth several thousand.
Shiba Inu Forecast 2023: Buying a Shiba Inu TODAY?
Shiba Inu is currently sitting in a strong support area. If we look at Figure 1 below, we can see how prices tend to pull back every time they reach this zone. The latter is limited to a price of $0.0000075 to $0.0000090. SHIB may correct further as the overall market currently looks bearish. However, prices should pull back and return to the $0.000012 resistance price. This should happen when the entire market returns to its recovery.
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