Can Shiba Inu price hit $1?
Key Takeaways
- Shib Inu, has gained a lot of traction lately due to its price spike and abundantly increasing Shib Army.
- The chances of SHIB to climb up the ladder is improving with time.
Shiba, the name of a well-known breed of dog in Japan, was an attempt to build a decentralized community. Sibha Inu, an ERC-20 token made by Ryoshi, entered the game in August 2020. Since its launch, Shiba Inu (SHIBA) has become a significant player in the cryptocurrency market. The “Doge Killer” token appeared in the market after seeing Dogecoin’s immense popularity. The token took some time to catch investors’ attention after it was launched. It was not always as popular as it is now, but over time, supporters of the ShibArmy-SHIB currency pumped the coin, elevating it to the position of the second-largest meme coin in terms of market cap.
The coin is now currently available on all top cryptocurrency exchanges such as etoro. The prospect of the coin is surprising high despite being a meme coin. There are even some speculations that coin could reach $1. Do you think, it is far fetched? Let’s examine.
In this blog, we will take a look at technical aspect of the coin and understand when will Shiba Inu touch $1.
Technical Analysis : Will SHIB Price hit $1 ?
Looking at the Shiba Inu chart, the coin is positioned at $0.000007367, at the time of writing. The recent months of the coin have been quite rough, that has brought it questionable level. Nevertheless, the chances of its bouncing is back are equally ripe. The chart depicts a falling wedge formation, which in technical analysis is bullish and shows that the downward trend is waning. It implies that the current pattern will either persist or change. It unmistakably signals the end of the period of correction or consolidation. Shiba Inu will be priced at a minimum of $0.00000645, according to a technical analysis of prices anticipated in 2023. The SHIB price can go as high as $0.00000763, the highest possible level. The anticipated average trading price is $0.00000880.
Shiba Inu prices have fluctuated over the past few years, and according to cryptocurrency analysts, the average SHIB rate in November 2023 may be around $0.00000848. It may fall as low as $0.00000839. The highest possible amount is $0.00000857. It is predicted that in December 2023, the price will not fall below $0.00000842.
Talking about the, when will it hit $1, the chances are very low. However, if we look at the Bitcoin, it won’t be wrong to say anything can happen in the crypto market. We are anticipating that Shib Inu will touch $1 in 2050 or beyond.
What Makes Shiba Inu Stand Out?
- The network run by Shiba Inu is decentralized. As a result, nobody can interfere with the transactions, development, or creation of this token.
- Shiba Inu’s community is the cornerstone upon which the success of the breed is built. The token’s developers wanted to target a committed consumer base that would actively contribute to the token’s growth.
- Shiba Inu is more than just a pretty symbol. Shibarium, a layer two blockchain, ShibSwap-DEX, Shibashis, an NFT series, and Shib Metaverse are just a few of the significant components that it aims to build into a massive ecosystem.
- The SHIB coin regularly burns a portion of each transaction as part of its integrated deflationary model, balancing the token’s total supply as a result.
Shiba Inu Stepping into the Metaverse
Shiba Inu seems to be one of the early adopters in the cryptocurrency world, which is evolving with the introduction of the metaverse. It is time to start exploring the metaverse because the Shiba Inu ecosystem is quickly growing thanks to the enthusiastic support of a large user base. The Shiba Metaverse, which the creators first unveiled in 2022, generated a lot of buzz.
By the end of 2023, the project may have grown significantly because it is currently moving along at a rapid pace. Shiba Inu coins will be usable in this metaverse for a variety of purposes, including purchasing and selling plots as well as many other things, the creators have promised. The exact list of features is still unknown, but we anticipate the developers will soon give you more pleasant surprises.
Conclusion
With the release of a teaser in January 2022, the Shiba Inu creators have finally revealed how the Shiba Inu ecosystem evolved from a meme to a metaverse. The Shiba Inu Metaverse is the biggest surprise of the year, according to the surprise’s creators, who revealed it on their official Twitter account.
The Shibarium L2 network would be the foundation for the metaverse, according to the most recent information. Additionally, there would be 100,595 virtual land plots in the metaverse. In addition to gathering in-game resources, landowners would be able to make passive income. Additionally, they would have access to a private space where they could create and oversee their own initiatives. While some sites would remain accessible to everyone, the Shiba Inu project’s developers announced that 36,431 plots of land would be released during the project’s initial phase.
Frequently Asked Questions (FAQs)
1. How do I buy Shiba Inu cryptocurrency?
2. Is Shiba Inu a good investment?
3. What is the future of Shiba Inu cryptocurrency?
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