Will Price of Shiba Inu Coin (SHIB) Hit A New All Time Low In 2023?

According to a popular cryptocurrency trader, whose predictions and assessments have previously turned out to be true, now predicts that the price of Shiba Inu Coin (SHIB) would hit a new low in 2023. He further cites that the SHIB coin will eventually fall to a price of $0.00008616.

SHIB’s Dismal 2022 Performance

The pseudonymous crypto trader who goes by the Twitter handle CryptoCapo has painted a rather gloomy picture for the viral meme cryptocurrency which comes second to its predecessor, Dogecoin, in market capitalization.

$SHIB should make new lows as well pic.twitter.com/Pw8T0oGVPL

— il Capo Of Crypto (@CryptoCapo_) December 19, 2022

The year 2022 has been a predominantly dismal one for SHIB, as the token’s value dropped by more than 70% due to rising interest rates and ongoing turmoil in the internal market.

Read More: SHIB Burn Rate Skyrockets Over 250% In Past 24 Hours

In October of 2021, the price of SHIB skyrocketed to a new all-time high. However, due to the unfavorable macro climate and the instabilities in the domestic market, everything went from bad to worse for SHIB holders from that point onwards.

Shiba Inu’s Growth Plans

Despite the poor performance of SHIB tokens and the extremely pessimistic sentiment prevailing in the crypto community, there have been many significant attempts by the project and its community to drive utility and bolster newer use cases.

From launching the SHIB Metaverse, the Layer-2 Blockchain solution called Shibarium and the recently announced Shiba Racing Game, which is based on the P2E model.

Read More: Shiba Racing NFT Launch; All About SHIB Metaverse P2E Game

The racing game will also come with its own set of NFTs and the team plans to host the Grand Prix competitions on its metaverse, where players from around the world can take part to win crypto rewards.

Time To Enter Shiba Inu (SHIB)?

While the declining prices have impacted the overall sentiment, some experts think that it to be a good moment for investors to reinvest, enjoying the lower valuations across assets.

Read More: Here’s Shiba Inu Price Analysis Guide For The Coming Week

They anticipate that the U.S. Federal Reserve will adopt a more dovish monetary stance, rekindling investor interest in risky assets.

Also, technical analysis of the SHIB token indicates signs of a trend reversal in the near short term, while the consolidation phase is expected to extend for a few more days.

Also Read: Here’s Why Shiba Inu Coin Sees A 10% Jump in Near Future