According to a popular crypto-currency trader, whose predictions and valuations have previously proven to be true, now predicts that the price of the Shiba Inu coin (SHIB) would hit a new low in 2023. It also states that the SHIB coin will eventually fall to a price of $0.00008616.
SHIB’s disastrous performance in 2022
The crypto-currency trader who calls himself CryptoCapo on Twitter painted a rather bleak picture of the viral crypto-currency, which is second only to its predecessor, Dogecoin, in terms of 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 mostly dismal one for SHIB, with the token’s value dropping more than 70% due to rising interest rates and the ongoing turmoil in the domestic market.
In October 2021, the price of SHIB soared to a new all-time high. However, due to the unfavorable macroeconomic climate and domestic market instabilities, everything went from bad to worse for SHIB holders from that point on.
Shiba Inu’s growth plans
Despite the poor performance of SHIB tokens and the extremely pessimistic sentiment in the cryptographic community, the project and its community have made many significant attempts to expand utility and support new use cases.
Since the launch of the SHIB Metaverse, the Level 2 Blockchain solution called Shibarium and the recently announced Shiba Racing Game, which is based on the P2E model.
The racing game will also come with its own set of NFTs, and the team plans to host Grand Prix competitions on its metaverse, where players from around the world can participate to win crypto rewards.
Time to enter Shiba Inu (SHIB)?
While the price drop has impacted overall sentiment, some experts believe it’s a good time for investors to reinvest, taking advantage of lower asset valuations.
They anticipate that the U.S. Federal Reserve will adopt a more dovish monetary stance, rekindling investor interest in risky assets.
In addition, technical analysis of the SHIB token indicates signs of a short-term trend reversal, while the consolidation phase is expected to continue for a few more days.