In 2021, the Shiba Inu Coin sparked what may have been the most significant hype the crypto market has ever witnessed. While Dogecoin had already experienced rallies of 10x or more in previous years, the craze surrounding “dog coins” reached its pinnacle during the last bull market with the emergence of Shiba Inu. The question now is whether the Shiba Inu Coin will experience another surge this summer, resulting in a 10-fold increase in its value.
How did the Shiba Inu price move in 2023?
The year 2023 has so far been characterized by a bullish development on the crypto market. The Shiba Inu Coin was also able to benefit from this. But in contrast to the expectations of the meme coin, the increases in the SHIB course were not that high. Compared to other altcoins and even Bitcoin, the Shiba Inu coin lagged behind.
From the beginning of the year to early February, the SHIB rate rose from $0.000008 to $0.000014. This was an increase of 75%. But since the beginning of February, the Shiba Inu price decreased yet again. Despite slight gains in recent weeks, the SHIB course is currently only 0.000012.
Why is Shiba Inu not UP yet?
Shiba Inu has not experienced as substantial of an increase in value compared to other cryptocurrencies in recent weeks. During bullish periods, meme coins typically benefit greatly from positive market conditions. However, it’s important to keep in mind that we are still in a bear market, which may result in reduced hype surrounding meme coins. Currently, there is a limited number of participants active in the market.
Furthermore, Dogecoin has dominated the news, especially in the last 2 months. Elon Musk, a Dogecoin fan is the boss of one of the largest social media platforms in the world. Most recently, the Twitter logo was replaced with the Dogecoin logo. More attention on Dogecoin means less attention and fewer profits on the Shiba Inu coin.
Top 3 reasons why Shiba Inu can 10x before 2024
There could possibly be a new Shiba Inu coin rally in 2023. Here are 3 important reasons:
- Periods of relative calm are interspersed with episodes of hype around meme coins, which occur repeatedly. The anticipated significant surge in popularity of SHIB has yet to materialize, but is expected to take place in 2023.
- According to our most recent predictions, we anticipate a positive trend in the cryptocurrency market during the upcoming spring and summer of 2023. If Bitcoin were to climb towards its record highs, it may attract new investors to the market, potentially leading to an increase in demand for SHIB and causing a surge in its value.
- Given its relatively short lifespan, the Shiba Inu Coin has the potential to experience a significant increase in value. Following its initial period of hype in 2016, Dogecoin witnessed a substantially greater surge in price during the next cycle. A similar scenario could occur with the Shiba Inu Coin.
Although a 10-fold increase appears to be overly optimistic, a frenzy surrounding the Shiba Inu Coin may materialize during the summer months, resulting in a significant surge in its value.
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Source: https://cryptoticker.io/en/top-3-reasons-why-shiba-inu-price-can-10x-before-2024/