The price of Shiba Inu (SHIB) has become a subject of intense scrutiny, particularly in light of the recent resurgence of interest in meme coins, exemplified by the significant climb of Pepe (PEPE) in recent weeks.
As we stand at a critical juncture in the crypto market, with investors almost already halfway through the year, a diverse range of experts has been approached to provide their valuable insights on SHIB’s end-of-year price target, taking into account not only its fundamental factors but also the developments within its network.
Frank Corva, Senior analyst for digital assets at Finder
According to Frank Corva, a senior digital assets analyst at Finder, there was a distinct scenario between May and October 2021 in the United States. During that period, many individuals were still receiving stimulus checks, and the impact of inflation on consumer goods prices had not yet been significantly felt.
As a result, people had more disposable income, which enabled them to engage in speculative trading of meme coins such as SHIB.
However, Corva acknowledges that the current situation in the US and globally has undergone significant changes, indicating a contrasting landscape.
“The probability of SHIB performing well or setting a new all-time high this year is low. SHIB hit its all-time high back in October 2021, while the crypto market was on its way to its second top. It’s currently trading about 90% off of its high.”
Nick Stekovic, CEO of Project Management Revolution
Nick Stekovic, CEO and founder of Project Management Revolution, asserts that SHIB is in a favorable position for growth in 2023. Stekovic highlights the token’s remarkable success since its inception and its continued popularity. Moreover, SHIB’s distinctive consensus mechanism presents an enticing opportunity for investors seeking a secure and dependable blockchain protocol with the ability to scale rapidly.
In particular, he highlighted:
“Its unique consensus mechanism an attractive option for investors for a secure and reliable blockchain protocol that can scale quickly.”
Stekovic acknowledges that some experts hold the belief that SHIB possesses the significant potential to rank among the top 10 cryptocurrencies in the current year this year “due to its low transaction fees and fast transaction times.”
The CEO also hinted at the ongoing network developments surrounding Shibarium. The sHIB team has confirmed that their Layer 2 (L2) solution will involve the “burning” of tokens for every transaction conducted on the network. This means that whenever a user initiates a transaction on Shibarium, there is a possibility that SHIB tokens will be permanently removed from circulation.
“SHIB has also been developing a number of partnerships with large companies and institutions, which could help the token reach new heights in 2023. The team behind SHIB is dedicated to creating the best user experience possible for its users, which could lead to further adoption and growth this year.”
Shiba Inu price analysis
As of the most recent update, the current price of SHIB stands at $0.00000872, showing a slight decline of 0.87% within the day and a decrease of 1.90% over the past week. In terms of market capitalization, SHIB is valued at approximately $5.1 billion.
The support level at $0.00000817 for SHIB indicates a historically significant price level that has exhibited buying interest from investors, potentially acting as a supportive floor for the cryptocurrency.
Conversely, the resistance level at $0.00000934 represents a price level where selling pressure has historically intensified. It acts as a barrier that can impede upward price movement, as sellers may be more inclined to sell their holdings or take profits at this level. Overcoming this resistance will require strong buying pressure for the dog meme token or a significant catalyst to propel the price higher.
Finally, by 2025 experts suggest that SHIB is likely to experience a significant rise in value. Indeed, they predict that SHIB will trade at $0.00004930 in a little over a year and a half from now.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.