Although the rally that the majority of the cryptocurrency market has recorded since the year’s turn has subsided, certain indicators suggest that there is still room for hope for some cryptocurrencies by the end of 2023, particularly the dog meme token Shiba Inu (SHIB).
Despite its current setbacks, the projections made by CoinPriceForecast, the finance prediction platform that uses machine self-learning technology, indicate a major increase for Shiba Inu by the end of 2023, as per data retrieved by Finbold on February 14.
As it happens, SHIB started the year at the price of $0.00000806 and has since increased by 54%. According to the platform, by the end of this year, Shiba Inu is set to trade at $0.00001474, which would represent a growth of 19% to its price at present.
In the meantime, by mid-2023, the price of Shiba Inu is expected to increase to $0.00001355, which would, if predictions materialize, demonstrate an increase of 9.45% to its current price, which at press time stood at $0.00001238.
Shiba Inu price analysis
As things stand, SHIB is currently trading at $0.00001231, which indicates a decline of 2.92% on the day and 12.96% across the previous week, as the dog token still hangs on to its monthly increase of 17.99%, as charts demonstrate.
Among the factors that could drive Shiba Inu towards the predicted price is the highly anticipated release of its layer 2 network, Shibarium, which was expected around February 14, but the ecosystem’s developer Shytoshi Kusama has recently said that there was still no exact date.
Other possible drivers for its price include the general sentiment on the crypto and macroeconomic landscapes, as well as related tweets by prominent individuals such as Tesla (NASDAQ: TSLA) CEO Elon Musk, who on February 8 posted the same symbol that Kusama added to his Twitter bio last year, leaving the community guessing.
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