Shiba Inu ! Price prediction included.
Shiba Inu (SHIB), the parody meme coin, took the brunt of the crypto sell-off on Friday, plunging more than 38 percent. After a brief recovery over the weekend, it is down again today (24 January), with its price presently at $0.00002145, down 7%.
SHIB and its canine companion DOGE, like the majority of major altcoins, have fallen in lockstep with bitcoin (BTC), which saw its price plummet by 26% on Friday/Saturday. Around $200 billion was wiped off the value of cryptocurrencies around the world, as investors moved their money to safer ground in the form of government assets.
Stock markets around the world were also jittery, with the Nasdaq Composite, which is mostly comprised of high-tech companies, falling about 6%.
The sell-off was spurred by fears of the Federal Reserve tightening monetary policy and possibly faster-than-expected interest rate hikes. Last week, Russia's central bank proposed a crypto ban, which frightened the market. Russia is known as one of the world's crypto capitals, with approximately 12% of the population owning cryptocurrency and it being the world's third largest mining country.
This recent bout of volatility comes after a tumultuous period in the realm of meme coins, where sentiment and rumor can overshadow the value of fundamentals. In the span of a few days, SHIB's price rose 27%, dropped 10%, and then rose 10% again, just to collapse again.
This was fueled by a large-scale investment or whale who purchased 58.9 billion SHIB for about $2 million. Rumors on social media (which have yet to be confirmed) stated that the exchange Robinhood was set to list SHIB.
According to Capital.com, the third reason is that bitcoin and its altcoins reacted favourably to the US Consumer Price Index report, which revealed that inflation surged to 7% in December, the most in over 50 years, prompting investment as an inflation hedge.
Shiba coin price prediction:
The SHIB price has dropped from $0.00008841, its all-time high in October, to $0.00002145. (24 January). Will it be able to keep that price?
Short-term sentiment on SHIB has improved, according to technical analysis at the time of writing. According to CoinCodex, the market has turned bearish, with six indicators emitting bullish indications compared to 21 bearish signals. The daily simple and exponential moving averages both indicated that it was time to sell. The Relative Strength Index (RSI) was 32.37 at the time of writing. The RSI fluctuates between zero and 100, with overbought levels above 70 and oversold levels below 30.
Wallet Investor's SHIB crypto price prediction still deems the currency to be a "excellent" long-term investment. Its shiba inu price projection for this time next year is $0.000071, with SHIB expected to trade at $0.000237 by 2027.
According to DigitalCoin's shiba inu (SHIB/USD) estimate, the price could average $0.00003 in 2022, rising to an average of $0.000035 in 2023. By 2025, the algorithm predicted that the price will average $0.000047.
Longer term, Coin Price Forecast's shiba inu coin price forecast for 2025–2030 projected that it will continue erratic, going from $0.00086 at the end of 2025 to $0.0018 in 2030.
It's vital to remember that cryptocurrency markets are still incredibly volatile, making it difficult to anticipate a coin's price in a matter of hours, and even more difficult to make accurate long-term predictions. As a result, analysts and internet forecasting sites may make incorrect projections.
Before making any investment decisions, we urge that you conduct your own research and evaluate the latest market trends, news, technical and fundamental analysis, and expert opinion. Never put more money into something than you can afford to lose.
