Shiba Inu Coin is a meme coin that has attracted attention in recent months due to price explosions. As a speculative investment, Shiba Inu could bring massive profits to its investors in 2021. In the current bear market, the lower prices are understandable. But in 2023, the Shiba Inu price could still see a sharp rise. How high can the price rise by the end of the year? Can Shiba Inu double in prices?
Is Shiba Inu a Meme Coin?
Shiba Inu is generally considered a meme coin in the cryptocurrency community. A meme coin is a cryptocurrency that is created as a joke or as a humorous reference to a popular internet meme or trend. Shiba Inu was created in August 2020 as a parody of the popular cryptocurrency, Dogecoin, which was itself created as a joke.
Like Dogecoin, Shiba Inu features the Shiba Inu dog breed as its mascot and has gained a significant following on social media platforms like Reddit and Twitter. However, its technical features and use cases are limited, and its price is largely driven by speculative trading and hype.
How is Shiba Inu Performing?
The Shiba Inu price has seen an increase so far in 2023 . At the turn of the year, a bullish phase of the crypto market began, which not only increased the Bitcoin price, but also the prices of the Altcoins. The Shiba Inu Coin rose from $0.000008 to $0.0000147 by early February. This was an increase of more than 80%.
In the weeks that followed, the Shiba Inu price fell sharply again and was then $0.000010. In March, the price rose again slightly and in mid-April the price was $0.0000116. It has seen a slight dip to just under $0.000010 in the past few weeks. Since the beginning of the year, the Shiba Inu price has been slightly up.
Why does Shiba Inu have the Potential to Grow?
In the coming weeks and months, the crypto market could see another strong bull run. Because in the last few weeks the market has been moving sideways. For many weeks, the Bitcoin price has been between $27,000 and $31,000. A breakout may be imminent after this long sideways movement.
The Shiba Inu price could benefit greatly from such a bull run. As a meme coin, extremely large increases in a short period of time are nothing new. So far, the performance of the Shiba Inu Coin has not been as strong as, for example, that of the other meme coin, the Dogecoin.
If the massive bull run comes in the next few weeks, bounces back above $0.000015 are quite possible. From these prices, SHIB price could continue to rise in the second half of the year.
Can Shiba Inu double in prices soon?
Shiba Inu coin could rally sharply in the coming weeks as we move into a fresh altcoin rally. By the end of the year, the coin could gain massively in value. But is a doubling even possible by the end of 2023?
A doubling in Shiba Inu Coin seems entirely possible if the remaining months of 2023 turn bullish. However, as we are still in the bear market, a move beyond that is unlikely.