During the first quarter of 2023, Shiba Inu experienced a significant surge of 77%, surpassing both Bitcoin and the Nasdaq 100 index by a wide margin. This impressive increase was driven by the beta release of Shibarium, a project associated with Shiba Inu.
However, the positive momentum did not continue into the second quarter of the same year. Shiba Inu lost all its previous gains and even experienced a further decline, resulting in the addition of an extra zero to its value. Currently, the token is facing challenges in recovering its previous rally.
Nevertheless, Shytoshi Kusama, the Shiba Inu lead developer, recently hinted in a blog post that the release of Shibarium might take place in August.
Although the announcement regarding Shibarium didn’t significantly impact SHIB’s price, the token continued to trade sideways throughout the entire week without experiencing any significant rallies in the indices. Notably, the outcome of the Ripple vs. SEC lawsuit provided a temporary boost to SHIB’s price; however, the token retraced just a day later. In this article, we will focus on projecting the potential price of Shiba Inu by the end of July 2023.
Shiba Inu Price Prediction For July 2023
According to CoinCodex, a prominent on-chain metrics, and price prediction firm, Shiba Inu may experience a period of stable trading throughout July 2023. Currently priced at $0.00000794, SHIB aims to reduce its value by removing one zero and returning to trading with four zeroes in the indices. However, based on the forecast, it is unlikely that Shiba Inu will achieve this milestone within the next two weeks.
The prediction suggests that by the end of July, Shiba Inu’s price could potentially reach a maximum high of $0.0000083. This projection implies a modest increase of approximately 5.5% in returns on investment (ROI) over the next 14 days.
Given the minimal price increase projected from $0.00000794 to $0.0000083, investors should exercise caution before entering a position in SHIB this month.
As of now, Shiba Inu is trading at approximately $0.00000796, reflecting a 1.62% decrease in the 24-hour trading period. However, it is essential to note that SHIB has experienced a significant decline of nearly 91.04% from its all-time high of $0.00008616, which was reached in October 2021.