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HomeCrypto NewsTraders Predict a New Low For Shiba Inu (SHIB) in 2023

Traders Predict a New Low For Shiba Inu (SHIB) in 2023

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Anonymous trader il Capo Of Crypto recently stated in a tweet that SHIB would reach a new low in 2023. The chartist predicts that the price of the SHIB coin will fall all the way to $0.00008616.

Image by tradingview.com

In the midst of high-interest rates and internal market issues, SHIB experienced a dreadful year in 2022, with its prices falling by more than 70%.

In October 2021, the price of SHIB achieved a new all-time high. However, due to the unfavorable macro environment and internal market instabilities, things only got worse for SHIB holders from there.

Several significant players, including hedge fund Three Arrows Capital (3AC), were affected by the May crash of Terra, one of the most popular blockchain projects. The failure of FTX came next, which increased the worry in the cryptocurrency community and caused another sell-off of significant cryptocurrencies, including SHIB.

Some traders think that now would be a good time for investors to reinvest in SHIB tokens at a low price despite the poor performance of SHIB holders and the tremendous pessimism in the crypto community. They anticipate that the Federal Reserve would change its monetary policy to one that is more dovish, rekindling investors’ interest in riskier investments.

Some cryptocurrency investors are still holding out hope that SHIB may recover its downward trend because bear movements rarely last eternally. As a result, they are keeping a cautious eye out for any indications of a possible turnaround.
Shibarium’s debut as a Layer 2 solution for Shiba Inu could be a significant driver for the meme coin.  According to fxcryptonews, the developers of Dogecoin’s rival teased a significant announcement on Sunday.

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