Is Shiba Inu a good long term investment?
Are you a fan of Shiba Inu digital currency? Is Shiba Inu a good long-term investment to make money? Should you invest in a Shiba Inu today? If you are looking for answers to these questions, you have come to the right place. In this article, you will learn about Shiba Inu currency history, Shiba Inu review and much more You should be able to decide whether or not to invest in Shiba Inu by the time you finish reading this article.
The Shiba Inu is a good investment for the long term
Before we analyze the Shiba Inu currency and reveal whether it is worth investing in or not, let us first understand what this digital currency is. Let’s get started.
What is the Shiba Inu digital currency?
One of the most popular altcoins available is the Shiba Inu, whose online community is expanding rapidly. Shiba Inu is a decentralized digital currency invented by an unknown person named Ryoshi in August 2020.
Shiba Inu is also used in transactions, and many well-known companies, such as AMC Theaters, currently accept it. This coin is also called Dogecoin Killer. Shiba Inu runs on a decentralized computer system with a blockchain database. After getting to know the Shiba Inu, you will understand better its instability, is the Shiba Inu a good long-term investment?
Why should you invest in Shiba Inu?
There are many reasons why Shiba Inu is so popular and why people are investing in this cryptocurrency. This is the reason why many people ask is Shiba Inu a long-term investment. Here are some of the reasons why a class of people invest in it and make profits.
- Shiba Inu can be bought on various popular cryptocurrency exchanges: Shiba Inu was launched on WazirX, a division of Binance, and houses some of the largest and most popular cryptocurrency exchanges in the world. Besides Binance, SHIB coins can be bought on Uniswap, Kukoin, Huobi Global, eToro and other international exchanges. After this listing, the cost of this coin increased by two and has continued to rise ever since.
- Significant Market Cap: According to the total market cap, the Shiba Inu is listed as the 12th most valuable digital currency on the cryptocurrency market cap website. Know that it has seen this growth in just one year, while other currencies in the top ten list need five to ten years to develop on this scale.
- The price of the Shiba Inu is very low: people should have thought before investing in any cryptocurrency, even Bitcoin itself. Since the price of Shiba Inu is very low, which made it affordable for every trader. The majority of other currencies in the top twenty list are traded Already in the three to four figure price range, the current price of a Shiba Inu is $0.000012. This means that you can buy multiple coins for a much lower cost. For investing a few hundred dollars, you may get millions of Chiba Tokens. Why are experts interested in knowing whether the Shiba Inu is a good long-term investment? If the price of a Shiba Inu rises over the long term to $1, you can become a millionaire.
Celebrity Words and Tweets: Celebrities on social media are interested in it’s market and word of mouth, especially on Twitter, will influence Shiba Inu and Dogecoin, eventually making the price of Shiba Inu peak. Last year, Elon Musk tweeted about the Shiba Inu increasing its price by about 150% in 24 hours. Guy Fieri, Mark Cuban, and many other well-known people also promote Shiba Inu. Headlines were made by the fact that the Ethereum creator owns half of the coins to the Shiba Inu as well.
Shiba Inu Coin Analysis
Analyzing the Shiba Inu and the history of the market, you will easily be able to answer the question Is the Shiba Inu still a good investment for the long term? After a significant price drop in 2023, the Shiba Inu (SHIB) price has been declining for the previous several days. Buyers managed to keep the price of the SHIB asset above the 2023 low of $0.000000516 as the entire cryptocurrency world is headed for meltdown.
The SHIB symbol has been moving higher over the past several days, forming a higher-low formation on the daily price scale. Despite this, the SHIB cryptocurrency is positioned within the horizontal range, with the $0.0000013 mark serving as an important hedge for the bears.
Shiba Inu price research indicates that the markets are starting to move parts in the negative direction, something that indicates a possible turnaround in the Shiba Inu. Moreover, the bear market dominance is unlikely to last. As a result, there is plenty of room for the market to grow in terms of activity and to stabilize SHIB and its price.
Investors cannot earn significant returns or success on Shiba Inu as long as its price remains within a restricted horizontal range. Meanwhile, the MACD and RSI charts are showing a positive bias for the SHIB symbol.
- $0.0000070 and $0.000005 are the support levels.
- $0.000013 and $0.000020 are the resistance levels.
Is the time of the Shiba Inu currency over?
The Shiba Inu is one of the currencies that has encouraged more people to try investing in digital currencies. Most of the individuals chose to invest in the coin due to its unprecedented rise in 2023. Currently, many traders do not support SHIB pricing.
There is not much else available other than ShibaSwap, a decentralized exchange (DEX). It also doesn’t have many future plans laid out. As a result, there is a high possibility that Shiba Inu coins will become extinct especially as interest in cryptocurrency trading wanes.
We can see over the past 6 months that the value of the currency is slowly declining now. This contributes to the reluctance of digital currency professionals. For this reason, the majority of analysts believe that the age of the Shiba Inu is coming to an end. There are other factors that cause him to lose his price as a whale move, if they sell SHIBs his price could drop by about 50%. However, its strong network and Twitter following can drive up prices. SHIB’s fate will ultimately be decided by its stakeholders.
The reason for the low price of Shiba Inu 2023
Since the launch of the Shiba Inu coin in August of 2020, there are many new cryptocurrencies available in the market. In order to stand out from the fierce competition and attract investors, they require attractive promotion and advertising.
There are some reasons for the fall of the Shiba Inu (SHIB):
- The Ethereum network is the number one reason, SHIB transactions are much more expensive than they need to be due to the cost of gas involved in an Ethereum transaction.
- Additionally, SHIB does not have as many payment use cases as Bitcoin or Ethereum, which makes it less well known as a fiat currency payment network.
Shiba Inu price predictions in 2023
It’s time to answer the important question: Is the Shiba Inu a good long-term investment? It is very important to know that the market is very unpredictable and any trend can be followed in the coming time. No one can predict the future direction of any commodity without absolute confidence.
The Shiba Inu coin has introduced new burning technologies into the ShibaSwap system to aid in the growth. Here, you can easily burn cryptocurrencies and get incentives for giving the system a set of swings. It will now be very beneficial for merchants. According to Coin Price Forecast estimates for 2023, the Shiba Inu is expected to gain only 350 percent, increasing its value to $0.00003174.
Shiba Inu expectations and future projects
The majority of experts believe that the Shiba Inu coin has a future because the community actively supports it. The price of the Shiba Inu coin, according to experts, will rise in the coming years.
By the end of 2023, the Shiba Inu price is expected to rise to $0.00002271, which is a significant increase from the current price. It would be a very profitable investment if the price of the Shiba Inu increased at the current rate.
According to some market research, the price of the asset has been reversing a massive rally over the past year, with impressive profit potential in the long run. The recent market crash for political reasons should be ignored.
In the third quarter of 2023, Shiba Inu is set to upgrade to its latest beta version as it avoids huge gas fees per transaction. This is because the Shiba Inu relies on the expensive Ethereum blockchain ecosystem and has to suffer gas taxes every time someone buys or sells.
There is a possibility that Shiba Inu will be available in more than just ShibaSwap and Ethereum to be able to be mined and stored on other platforms as well.
There is huge potential in the Shibverse project – SHIB: The Metaverse. Users will have access to the Shibverse’s virtual Earth in the form of possessions of the Earth. Owners of LEASH coins will get their first Dibs when they buy properties in the Shibverse. Depending on which races Team SHIB represents, this will be divided into several regions on the metaverse map. Also, with the introduction of the Shiba Burn Gate, the rate at which massive supplies are being burned is rapidly increasing.
All of this can be a huge possibility for the future price of the coin, which encourages the support community to increase trading volume even more.
The market cap of the Shiba Inu dropped a lot in the bear market of 2023. The Shiba Inu could do great by the end of the third quarter as well if the market can get through this difficult time. Is Shiba Inu a good long term investment? The answer would be yes with all the progressive ideas you are moving forward with. We hope this article gave you a good understanding of the Shiba Inu coin and cleared all your doubts about this exciting coin.