Shiba Inu shib/usd One of the most widely followed cryptanalysts has a huge, fanatical following known as “Shibermi”.
Ride a Rollercoaster: SHIB has shown promising signs this year only to cheat. Meme crypto reached its peak in early February after starting 2023 on a solid footing along with the rest of cryptocurrencies and other financial assets. Since then, the Shiba Inu has lost most of its advantages.
2022 marked a particularly low point for the Shiba Inu, as it shed more than three-quarters of its value. The meme coin, named after a Japanese canine breed, ended the year down 75.8% year-to-date at $0.00000807, as investors avoided risky bets and turned to safer investments amid macro and geopolitical uncertainties.
This year, signals from the Federal Reserve suggested it would hold off on raising rates, encouraging an “risk on” mood. Shiba Inu quickly rose to a high of $0.00001562 by February 4th but has since struggled to reclaim this level.
The cryptocurrency previously reached its all-time high of $0.00008848 on October 28, 2021.
See also: How to Buy a Shiba Inu (SHIB) on Robinhood
Adjacent Trigger: Shiba Inu, which debuted in August 2020, may benefit in the near term from updates related to Shiberium, a layer-2 blockchain Project that is ported to existing blockchains to enhance functionality.
remove shiberium of ethereum Bottlenecks, such as high transaction fees during periods of congestion.
The social-media frenzy can also give rise to the meme coin.
Return from Shib: If $1,000 is invested in Shiba Inu now, it could fetch around 92 million crypto (based on Saturday’s closing price of $0.00001087). And if Meme Coin revisits its late 2021 high, the same amount could be worth $8,140.16, a clean return of 714%.
At last check, the Shiba Inu was trading up 0.86% at $0.00001096. Benzinga Pro Data.
Photo: shutterstock