Shiba Inu (SHIB) is one of the most talked about cryptocurrencies of 2023, its price increased by 7% in just 24 hours. This has made many investors curious about the future of SHIB and whether it is a good investment.
In this article, we will look at the factors that affect the price of a Shiba Inu and make predictions about its future value. We’ll also take a look at two altcoins to consider if you’re interested in investing in cryptocurrency.
SHIBA INU (SHIB) has had a great start to the year, with its price up more than 60% this year. It recently hit an intraday high of $0.000015, cementing its position as one of the top performing coins of 2023.
The growth of the SHIBA INU coin is explained by the positive economic climate, which inspired optimism among investors and encouraged them to invest in the cryptocurrency market. In addition, these macroeconomic conditions have also played a significant role in the success of this digital asset.
In addition, SHIBA INU (SHIB) gained further popularity with the upcoming launch of Shibarium, a Layer 2 blockchain supported by Shiba Inus and built on the Ethereum mainnet. According to Cointelegraph, the news of Shibarium’s launch on February 14 helped SHIB prices recover.
In addition, the US central bank’s 25 basis point interest rate cut also had a significant impact on supporting sentiment in the cryptocurrency market. Another factor that could support the cryptocurrency industry is increased regulation of cryptocurrencies as a digital payment method.
According to Marc Yusko, founder and CEO of Morgan Creek Capital Management, the cryptocurrency bull market is likely to start earlier than expected due to expectations of a BTC halving and positive macroeconomic factors.
An upcoming Shibarium launch announcement
As noted earlier, the price of SHIB has increased by almost 60% this year; however, this surge can be attributed to the upcoming introduction of Shibarium, a layer 2 blockchain supported by Shiba Inus and built on top of the Ethereum mainnet.
According to reports, Shibarium is a layer 2 network that will run on top of the main network of the Ethereum blockchain. This will allow developers to build and deploy decentralized applications, resulting in lower transaction costs and increased network scalability. In other words, Shibarium’s development goal is to create a platform that will allow the community to expand the project and realize the original vision of the founder.
Consequently, members of the shiba inu community are showing their enthusiasm, which could help the shiba currency gain further popularity.
Staying Positive About The Global Cryptocurrency Market: How To Make It Work For You
The global cryptocurrency market shows positive dynamics, its value increased by 0.24 percent to 1.08 trillion dollars in the previous day.
However, recently released positive US data has played a significant role in boosting the cryptocurrency market, signaling that the US economy is recovering and instilling investor confidence in the cryptocurrency, which has boosted cryptocurrency prices.
The United States economy added more than 500,000 new jobs last month, pushing the unemployment rate down to its lowest level in a decade. In particular, 517,000 new jobs were created in January — twice as many as in December and three times more than experts had predicted.
SHIB burning rate
The Shiba Inu community has taken drastic measures to reduce the availability of SHIB meme tokens. Over 502% more coins are being removed from Shiba Inu’s active wallets than before, indicating that their efforts have been very successful.
The increase in the value of the tokens can be explained by the fact that some of them are being burned, which means that they are taken out of circulation. This reduces the overall availability, creating more demand for it and therefore driving up its price.
CEO of Morgan Creek Capital: positive discussions about cryptocurrency
According to Mark Yusko, founder and CEO of Morgan Creek Capital Management, the Bitcoin bull market is likely to start earlier than expected due to expectations of a BTC halving and positive macroeconomic factors.
However, the upcoming “dove” policy of the central bank may lead to the start of the next growth of the cryptocurrency as early as the second quarter of this year.
According to Yusko, the US Federal Reserve is unlikely to cut interest rates anytime soon, despite the fact that markets often predict the Fed’s actions. This indicates that even a slowdown or halt in interest rate hikes will be viewed positively by all risk assets, including cryptocurrencies.
Great Britain leads the way in the use of cryptocurrencies
Eight key data variables were analyzed and the results showed that London is the most prepared city for businesses and startups to adopt cryptocurrency.
With cryptocurrency-friendly legislation and infrastructure, London is the most cryptocurrency-ready city in the world for corporations and startups, making it an ideal location for widespread cryptocurrency adoption.
However, the UK has the highest percentage of people employed in crypto-related sectors, indicating a higher degree of public interest in the crypto-ecosystem. This was considered to be another important element that could favorably affect the value of the cryptocurrency.
Shiba Inu price
Shiba Inu has gained 6.00% in price over the past 24 hours and now ranks #12 on the market with a market cap of $8.2 billion and a 24-hour trading volume of $1.2 billion. The current price is set at $0.000015.
On the technical side, Shiba Inu failed to break above $0.000014 and the failure to break above this level triggered a sell trend for Shiba Inu.
Shiba Inu price may rise if it goes above $0.000014. This is because the level is supported by the 50% Fibonacci retracement and a further breakout could take it to the 61.8% Fibonacci retracement at $0.0000135.
