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Shiba Inu is an ERC-20 token that entered the market in August 2020. While it was only created to ride on the growing popularity of Dogecoin at the time, Shiba Inu later became one of the best-performing cryptocurrencies ever created, going up by over 48,000,000% by the end of 2021.
In this article, we seek to answer the question, is Shiba Inu a good investment in 2023?, we will look at Shiba Inu's performance over the years and analyze the top brokers where to buy Shiba Inu.
With the high volatility characteristic of the cryptocurrency market, it is not easy to answer the question, "Is Shiba Inu a smart investment?" That said, there is enough data in the historical price to help you decide whether SHIB is a good cryptocurrency to buy now or not.
Shiba Inu is a meme coin that was ideally created to capitalize on the hype around Dogecoin in 2020. However, besides its status as one of the best meme coins in the market, Shiba Inu has seen its use value over time. For instance, the Shiba Inu team recently introduced a layer-2 solution that will help in scaling, making it even better for everyday payments. Shiba Inu also recently introduced a Metaverse, giving it a footing in a fast-growing market.
Despite its growing fundamentals, is Shiba Inu a good investment?
As cryptocurrencies continue to gain mainstream adoption, Shiba Inu is one of those that will likely see a surge in demand due to its strong community.
Virtual currencies are highly volatile. Your capital is at risk
Before you invest in cryptocurrency, it is best to look at its price action over time. This can give you an idea of how it performs in bull markets, a critical component in understanding future price potential.
Shiba Inu entered the market in August 2020 and was trading at $0.0000000010. Shiba Inu quickly gained momentum, and by May 2021, it was trading at a high of $0.000038.
Like the rest of the market, Shiba Inu entered a correction in June 2021 to August 2021, when Ethereum gave upside momentum to the broader market. Shiba Inu kept gaining upside momentum and in November 2021, made an all-time high of $0.00008.
This means that from the time Shiba Inu hit the market in August 2020 to its all-time high of November 2021, Shiba Inu gave investors a 48,000,000% return on investment, a pretty unprecedented return.
To give you context on what this means, anyone who had invested just $2 in Shiba Inu when it first launched was a millionaire when SHIB made its all-time high in 2021.
Virtual currencies are highly volatile. Your capital is at risk
From the above analysis, you learn that if you had chosen to invest in Shiba Inu anywhere between 2020 and 2021, you would have got in between $0.0000000010 and $0.00008. It is also noteworthy that despite the bear market and the volatility of the cryptocurrency market, Shiba Inu has not traded below $0.000008 since January 2022. This means anyone who bought into Shiba Inu when it first launched is still thousands of percent in profit despite the bear market.
That said, Shiba Inu has dropped quite significantly from its 2021 all-time highs. As of October 2022, Shiba Inu was down by more than 80% from its most recent highs. This price drop results from rising inflation and the war in Ukraine, which has created a lot of uncertainty in the world economy.
Even the bigger cryptocurrency, such as Bitcoin, which would be considered crypto blue chips, has taken a hit in 2022. Most are also more than 70% off their November 2021 highs.
Up to this point, we have looked at Shiba Inu's price action from when it hit the market and explored whether it is a good cryptocurrency to buy in 2023.
Let's now review Shiba Inu's highs and lows to give you a clearer picture of its price action.
From these ups and downs, you clearly know Shiba Inu works. You get an idea of whether Shiba Inu is a good cryptocurrency investment in 2023. That said, you need to understand that cryptocurrencies are volatile and high-risk investments. It is best only to invest what you can afford to lose.
So, is Shiba Inu a good investment? As we have shown you so far, you need to understand its price movements to have a good idea of its potential price action. However, it's still highly speculative as it is based on past price action.
With this in mind, let's now look at how Shiba Inu could perform going into the future. Most analysts believe that Shiba Inu could rebound in 2023 alongside the rest of the cryptocurrency market. If this happens, most analysts expect Shiba Inu to trade at an average price of $0.00004 in 2023.
In the long term, analysts expect Shiba Inu to hit a high of $0.01 in 2025 if there is another major rally. This is anchored on past price action after every Bitcoin halving.
Virtual currencies are highly volatile. Your capital is at risk
Shiba Inu is one of the many meme coins that entered the market in 2020 when FOMO started building up around Dogecoin. It gained traction quite fast and rose to become one of the hottest meme coins ever created. Besides its status as a meme coin, Shiba Inu use cases are on a growth trajectory both as a transactional currency and in the emerging metaverse space.
At the moment, Shiba Inu has a higher utility value than Dogecoin. With its Shibarium layer-2 solution, transaction costs are getting lower, which means a higher potential for adoption as a currency. Besides, with the recent launch of the Shiba Inu Metaverse, a lot more people are likely to be attracted to Shiba Inu as NFT gaming gains traction.
To make things easier for you, here is a summary of the core Shiba Inu use cases that make it a high-potential cryptocurrency to buy in 2023:
With all these factors at play, there is a good chance that Shiba Inu will likely go up in value in 2023 and beyond. The odds are in its favor, especially if the broader market starts going up in 2023.
Up to this point, you have a good idea of whether Shiba Inu is a good cryptocurrency to invest in, right? But where do you buy Shiba Inu safely? To invest in Shiba Inu safely, you need to buy from a reputable exchange where the risk of losing your tokens to scammers is low.
Virtual currencies are highly volatile. Your capital is at risk
eToro is one of the most respected brokers in this industry, with more than 20 million users worldwide. With their exceptional customer service and reliable platform design that makes trading easy for everyone, it's not hard to see why they are so popular.
Why should you choose eToro? The answer is simple – regulation. The majority of the cryptocurrency exchanges in the market today are unregulated, which means they can close down without warning and leave users in the lurch for their investments. eToro has regulatory supervision from some of today's most important authorities, like the SEC (Securities & Exchange Commission), meaning there's no need to worry about getting stuck if things go wrong along the way.
eToro has also long been a favorite for investors because of its easy access and the many deposit options it offers. With eToro, you are literally spoilt for choice on how to fund your account. You can opt for a bank transfer, fund it with your card, or even choose from the many e-wallets that eToro gives to its customers.
eToro is also the perfect place for crypto beginners. You can deposit $50 and buy cryptocurrencies with just ten dollars, which will introduce you to this exciting new world of finance without risking too much at once.
It is also notable that once you buy Shiba Inu on eToro, you don't have to worry about custody. That's because the eToro money wallet is among the best in the market. You can use it to securely store SHIB and other cryptocurrencies and access them from anywhere you need them. This makes eToro a perfect cryptocurrency exchange for anyone who wants to buy and hold Shiba Inu in 2023 and even for many years.
Virtual currencies are highly volatile. Your capital is at risk
If you are still wondering whether Shiba Inu is a good investment in 2023, let's look at some of SHIB's advantages that could impact its price.
There is a lot of potential upside to buying Shiba Inu. However, it is essential to remember that, like all other cryptocurrencies, Shiba Inu is a high-risk asset. Luckily, with eToro, you can invest from as little as $10. Essentially, eToro enables you only to take risks that you can manage.
Virtual currencies are highly volatile. Your capital is at risk
This article answers the question, "Is Shiba Inu a good investment in 2023?" We have touched on the many benefits of investing in Shiba Inu, including its deflationary nature and the fact that the team is introducing features that could play a role in Shiba Inu's long-term value growth. We have also highlighted eToro as one of the best cryptocurrency brokers to buy Shiba Inu.
Shiba Inu is one of the top meme coins in the market today. This gives it the potential to do well in 2023 and beyond. However, investing only what you can afford to lose is important.
While no one can tell how cryptocurrencies will trade in the future, most analysts believe Shiba Inu could test $0.00004 in 2023.
Yes, Shiba Inu has a strong team and a very loyal community. This makes it one of the safest cryptocurrencies on the market today.
Virtual currencies are highly volatile. Your capital is at risk
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
