Shiba Inu Price Prediction as SHIB Remains 2nd Largest Meme Coin Behind DOGE – Time to Buy?
Shiba Inu (SHIB) is set to end 2023 with gains of around 30%, gains which pale in comparison to those seen in many other major cryptocurrencies like Bitcoin (BTC), Ether (ETH), Solana (SOL) and XRP (XRP), which are up 150%, 92%, 940% and 82% respectively.
While Shiba Inu, last trading around $0.000010 per token, has seen weak gains versus other key sectors in the crypto market, its yearly gains are roughly in line with that of Dogecoin (DOGE), the largest meme coin in the world by market cap.
And with its market cap of over $6 billion, Shiba Inu has comfortably been able to maintain its spot as the second largest meme coin, with newer rivals Pepe Coin and more recently Bonk! unable to hold onto multi-billion-dollar market cap status for long.
So while 2023 has hardly been a good year the likes of Dogecoin and Shiba Inu, both remain the dominant meme coin market leaders.
Shiba Inu (SHIB) Price Prediction – Time to Buy?
Some pessimistic investors may view Shiba Inu and Dogecoin’s failure to keep pace with other major cryptos in 2023 as a sign of waning confidence and interest in these assets.
But others may view their still subdued performance as an opportunity to continue accumulating while prices remain at historically favorable levels.
Shiba Inu and Dogecoin both remain about 9x down versus their record highs.
However, Dogecoin continues to be championed by Elon Musk, one of the world’s richest men and the CEO of Tesla, owner of X and SpaceX.
Shiba Inu, meanwhile, has been aggressively working to expand its web3 ecosystem to bolster SHIB’s utility, launching its Shibarium layer-2 scaling protocol earlier this year.
Both meme coins maintain massive, engaged and committed communities.
For long-term believes in both projects, now is a great time to continue accumulating these coins, with any bull run in SHIB unlikely to really get going before the token can break above the key long-term $0.00015 and $0.000018 resistance zones.
Shiba Inu (SHIB) Chart / Source: Investing.com
SHIB Alternative to Consider – Meme Kombat ($MK)
While Shiba Inu (SHIB) could offer good upside prospects for the months ahead, traders should always look to diversify their crypto holdings.
For those with a strong risk tolerance, investing in promising up-and-coming web3 project by buying into their token presales is one good way to generate potential quick exponential gains.
Cryptonews.com spends a lot of time analyzing which presales have potential, and one such project that they are big fans of is an exciting new project called Meme Kombat.
Meme Kombat blends together the world of crypto gaming and gambling with its exciting platform where users are able to bet on the outcomes of exciting battles between characters based on some of the crypto world’s most popular meme coins.
Early $MK investors can also benefit from generous staking rewards, which are currently more than 100% annually.
The project has already raised close to $5.25 million, despite launching just weeks ago.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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