Shiba Inu’s Price Falls – Is 100x Potential Coming in 2023?

• SHIB price has dropped by 2% in the past 24 hours, while Bitcoin (BTC) and Ethereum (ETH) have gained by 61% and 51% since the start of 2023
• The long-awaited arrival of layer-two network Shibarium could send the meme token flying in the next few months
• SHIB’s chart doesn’t provide much in the way of good news at the moment, with its indicators suggesting further losses in the coming days

Shiba Inu Price Declines

The price of Shiba Inu (SHIB) has dropped by 2% in the past 24 hours, slipping to $0.00000865 as cryptocurrency market overall falls by 1.5%. SHIB’s dip today means it has lost 1% within a week and 16% over last 30 days, despite being up 6.5 % since beginning of this year. Comparatively BTC and ETH have seen significant gains so far this year at 61% and 51%, respectively.

Potential for a Comeback?

Despite this ongoing decline, there may be potential for a comeback due to upcoming releases such as layer-two network Shibarium and SHIB: The Metaverse. Additionally, traders may also seek to diversify their holdings into newer meme tokens that are showing more momentum lately such as SpongeBob (SPONGE).

What is Suggested By SHIB’s Chart?

SHIB’s chart does not provide positive news; its indicators suggest further losses in coming days. Its relative strength index (purple) has declined from just over 70 a couple days ago to nearly 30 today; its 30-day moving average (yellow) is dropping towards 200-day average (blue) which could form a ‘death cross’; support level green is rising but coin could easily fall through it suggesting more losses.

Big Investors Sitting on SHIB

Data from Whale Stats indicates that SHIB remains most traded token among ERC-20 whales and most widely held in terms of total dollar value of all whale holdings suggesting bigger investors are expecting big rally sometime soon.

Conclusion: Is There 100x Potential By 2023?

Given current state of cryptocurrency market being mixed and uncertain, coupled with lack of positive news surrounding SHIB, it is likely that it can suffer more losses before any potential rally happens. However data suggests that investors are still holding onto their coins expecting big returns sooner or later indicating there could be 100x potential by 2023.

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