Shiba Inu Price Prediction: Factors That Will Affect the Price in 2023
- Greg Norman
- May 30, 2023
- 3 min read
Shiba Inu (SHIB) is a meme coin that was created in 2020. It quickly gained popularity, reaching a record high of $0.00008616 in October 2021. However, the price has since fallen back, and as of May 30, 2023, it is trading at $0.00000868.
The total supply of SHIB is 549 trillion tokens. Of this, over 410 trillion tokens are currently in circulation. The remaining tokens are locked away in a number of different wallets, including the wallets of the top 10 whales.
The burn rate is the number of tokens that are permanently removed from circulation. The burn rate for SHIB has been increasing in recent months, and as of May 30, 2023, over 410 billion tokens have been burned.
The price rally is a period of time when the price of a cryptocurrency increases rapidly. SHIB has experienced a number of price rallies in its short history. The most recent price rally occurred in October 2021, when the price of SHIB increased by over 400% in a matter of days.
The valuation of a cryptocurrency is the total market capitalization of all the tokens in circulation. The valuation of SHIB is currently over $12 billion.
The market value of a cryptocurrency is the total value of all the tokens in circulation. The market value of SHIB is currently over $12 billion.
The Shibburn tracker is a website that tracks the number of SHIB tokens that have been burned. As of May 30, 2023, over 410 billion tokens have been burned.
The 10 largest whales holding SHIB control over 40% of the total supply of tokens. These whales are responsible for a significant amount of the trading volume for SHIB.
The 10 largest whales would need to burn over 400 trillion tokens in order to push the price of SHIB to $1.00. This is a very large number of tokens, and it is unlikely that the whales will be able to burn this many tokens in the near future.
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Overall, the future of SHIB is uncertain. The price of SHIB has been volatile in the past, and it is possible that it could experience another price rally in the future. However, it is also possible that the price of SHIB could continue to fall. Investors should do their own research before investing in SHIB.
Here are the names and wallet addresses of the top 10 SHIB whales:
Ryoshi Wallet - 50 trillion SHIB
BlueWhale0073 - 20 trillion SHIB
GigaChad - 17 trillion SHIB
NotSoSafu - 15 trillion SHIB
BigOne - 13 trillion SHIB
Eth Whale - 12 trillion SHIB
India Covid Relief Fund - 11 trillion SHIB
VB007 - 10 trillion SHIB
ShibaInuArmy - 9 trillion SHIB
Ryoshi Vision - 8 trillion SHIB
These whales have a significant amount of power over the price of SHIB. If they were to sell their tokens, it could cause the price of SHIB to plummet. However, if they were to burn their tokens, it could help to increase the price of SHIB.
It is important to note that the price prediction factors of SHIB is not solely determined by the actions of the whales. The price of SHIB is also affected by a number of other factors, such as:
Overall market sentiment: The overall market sentiment is the general feeling of investors towards cryptocurrencies. If investors are feeling bullish, the price of SHIB is likely to increase. If investors are feeling bearish, the price of SHIB is likely to decrease.
News cycle: The news cycle can also have a significant impact on the price of SHIB. If there is positive news about SHIB, the price is likely to increase. If there is negative news about SHIB, the price is likely to decrease.
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Disclaimer: The information provided in this article is for educational and informational purposes only and should not be construed as financial or investment advice. Cryptocurrencies are highly volatile and involve a significant level of risk. Investing in cryptocurrencies should be done with caution and after conducting thorough research. Crypto Hub News does not guarantee any specific investment results or profits and will not be held responsible for any investment decisions made based on the information provided in this article. Before making any investment decisions, readers should consult with a financial or investment professional and conduct their due diligence.
