With a price increase of 7% in just one day, Shiba Inu (SHIB) is one of the most talked-about cryptocurrencies in 2023. Many investors are now interested in the future of SHIB and if it will be a wise investment as a result of this.

In this post, we’ll examine the variables that affect Shiba Inu prices and forecast their future values. We’ll also examine two additional coins that you should be aware of if you’re thinking about investing in cryptocurrencies.

With a price increase of more than 60% so far this year, SHIBA INU (SHIB) has had a fantastic start to the year. It recently hit an intraday high of $0.000015, solidifying its place among the best-performing coins of 2023.

The strong economy, which gave investors hope and encouraged them to participate in the cryptocurrency market, has been blamed for the rising spike of the SHIBA INU coin. The success of this digital asset was also significantly influenced by these macroeconomic factors.

Shibarium, a layer-2 blockchain sponsored by Shiba Inus and built on the Ethereum mainnet, will launch soon, which helped the SHIBA INU (SHIB) acquire greater traction. Cointelegraph claims that the SHIB price recovery was sparked by news of the February 14th debut of Shibarium.

The US central bank’s decision to cut interest rates by 25 basis points also significantly boosted the sentiment in the cryptocurrency market. The growing regulation of cryptocurrencies as a form of online payment may also help the cryptocurrency business.

The expectation of the BTC halving and favorable macroeconomic conditions, in Mark Yusko’s opinion, will certainly cause the bull market in cryptocurrencies to start sooner than expected. Yusko is the founder and CEO of Morgan Creek Capital Management.

Upcoming Shibarium Launch Announcement

As was already mentioned, the price of SHIB has increased by about 60% so far this year. However, the increase may be credited to the impending launch of Shibarium, a layer-2 blockchain supported by Shiba Inus and constructed on the Ethereum mainnet.

Shibarium is said to be a layer-2 network that would function on top of the Ethereum mainnet blockchain. Decentralized apps could be created and distributed as a result, lowering transaction costs and enhancing network scalability. Shibarium’s development objective, then, is to provide a platform that will let the community grow the project and realise the founder’s initial intent.

As a result, the Shiba Inu community is demonstrating its enthusiasm, which might aid in the Shiba currency’s growth.

Maintaining A Positive Attitude In The Global Crypto Market: How To Make It Work For You

The value of the global cryptocurrency market increased by 0.24 percent over the previous day to reach $1.08 trillion, indicating a bullish trend.

However, recently published encouraging US data has been a major factor in driving up cryptocurrency prices by indicating that the US economy is recovering and instilling confidence in cryptocurrency investors.

The US economy added more than 500,000 new jobs last month, bringing unemployment to its lowest level in decades. In particular, 517,000 new posts were created in January, which is a staggering two times higher than the number from December and three times higher than analysts had anticipated.

SHIB Burn Rate

The SHIB meme token supply has been drastically reduced by the Shiba Inu community. Shiba Inu wallets are being empty of more than 502% more coins than they were before, demonstrating the effectiveness of their activities.

The fact that some tokens are burned, so removing them from the supply in circulation, can be ascribed to the rising value of tokens. As a result, there will be less of it available overall, which will raise demand and drive up the price.

Morgan Creek Capital CEO: Positive Cryptocurrency Discussions

The expectation of the BTC halving and favorable macroeconomic variables, in Mark Yusko’s opinion, will certainly cause the bull market in Bitcoin to begin earlier than anticipated. Yusko is the founder and CEO of Morgan Creek Capital Management.

The second quarter of this year could see the beginning of the next cryptocurrency bull run, though, as a result of the forthcoming dovish central bank policies.

Shiba Inu Price

Shiba Inu’s price has climbed by 6.00% over the past day, and with a $8.2 billion market cap and $1.2 billion in 24-hour trading volume, it is currently ranked 12th on the market. The price is set at $0.000015 for now.

Technically speaking, Shiba Inu failed to cross above $0.000014, and since it was unable to do so, a selling trend in Shiba Inu began.

If the price of Shiba Inu rises above $0.000014, its worth can increase. This is because the 50% Fibonacci retracement supports the level, and a subsequent breakout might push it toward the 61.8% Fibonacci retracement at $0.0000135.