Shiba Inu (SHIB) has become one of the most prominent meme-inspired cryptocurrencies since its launch in August 2020. The developers behind the decentralized token have worked to build an ecosystem of projects for the SHIB community.
However, the recent launch of the layer-2 solution Shibarium failed to significantly boost prices amid the ongoing crypto bear market. With Thanksgiving approaching, here is our Shiba Inu price prediction for Thanksgiving 2023.
What is Shiba Inu? A Brief History
Shiba Inu is a decentralized cryptocurrency that spawned from a meme-inspired online community. The token’s mascot is a Shiba Inu dog, which led to the name.
In mid-2020, an anonymous individual or group known as Ryoshi started working on Shiba Inu as an experimental decentralized community project. Ryoshi intended to take the meme coin concept behind Dogecoin and build an ecosystem around it.
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After launching in August 2020, Shiba Inu gained little initial traction until May 2021. That month, Ethereum co-founder Vitalik Buterin donated and burned trillions of SHIB, sparking a frenzy of interest. The supply removal helped propel SHIB’s price from $0.0000007 to $0.000037 within days.
By October 2021, SHIB peaked at $0.000088, delivering over +10133726% gains from its debut. However, the token has declined significantly since being caught up in the 2022 crypto bear market.
The developers behind Shiba Inu have worked to expand utility and use cases beyond being a speculative asset. Efforts include the Shibarium layer-2 network, metaverse land in the Shibaverse, and plans for merchant payments with SHIB. However, prices remain depressed near all-time lows.
Shiba Inu Price Prediction for Thanksgiving 2023
According to analysts, SHIB’s price outlook for Thanksgiving 2023 appears muted, with limited upside expected in the near term.
Changelly analysts estimate SHIB will trade between a minimum of $0.00000710 and a maximum of $0.00000891 in November. The average predicted trading price for November 23 is $0.000008908.
This would only represent a minor recovery from the current price of $0.000008199. Since its peak in late 2021, SHIB has plunged over 90% in value amid the crypto bear market and is struggling to regain momentum.
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With crypto prices still highly volatile, SHIB could see spikes in either direction depending on market sentiment and developments within the broader Shiba Inu ecosystem. However, major gains above $0.00001 seem unlikely, barring unforeseen bullish catalysts.
For the meme coin to mount a sustainable turnaround, investors will need to see real adoption and utility materialize through platforms like the Shibarium layer-2 network. So far, the cryptocurrency has mainly been used for speculative trading.
While Shiba Inu boasts a loyal community of supporters who remain engaged online, many analysts don’t anticipate a return to all-time highs anytime soon. Unless the crypto market strongly reverses its bearish trend, SHIB appears set to trade largely sideways through late 2022 and into 2023.