Shiba Inu Price Forecast: Can SHIB Reach A New All-Time High In 2022?

SHIB has long been among the top 20 cryptocurrencies after market capitalization, helped by a growing number of holders, as more and more retail investors enter the market and discover the asset due to its large user base.

Moreover, the currency has benefited from its widespread availability; Shiba Inu Coin can be purchased from the top ten cryptocurrency exchanges, including Binance, Coinbase, KuCoin, and Kraken.

CoinGate, Uphold, and VirgoCX, three of the fastest-growing cryptocurrency exchanges and trading platforms in the crypto industry, also listed the asset.

In addition, the asset has begun to find applications in the real world, such as use as a form of payment in stores or by developing a "Shiba Lands" metaverse, non-fungible tokens (NFT), and burning to reduce the amount, among others. many other applications that have increased its viability and usefulness.

Market Statistics for Shiba Inu (SHIB)

According to CoinMarketCap statistics, SHIB is now ranked 14th in total market capitalization and is trading at $ 0.0000257, down 6.46% at the time of writing and 14.87% in the last week.

The token now has a market valuation of about $ 14 billion, but it is still far from the $ 41 billion reached on October 29, so it is unclear whether SHIB will be able to return to these levels in 2022.

Is it possible for SHIB to recover the $ 0.00008 level?

Traders want to see the SHIB return to its highest level in October of $ 0.00008, and many believe that continued burning contributions will have a significant impact on reducing SHIB's supply and, therefore, increasing its price.

Between February 6 and February 8, the price of Shiba Inu increased by 57%, reaching a maximum of 0.0000351 USD. However, with USD 0.0000324 forming a lower high, the price started to fall.

An important level of long-term support that SHIB has is USD 0.0000200.

The IntoTheBlock Global In / Out of the Money (GIOM) model supports a short-term pessimistic prediction for the Shiba Inu price.

The next level of constant support, according to this analysis on the blockchain is between 0.0000150 USD and 0.0000220 USD, given that a total of approximately 134,230 addresses have purchased a total of 502.58 trillion SHIB tokens in this area.

If the price decreases at the above intervals, it is possible that these holders will collect even more tokens, and also here it is expected that SHIB will meet support during a decrease.

On the other hand, if this scenario proves that the bearish hypothesis is incorrect, it signals that the bulls are in order and are likely to bring back the price of Shiba Inu over 0.00004 USD.

Estimated price for SHIB in 2022

Finally, Scott Melker, a cryptocurrency trader and host of The Wolf Of All Streets podcast, pointed out that SHIB holders for more than a year have recently increased their holdings in line with the major accumulation over the past month; he noted that:

"The addresses they have held for over a year have increased their SHIB balance in the last 30 days by about 32.48%. And it seems that the appetite for institutions or whales has increased recently. "Melker also noted that large transactions worth more than $ 100,000 reveal the level of institutional activity in the blockchain.

He also said:

"The volume of these transactions has increased considerably this week [February 7], reaching a maximum level over several months. A total of $ 389.89 million was traded, but what is more interesting is that these transactions represent 81% of the total volume of SHIB on the blockchain. "

Conclusions

Due to the growing popularity of cryptocurrencies on the market, SHIB could return to, or even exceed, its all-time highs in 2022.

SHIB has made massive gains in 2021 when speculation has become rampant as the market has seen a significant amount of speculative activity. Despite this, there is always the possibility of dramatic price corrections, especially given the large number of SHIB whales that have recently entered the market.

Despite these events, as market sentiment slowly moves back to the optimistic side, new users are expected to enter the cryptographic space in the coming years and with cutting-edge platforms like Robinhood, which have not yet listed SHIB, the meme currency has it all. opportunities to return to previous highs this year, but this is still speculative at this time.

This article does not contain any investment advice or recommendations. Every investment and trading choice involves risk, and readers should conduct their own research when making a decision.