Shiba Inu (SHIB) Should Hit New Lows in 2023, Trader Predicts

In a recent tweet, pseudonymous trader il Capo Of Crypto predicted that SHIB should hit a new low in 2023. The chartist believes that the SHIB token will decline all the way to the $0.00008616 level.

SHIB has seen a disastrous year of 2022, with its prices plunging more than 70% amid high interest rates and internal market crises.

The SHIB price reached a new all-time peak in October 2021. But it was all downhill for SHIB holders from there due to the unfavorable macro environment and internal market crises.

The May crash of Terra, one of the top blockchain projects, sent shockwaves through the digital currency world and brought down several important players, such as hedge fund Three Arrows Capital (3AC). This was followed by FTX's downfall, which led to more anxiety in crypto circles and resulted in another sell-off of major cryptocurrencies, including SHIB.

Despite this disappointing performance for SHIB holders and the extreme pessimism in crypto circles, some traders believe that this may be an opportune time for investors to buy back into SHIB tokens at a low price point. They hope that the Federal Reserve will pivot to a more dovish monetary policy, reigniting investors' appetite for riskier assets.

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Some cryptocurrency investors remain hopeful that SHIB might eventually turn around its downward trend, as most bear trends cannot persist indefinitely. As such, they are monitoring closely for any signs of a potential turnaround.

The launch of Shibarium, a Layer 2 solution for Shiba Inu, might prove to be a major catalyst for the meme coin. As reported by U.Today, the team of developers behind the Dogecoin rival teased a major announcement on Sunday.