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2023  is just a few hours away, and people have been thinking about the performance of some of the biggest successes — and failures of this year. The double hit that the cryptocurrency market suffered this year, one due to the LUNA crash and the other due to FTX – has led many not to look at memecoins the same as they did back in 2021. Take the SHIB price, for instance. This token fell steeply once it entered 2022. And at the time of writing, it is trading at $0.000008098.

But does that mean it would remain in the same price zone next year – or would something better happen that would push the price of this asset even more?

SHIB Price History in 2022

2022 has been a bad year for all cryptocurrencies. Even the best altcoins have slipped from their highs to closer to their all-time lows because of the FTX-triggered crash. Memecoins, however, have received a different reaction from the cryptocurrency crowd.

Trading mostly in the volatile zones, memecoins have tried to ride the wave of social media and were successful at maintaining a high level in the price charts upon entering 2022. Shiba Inu (SHIB) entered 2022 at a high $0.000033 and was able to hold on to that price point for a fortnight.

Then, there was a steep retrace to $0.000020. However, the meme coin-loving bulls rallied and successfully pushed the value of this token back to $0.00033. However, the token then took a falling path and became steeper after the LUNA crash.

The SHIB price fell steeling to $0.000011. Bulls tried to push the token back to its early 2022 price, but the bearish market conditions were far stronger. That led to the tokens falling below the $0.000010 mark. People soon realized that the golden days of Shibe Inu were over. However, back in September, soon after the announcement of the merge upgrade in the Ethereum ecosystem. SHIB saw a renewed interest from consumers that allowed it to rise past the $0.000015 price point. However, the token soon took a downturn.

That said, it was short-lived, and the token’s value quickly retraced close to its 2022 lows. Then the FTX led the second crypto winter happened that further dropped the price of this cryptocurrency. At the time of writing, the SHIB price is closer to its 2022 low at $0.000008.

SHIB Price – Analyzing the Chart of the Last Week

While the long-term performance of this cryptocurrency has been less than stellar – it is important to know that Shiba Inu is a memecoin. And a memecoin holds more value for intra-day traders and less for long-term investors.

Therefore, when making a sold SHIB price prediction, it is important to look at this token’s weekly performance. Unfortunately, even the weekly performance is nothing to write home about.

While there have been many green candles – as you can see in the charts below – more trades don’t translate to a price increase. The value of this token has fallen as of late, and the charts show that consumers only have a passive interest in this crypto.

SHIB price weekly

SHIB Price Prediction – Short Term

While the weekly chart shows a general disinterest among the crypto trading community, upon a deeper look at the hourly candles, we find that Shiba Inu is trading above its 20-day moving average.

Furthermore, the token’s performance has been in the green zones for more than 12 hours. According to the Fibonacci retracement level, SHIB has found support at 0.236 fibs and is testing $0.00000816 at the time of writing.

The recent uptick has riled the crypto trading community, with many speculating on the major reason why it has happened.

The SHIB Price is Rising – The Record-level Burn rate to blame

We researched and found that the recent interest in burning the Shiba Inu meme tokens is the primary reason why there is a sudden increase in its price.

SHIB Burn rate

Token burning is the process of sending an altcoin to a burn address and removing it from circulation. Shiba Inu’s latest burning is reminiscent of the strategy that LUNC applied back in September when despite the market signals, the DeFi token mowed down all the market fundamentals to reach an all-time high.

At the time of writing, the SHIB burn rate rests at 13,198%, and so far, more than 301 million Shiba Inu tokens have been sent to the burn address.

The recent SHIB burning in a day and night is the most the token was able to achieve this year. Note that in the past four months, the SHIBA burn rate dropped significantly. Perhaps that was one of the reasons for this token’s abysmal performance in the price charts.

However, that hasn’t stopped SHIB from leading in multiple metrics.

SHIB Rating is Increasing in Many Metrics

Whalestats is a wallet-tracking platform that offers analysis for several blockchains, including Ethereum and Binance Smart Chain. The website has reported that Shiba is among the top 10 tokens with the largest number of whales present.

It means that Shiba is a token that is present in many cryptocurrency whale accounts – meaning that this crypto has more value than what is presumed in the market. Does this mean that this asset’s price will soar in the near future?

SHIB Price Prediction – What Does the Future Hold

Shiba Inu is one of the leading memecoins in the market, second only to Dogecoin. Furthermore, at the time of writing, Shiba Inu ranks 15th in terms of market capitalization. Furthermore, the 11th-hour burning is pushing the price of this cryptocurrency right now. While we don’t know how long this burning will last, it is safe to say that people are betting on Shiba Inu to enter 2023 on a high note so that the next year is a good one.

Another reason to be bullish about SHIB next year is that many retailers have started to accept it as a valid mode of payment. Additionally, there is a stablecoin, and a layer-2 solution called Shibarium planned for release next year. Based on that, we can say that maybe the SHIB price will witness an uptick in 2023.

However, most of it is just speculation at this moment. So, do your own research and keep a close on the market movements before investing.

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