Shiba Inu price prediction 2030: Is SHIB a worthy long-term investment?
Shiba Inu (SHIB) has emerged as one of the world’s most popular cryptocurrencies. SHIB’s low price and wide availability have attracted many investors to the dog-themed memecoin to try their luck in making a quick buck from the token’s rise and fall.
However, Shiba Inu’s status as a long-term investment has always been questioned. The token is widely considered a memecoin with near-zero utility and is seen by many as nothing more than a speculative asset. As such, Shiba Inu long-term price predictions are few and far between.
However, Shiba Inu’s community of developers has been working behind the scenes to change this perception of SHIB, which is the 14th-largest cryptocurrency in the world, boasting a market capitalisation of $6.37bn as of 4 April 2023.
Let’s take a deep dive to assess whether Shiba Inu belongs in an investor’s long-term portfolio. This piece will look into SHIB’s historical price performance, origin, founders, recent news and analyst Shiba Inu price predictions for 2030 and beyond.
What is Shiba Inu?
Shiba inu was launched in August 2020 and is based on the Ethereum network. This means that SHIB is a token, not a coin. The project has evolved into an ecosystem that incorporates the LEASH and BONE tokens. Shiba Inu’s network also boasts a decentralised exchange (DEX) called ShibaSwap and a non-fungible token (NFT) incubator called the Shiba Incubator.
Shiba Inu has also set up a non-profit volunteer organisation called the Shiba Inu Rescue Association dedicated to saving abandoned, neglected and abused Shiba Inu dogs.
Founder: The Anonymous Ryoshi
Ryoshi is the founder of Shiba Inu. Like Bitcoin’s (BTC) pseudonymous founder Satoshi Nakamoto, Ryoshi has also chosen to remain anonymous.
Anonymity is not uncommon in the cryptocurrency sector. Many user are drawn to blockchain payment networks like Bitcoin as they promote decentralisation and privacy.
Ryoshi’s last posted on online publishing platform Medium since the middle of 2021, and has also deleted all their tweets and replies on Twitter.
One of Ryoshi’s last Medium posts published on 30 May 2021 read: “I am not important, and one day I will be gone without notice. Take the SHIBA and journey upwards frens.”
Shytoshi Kusama, a lead Shiba Inu developer, wrote in a blog post celebrating the one-year anniversary of Ryoshi’s last Medium post:
Tokenomics: One quadrillion tokens
According to its website, Shiba Inu initially had a supply of 1 quadrillion tokens. Half of the total supply was locked in Ethereum-based DEX called Uniswap while the other half was sent to Ethereum co-founder Vitalik Buterin “for safekeeping”.
In July 2021, Buterin donated 50 trillion SHIB coins, which represented 5% of its total supply, to India’s Covid-19 relief fund. Buterin also burnt 40% of Shiba Inu’s total supply by sending them to a “dead wallet”, according to Shiba Inu’s website.
Since its launch, the number of SHIB holders gradually increased as the token has been listed on numerous crypto exchanges across the world including Binance, Coinbase, FTX, Robinhood and more. According to Etherscan, total number of unique wallet addresses holding SHIB is over 1.2 million, as of 4 October 2022.
Data from Etherscan also showed more than 41% of SHIB’s total supply had been burnt and was stored in a dead address. Meanwhile, blockchain data aggregator revealed that SHIB has a high concentration of large holders, and the ten largest holders held about 22% of the token’s total supply.
Other Shiba Inu ecosystem tokens, including LEASH and BONE, were released to help its network grow. LEASH is an incentive token used on ShibaSwap to offer rewards to liquidity providers on the DEX. According to its official website, LEASH has a total supply of 107,646 tokens.
BONE is a governance token for Shiba Inu’s DAO called the Doggy DAO (decentralised autonomous organisation) that allows holders to vote on improvement proposals for the Shiba Inu ecosystem. BONE is exclusively accessible via ShibaSwap and has a max supply of 250 million tokens.
Shiba inu price history
Let's now take a look at some of the SHIB price history. While past performance should never be taken as an indicator of future results, knowing what the token has done in the past can help give us some context if we want to either interpret or make a shiba inu price predictions.
At the time of its launch in August 2020, SHIB was trading at around $0.0000000001, data from CoinMarketCap showed. SHIB stayed around that level for the rest of 2020 and only saw a breakout in its price in May 2021 as the token hit a high of about $0.00038 on 10 May 2021, after it was listed by the FTX crypto exchange.
While the token fell into the doldrums over the summer, it recovered over the course of the Autumn to reach an all-time high of $0.00008845 on 28 October 2021. However, the highs could not last and it closed the year at at $0.000033 – more than 60% below the high it had enjoyed a little over two months earlier.
Cryptocurrencies fell in 2022, and SHIB was no exception.
The collapse of the Terra ecosystem in May hit the market hard and, on 18 June, SHIB fell to its lowest price in about eight months as it traded at $0.0000071.
Things ultimately continued to decline over the rest of the year and it closed 2022 at $0.000008087, an annual loss of more than 75%.
2023 saw the crypto market make a recovery and, on 3 April 2023, SHIB was worth about $0.00001077.
Shiba Inu price predictions for 2030 round-up
Let's now take a look at some of the Shiba Inu price predictions for 2030 and beyond that were being made as of 3 April 2023. Keep in mind that price forecasts, especially when they are over a long term and when they are for an asset as volatile as crypto, very often end up being wrong. Also, keep in mind that long-term crypto price predictions are often made using an algorithm, which means that they can change at any time.
According to TechNewsLeader’s Shiba Inu coin price prediction for 2030, the token could reach between $0.00020182 and $0.00023699 by the end of 2030.
CoinPriceForecast was equally bullish in its SHIB price prediction for 2030 and had expectations of the token trading at about $0.00004758 by the end of that year, representing a 340% increase from current levels.
DigitalCoinPrice’s Shiba Inu forecast for 2030 saw the token rising to an average price of about $0.00011, a rise of more than 900% and more than the token's current all-time high.
Note that analyst and algorithm-based Shiba Inu crypto price predictions can be wrong. Forecasts shouldn’t be used as a substitute for your own research: always conduct your own due diligence and remember that your decision to trade or invest should depend on your risk tolerance, expertise in the market, portfolio size and investment goals.