SHIB/USD forecast: Will the dog-themed crypto hold gains triggered by the upcoming ETH Merge?
Ethereum-based meme coin Shiba Inu (SHIB) has outperformed rival Dogecoin (DOGE) in the last two months, buoyed by news of the September completion of Ethereum’s transition to proof-of-stake (PoS) in a process known as ‘The Merge’.
As of 23 August, the SHIB token has jumped about 26% in the last 60 days, compared to DOGE’s over 4% rise in the same period.
For this article, we have compiled important information you need to know about the Shiba Inu ecosystem and the SHIB token. You will also find SHIB historical price analysis and a SHIB/USD forecast for 2022 and beyond.
About the Ethereum-based dogecoin rival called Shiba Inu
Shiba Inu (SHIB/USD) is an Ethereum-based meme coin. The SHIB token launched in August 2020 as an ERC-20 token.
Shiba Inu aims to grow as a community-driven cryptocurrency project that champions decentralisation. Its supporters call themselves the ‘Shib Army’.
According to Shiba Inu’s whitepaper, Ethereum’s high level of decentralisation compared to rival layer-one blockchain networks made it the obvious choice for Shiba Inu’s founder to build the project on.
The SHIB token was designed with a maximum supply of 1 quadrillion tokens. According to its website, 50% of SHIB’s initial total supply was locked in decentralised exchange (DEX) Uniswap while the other half was sent to Ethereum co-founder Vitalik Buterin ‘for safekeeping’.
Buterin donated 5% of SHIB’s total supply, or 50 trillion SHIB coins, to India’s Covid-19 relief fund in July 2021. He also sent 40% of Shiba Inu’s total supply to a ‘dead wallet’, also referred to as burning.
Along with the SHIB token, the Shiba Inu ecosystem has two other tokens called LEASH and BONE. The project also boasts a native decentralised exchange called ShibaSwap, on which holders can stake and provide liquidity for SHIB, BONE and LEASH.
Shiba Inu has 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
The founder of Shiba Inu is only known by the name Ryoshi. Anonymity in the cryptocurrency sector is fairly common. The most famous example is that of bitcoin (BTC) founder Satoshi Nakamoto, whose real identity is not known.
Ryoshi’s last Medium post, published on 30 May 2021, read:
At present, Shytoshi Kusama is known to be the lead developer at Shiba Inu. On 30 May 2022, Kusama wrote a tribute to Ryoshi, noting:
“The ethos of Ryoshi to remain anonymous and have no input on the direction of Shib, makes our mythos even more mystic and impressive.”
Price analysis: SHIB rises
Historical price data on CoinMarketCap showed SHIB was trading at $0.0000075 in late August 2021.
By the autumn of 2021, Shiba Inu had surged to the highest level, helping the growing popularity of dog-themed meme coins following the meteoric price appreciation of DOGE.
While dogecoin saw a spectacular rally in the first half of 2021 that helped it reach a record-high of over $0.73 in May 2021, Shiba Inu, often touted as the ‘Dogecoin Killer’, saw its best months in the second half of the year.
Both memecoins were helped by the influence of Tesla founder Elon Musk, who tweeted about dogecoin and posted photos of his Shiba Inu puppy on Twitter.
In October 2021, the SHIB token surged over 800% following its listing on Coinbase a month earlier, potential listing news on popular trading app Robinhood and enthusiasm from Musk’s tweets. SHIB hit an all-time high of $0.00008845 on 28 October 2021.
With bearishness taking over the market in 2022, the Shiba Inu token price has taken a hit in line with other cryptocurrencies. As of 23 August 2022, SHIB has lost over 60% year-to-date (YTD). In comparison, rival DOGE has lost over 60%, bitcoin (BTC) is down 55% and ether (ETH) has declined 57%.
On 18 June,the SHIB price dropped to a nine-month low of $0.0000712. SHIB/USD rates have rallied over 80% from that June low to trade at over $0.000013, as of 23 August.
Shiba Inu is currently the 12th largest cryptocurrency, with a market capitalisation of over $7.2bn. Its circulating supply stands at over 549 trillion tokens.
Latest price drivers and news: More than The Merge
Shiba Inu has seen healthy gains in the last two months, buoyed by positive news around Ethereum’s transition to PoS in a process commonly known as ‘The Merge’, which is expected to see completion in mid-September 2022.
Over the past 60 days, the SHIB token has gained about 26%, in line with ETH’s 39% surge in the same period. Non-Ethereum based meme coin rival DOGE has gained 4% in the last 60 days, as of 23 August 2022.
The upcoming release of a mobile game called Shiba Eternity, developed by Shiba Inu developers in collaboration with Australia-based gaming development studio Playside Studio, has helped SHIB’s upward momentum.
In other news, Shiba Inu announced on 20 July that development of its highly-anticipated SHIB.io The Metaverse Project was underway, with visualisation studio The Third Floor chosen for its design and construction.
In early July, lead Shiba Inu developer Shytoshi Kusama said progress on Shiba Inu’s layer-2 network, called Shibarium, was on track and ‘moving as fast as we can’.
Shibarium will allow users to bypass expensive gas fees on the Ethereum network when using Shiba Inu-based decentralised applications.
Kusama announced the upcoming launch of a new Shiba Inu ecosystem token called TREAT, which will be used as a reward token for its metaverse and games. Kusama also said a stablecoin called SHI is expected to be released at some point this year.
Forecast: SHIB/USD forecast for 2022 and beyond
CoinCodex’s Shiba Inu to USD forecast on 23 August 2022 indicated that the token’s value could fall to $ 0.00001156 in a month’s time.
Wallet Investor’s long-term SHIB/USD prediction expected the token to trade at an average price of $0.0000177 by the end of 2022.
Wallet Investor’s SHIB/USD forecast for 2025 expected the token to trade to an average price of $0.000003014 by the end of 2025.
Elsewhere, DigitalCoinPrice expected the Shiba Inu token to trade at an average price of $0.0000605 in its SHIB/USD forecast for 2030.
Finally, Price Prediction’s SHIB/USD forecast expected the Shiba Inu token to trade at an average price of $0.00001441 in 2022 and rise to an average price of $0.00028904 by 2030.
Note that any analyst and algorithm-based Shiba Inu to USD forecast can be wrong. Forecasts shouldn’t be used as a substitute for your own research. Always conduct your own due diligence. Your decision to trade or invest should depend on your risk tolerance, expertise in the market, portfolio size and investment goals. And never invest money that you cannot afford to lose.
FAQs
Why has SHIB to USD been rising?
SHIB has gained over 20% in the last 60 days, as of 23 August, due to the uplift in sentiment for Ethereum-based tokens from the nearing completion of The Merge.
Will SHIB to USD go up ?
As of 23 August, Price Prediction’s SHIB/USD forecast expected the Shiba Inu token to trade at an average price of $0.00001441 in 2022 and rise to an average price of $0.00028904 by 2030.
Note that analysts’ and algorithm-based Shiba inu forecasts can be wrong. Forecasts shouldn’t be used as a substitute for your own research.
When is the best time to trade SHIB to USD?
The best time to trade any asset is after you have done a thorough research. Remember that your decision to trade or invest should depend on your risk tolerance, expertise in the market, portfolio size and investment goals.
IS SHIB to USD a buy, sell or hold?
Price Prediction’s SHIB/USD forecast expected Shiba Inu token to trade at an average price of $0.00001441 in 2022 and rise to an average price of $0.00028904 by 2030.
However, analysts’ and algorithm-based predictions can be wrong and have been inaccurate in the past. Forecasts shouldn’t be used as a substitute for your own research.Always conduct your own due diligence. And never invest money you cannot afford to lose.
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