Shiba Inu price prediction: Can the meme coin build on recent gains?
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The Shiba Inu token (SHIB) is trying to regain its strength after recently hitting five-month lows below the $0.000009 mark amid the wider collapse in cryptocurrency prices, but recovery for now, seems fleeting. As of 16 November, the token was changing hands at $0.000009381.
The Shiba Inu ecosystem has launched a decentralised exchange (DEX) and a non-fungible token (NFT) incubator in recent months, in a bid to give the SHIB token some much-needed utility. Developers are also working on a layer-2 solution for the network to cut its dependence on the Ethereum network.
What is the future of Shiba Inu coin? Should you buy now to make gains in the future, or should you sell the coin short, attempting to profit from a further fall? We look at the token’s recent performance and the latest Shiba Inu projections to help inform your trading strategy.
Origins: What is Shiba Inu?
Shiba Inu was launched in August 2020. The so-called meme coin is a play on the Dogecoin (DOGE) meme, which is itself a parody on cryptocurrency in general. Coins themed around the Shiba Inu breed of dog from Japan (“inu” is Japanese for dog, gained popularity in 2021 as investors looked for the next multi-bagger crypto to invest in. This year has proven extremely difficult but a recent move has seen large wallet investors on the Ethereum blockchain scoop up more than 855 billion Shiba Inu tokens, frequently seen as a sign that a bullish trend is around the corner.
According to its website, Shiba Inu initially had a supply of one quadrillion tokens. Half of the total supply was locked in the Ethereum-based DEX Uniswap while the other half was sent to Ethereum’s 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 sent 40% of Shiba Inu’s total supply to a “dead wallet”, which is also referred to as burning, according to Shiba Inu’s website.
The project has evolved from the SHIB decentralised meme token into an ecosystem that incorporates the LEASH and BONE tokens. Shiba Inu’s network also has a decentralised exchange (DEX) called ShibaSwap and a non-fungible token ( NFT) incubator called the Shiba Incubator.
Shiba Inu has additionally set up a non-profit volunteer organisation called the Shiba Inu Rescue Association, which is dedicated to saving abandoned, neglected and abused Shiba Inu.
Ryoshi is the founder of Shiba Inu. Like Bitcoin’s (BTC) pseudonymous founder, Satoshi Nakamoto, Ryoshi has chosen to remain anonymous. Anonymity is not uncommon in the cryptocurrency sector. Many users are drawn to blockchain payment networks such as Bitcoin, as they promote decentralisation and privacy.
As of 16 November 2022, it has been over a year since Ryoshi’s last blog on the online publishing platform Medium. Ryoshi has also deleted all 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:
Shiba Inu ‘Dogecoin Killer’
On 10 May 2021, the Shiba token attracted the attention of investors after it spiked by 2,405% in three days to hit a peak of $0.000039.
The rally was triggered by the Tesla CEO and entrepreneur Elon Musk’s expressed enthusiams for the coin. However, he subsequently appeared on the Saturday Night Live television show in the US, where he referred to the cryptocurrency as a “hustle”. His appearance prompted a sell-off in DOGE.
SHIB struggled to regain ground over the summer of 2021. However, by autumn, the token spiked to an all-time high of $0.00008845 on 28 October 2021.
SHIB gained momentum after Musk tweeted a photo of his Shiba Inu puppy in a Tesla on 4 October 2021, and on news of a potential listing on the crypto exchange Robinhood.
However, with bearish sentiment taking over cryptocurrency markets in 2022, SHIB was unable to hold on to its gains at the turn of the year.
As of 16 November, SHIB/USD was trading at around $0.000009381, close to 90% below its all-time high. Shiba Inu’s all-time low stands at $0.000000000082, which was hit on 1 September 2020.
The token has recently shown some big gains, rising as much as 30% on 15 August, attributed both to buzz surrounding a new Shiba Inu-focused game called Shiba Eternity and the recent rise in the price of the crypto giant Ethereum, which provides SHIB’s underlying blockchain.
Some momentum has been gained since whales appear to be accumulating SHIB, an indication of a bullish trend.
According to CoinMarketCap, SHIB is ranked the 14th largest cryptocurrency in the world with a market capitalisation of $5.1bn on 16 November 2022. SHIB’s current circulating supply was about 549 trillion tokens.
Important Shiba Inu news
While the Shiba Inu crypto token started out as a joke, the community is continuing to build the ecosystem. Here are some significant events in Shiba Inu’s recent timeline.
- 31 December 2021 – Shiba Inu developers announced plans to launch a Doggy DAO (decentralised autonomous organisation) to give “immediate power to the community” to decide which crypto projects and pairs will be listed on its DEX and how BONE token rewards will be distributed.
- 12 April 2022 – SHIB listed on the popular Robinhood trading app.
- 19 April 2022 – Whale Stats tweeted that an ETH Whale had bought 193 billion SHIB for around $4.8m. It was the fourth in a series of large transactions valued at a total of $35m starting from 13 April.
- 23 April 2022 – Developers launched the SHIB burn portal in collaboration with the creators of Ryoshi’s Vision token, an Ethereum-based ERC-20 token designed to help build out the Shiba ecosystem. The portal rewards users with RYOSHI tokens in exchange for burning their SHIB tokens to reduce the circulating supply.
- 23 April 2022 – Public sale of land in the SHIB Metaverse opened, with prices starting at 0.2 ETH. Users will soon be able to pay with the SHIB token.
- 4 June 2022 – São Paulo FC, the Brazilian football club, began accepting SHIB payments for tickets.
- 15 Aug 2022 – Over the course of 24 hours, the price skyrocketed more than 30%
- 4 September 2022 – An unknown investor in the past week purchased 1,713 trillion SHIB equivalent to $22.2m at that time.
- 24 September 2022 – 4.5 trillion SHIB had been transferred by the largest whales on ETH.
- 11 November 2022 – Crypto.com offers a glimpse at their token reserves, revealing 20% in Shiba Inu coin in a movement to show “proof-of-reserves”.
What does the future hol?
Looking forward, lead Shiba Inu developer Shytoshi Kusama was upbeat about the future of the network. Kusama said that 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 to 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.
Shiba Inu price prediction for 2023 and beyond
As of 16 November, CoinCodex’s Shiba Inu coin price prediction indicated that the token is on a bearish trend in 2022, with a one-month SHIB price prediction which sees the token falling further by almost a third to $ 0.000006454. However, the site makes more bullish long-term projections, with a Shiba Inu price prediction for 2025 between $ 0.00002524 and $ 0.000131, the latter an increase of more than 1,000%
The algorithm-based website WalletInvestor makes a Shiba Inu crypto price prediction that expects the token to trade at an average price of $0.000000972 by the end of 2022, and $0.000000172 in five years’ time, suggesting the token is a “bad long-term (one-year) investment”.
DigitalCoinPrice was bullish about SHIB’s price performance in the future. Its Shiba Inu price prediction for 2030 shows DigitalCoinPrice expected the token to trade at an average price of $0.0000519 that year.
Gov Capital’s SHIB price prediction, as of 16 November 2022, saw the token trading at $0.000340 in five years’ time.
Analysts’ and algorithm-based Shiba Inu crypto price predictions can be, and often are, wrong and forecasts should not 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.
Is Shiba Inu a good investment?
Shiba Inu (SHIB is widely perceived as a meme coin, like Dogecoin, but is trying to reinvent itself by adding more features such as a decentralised exchange and a non-fungible token incubator to its ecosystem. Developers are also working on a layer-2 solution for the network to cut its dependence on the Ethereum network.
As of 16 November, SHIB/USD is trading close to 90% below its all-time high, at a current price of about $0.000009381.
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. Cryptocurrencies are high-risk investments – particularly “meme coins”.
Will Shiba Inu go up?
Whether SHIB has a future could depend on whether it finds a use that leads to widespread adoption and activity across cryptocurrency markets. With new coins being launched regularly, a rival meme coin could emerge and capture investors’ attention.
Should I invest in Shiba Inu?
Cryptocurrencies are high-risk investments, particularly “meme coins” like Shiba Inu (SHIB). Whether SHIB has a future could depend on whether it finds a use that leads to widespread adoption and activity across cryptocurrency markets. With new coins being launched regularly, a rival meme coin could emerge and capture investors’ attention.
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.
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