Shiba inu, a dog-themed meme currency created in August 2020 by the anonymous founder Ryoshi has soared recently, hitting an all-time high last month.
Named after the same breed of Japanese dog featured in dogecoin, shiba inu tagged itself as “the dogecoin killer” when it launched in 2020.
As an ERC-20 altcoin created on the Ethereum blockchain, shiba inu is rooted in community involvement and the project may serve to alter rigid traditional financial structures through the power of collective decentralisation.
According to its white paper, shiba inu is a community-run token led by 120,000 members who participate in spontaneous community building within an ecosystem that is run by its own decentralised exchange (DEX).
The SHIB crypto is the first token to be listed on ShibaSwap, a proprietary DEX which aims to provide an ecosystem where cryptocurrencies can be traded safely.
In May 2021, shiba inu famously sent half of its total supply – 50 trillion coins – to Ethereum creator Vitalik Buterin through his publicly available ETH address.
Buterin then burned 90% of the shiba inu tokens in his possession, which amounted to a total sum of $6bn, according to data from Ethereum, and donated the remaining coins to a Covid-19 relief fund in India.
This week crypto exchange Kraken listed shiba inu, which is now tradeable against the US dollar and the euro with a trading minimum of 50,000 shiba inu. The exchange noted a price precision of eight decimal places and a quantity precision of five decimal places.
At the start of this month, Kraken teased that it would list the SHIB coin if one of its posts on Twitter received 2,000 likes but the post ended up garnering over 80,000 likes.
What’s more, shiba inu entered into the top 10 biggest cryptocurrencies on 28 October 2021 as the eighth highest-ranking coin on CoinMarketCap, jumping ahead of dogecoin and polkadot, though it has since fallen back to 12th place.
SHIB price analysis: Technical view
On 9 May this year when Elon Musk criticised dogecoin, labelling it as a “hustle” during an appearance on Saturday Night Live, SHIB rallied to $0.00001842, hitting $0.00003208 on 11 May 2021.
The price then consolidated, trading within the $0.000006 to $0.000008 range until 7 October 2021, when it climbed to $0.00003112.
On 28 October this year, SHIB achieved the all-time high of $0.0000844, a rise of 173% over the preceding seven days. Only a week earlier, on 18 October 2021, SHIB had been trading at $0.00002829.
However, the price retreated to $0.00004459 on 4 November 2021, dropping to as low as $0.00003821 on 24 November – quite a sharp fall considering that the coin had hit its all-time high just 28 days earlier.
The price of SHIB has since climbed to $0.0000538 on 30 November 2021. This latest rebound activated a bull flag pattern when SHIB’s price broke above the flag’s upper trendline. This price rebound on 30 November 2021 could be attributed to SHIB being listed on Kraken that same day.
Based on a year-ago price of $0.000000000173 on 8 November 2020, SHIB is up more than 80,000,000% over the past year. On 30 November 2021, SHIB’s price climbed by more than 30% to $0.0000538, a surge that comes in the wake of broader price rebounds across other well-known crypto assets, though it fell back to $0.00004622 on 1 December.
An RSI reading of 70 or above indicates that a security is becoming overbought or overvalued and may be primed for a trend reversal or corrective pullback in price.
Catalysts for SHIB’s price
A number of catalysts have contributed to SHIB’s growth. Although Elon Musk has not publicly acknowledged the token, he sent a cryptic text-based image of a dog holding a rocket on 18 October this year which was interpreted as a reference to the “to the moon” symbol, which led to a 20% rise in shiba inu’s price.
In the same month, on 4 October, SHIB gained further traction after Musk posted a picture of his own shiba inu, Floki, on Twitter.
Earlier this year, Elon Musk criticised SHIB’s main rival dogecoin, labelling it as a “hustle” during an appearance on Saturday Night Live, which provided a boost to the SHIB coin.
Also, a recent petition listed on Change.org which urges the Robinhood trading platform to list SHIB has become one of the highest ranking petitions on the platform, garnering over a million signatures.
Finally, in July this year, ShibaSwap was launched, which has further helped liquidity by allowing hodlers to stake their coins.
Anndy Lian, the chairman of BigONE Exchange, and the chief digital advisor for Mongolia’s national productivity agenda, believes that shiba inu has made its mark on the cryptocurrency space.
What are the risks affecting the Shiba coin outlook for 2030?
As an ERC-20 token created on the Ethereum blockchain, SHIB faces high transaction fees and proceeding delays that are common on the blockchain network. For example, the average fee on Ethereum is currently $46.12, according to data from BitInfoCharts.
Also SHIB lacks real-world utility since only 372 merchants worldwide are accepting it as a payment, according to Cryptwerk – a scarcity which affects the shiba inu forecast. This risk is only intensified by the fact that in the past month alone, more than 1,900 new cryptocurrencies were listed on CoinMarketCap.
According to Whale Stats, a crypto whale under the alias Gimli, recently bought 24.8bn SHIB tokens in a purchase worth around $1m, which prompts concerns about the high concentration of coins in few hands.
Shiba coin price prediction for 2030
In terms of a SHIB coin price prediction (2030), algorithm-based forecasting service Wallet Investor gives a positive SHIB/USD forecast. Based on historical data, Wallet Investor sees the price rising to $0.000089 by November 2022, $0.000189 in November 2024 and hitting $0.000289 by November 2026.
Digital Coin Price supports the bullish SHIB coin price prediction, expecting the token to grow to $0.0000872413 in 2022, $0.0001369933 in 2025 and hit $0.0002061220 in 2028.
For a longer-term shiba inu coin price target, Coin Price Forecast predicts that the SHIB price could reach $0.00085111 by the end of 2030, while Price Prediction sees it reaching a maximum possible level of $0.001 by 2030.
The senior editor at OKEx, Hunain Naseer told Capital.com:
Note that cryptocurrencies are highly volatile and predictions are very often wrong. Forecasts shouldn’t be used as a substitute for your own research. Remember that your decision should be based on your attitude to risk, your expertise in this market, the spread of your portfolio and how comfortable you feel about losing money. Never invest more than you can afford to lose and keep in mind that past performance is no guarantee of future returns.
The algorithm-based company Wallet Investor predicts that the price could reach $$0.000289 by November 2026.
Note that predictions can be wrong. Forecasts shouldn’t be used as a substitute for your own research. Always conduct your own due diligence before investing, and never invest or trade money you cannot afford to lose.