Shiba Inu Price Prediction 2024: SHIB Rallies as Memecoins Surge
What's next for SHIB?
Key Takeaways
- Shiba Inu entered the top 10 cryptos by market cap in March 2024..
- SHIB was launched in 2020 by the pseudonymous creator, Ryoshi, as a rival to Dogecoin (DOGE).
- What’s next for Shiba Inu?
- One price prediction says it may reach $0.00014 next year.
Shiba Inu’s SHIB crypto took advantage of the memecoin price surge and entered the top 10 cryptocurrencies by market cap in March 2024.
On March 5, 2024, SHIB was worth $0.000039.
Shiba Inu did not immediately respond to a request for comment.
But what is Shiba Inu (SHIB)? How does Shiba Inu work? Let’s see what we can find out, and also look at some of the Shiba Inu price predictions that were made on March 5, 2024.
Shiba Inu Price Prediction
Let’s examine some of the Shiba Inu price predictions being made on March 5, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
Also, we should remind you that many long-term crypto price predictions are made using an algorithm, which means that they can change at any time.
| 2024 | 2025 | 2030 | |
|---|---|---|---|
| Prediction #1 | $0.0000802 | $0.000102 | $0.000301 |
| Prediction #2 | $0.0001 | $0.00014 | $0.00034 |
| Prediction #3 | $0.000036 | $0.000053 | $0.000337 |
First, CoinCodex made a short-term Shiba Inu price prediction that argued the token would drop to $0.00003867 by March 10 and recover to $0.00004192 by April 4. The site’s technical analysis was bullish, with 27 indicators sending upbeat signals and just five making bearish ones.
Shiba Inu Price Prediction for 2024
DigitalCoinPrice was optimistic, saying SHIB could trade at $0.0000802 this year. Bitnation followed suit, with its SHIB price target standing at $0.0001. PricePrediction.net , meanwhile, did not see it losing a decimal place, arguing that it would close the year at $0.000036.
Shiba Inu Price Prediction for 2025
DigitalCoinPrice said Shiba Inu would be worth $0.000102 next year. Bitnation argued it would trade at $0.00034. PricePrediction.net said Shiba Inu would stand at an average of $0.000337 in 2025.
Shiba Inu Price Prediction for 2030
Moving onto a more long-term Shiba Inu price prediction, DigitalCoinPrice said it could be worth $0.000301 in 2030. Bitnation said that the token would trade at $0.000079that year. PricePrediction.net made a Shiba Inu crypto price prediction of $0.000137 for the start of the new decade.
Google BardAI Price Prediction for Shiba Inu (as of March 5)
Google’s BardAI platform gave the following price prediction for Shiba Inu on March 5. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligent price predictions are predicated on past performances and are in no way entirely accurate.
Please remember that the exact price prediction of an asset or cryptocurrency in the future is near impossible to to achieve. Additionally, artificial intelligent price predictions are predicated on past performances and are in no way entirely accurate.
Short-term (next 3 months):
- Reasonably optimistic: Several analysts predict continued growth for SHIB, with some expecting it to reach the $0.00004 – $0.00005 range. This optimism stems from the recent bullish momentum and decreasing selling pressure.
- Cautiously optimistic: Others remain cautious, citing potential market corrections and the decreasing trading volume despite the price increase. This suggests a possible consolidation or slight pullback before further upward movement.
Medium-term (next 12 months):
- Mixed predictions: Experts have varying opinions. Some predict SHIB reaching $0.0001 by the end of 2024, while others see it remaining around the $0.00004-$0.00005 range. This divergence reflects the uncertainty surrounding future market conditions and potential regulatory changes.
Long-term (next 5+ years):
- Highly speculative: Long-term predictions are even more uncertain. Some believe widespread adoption and integration with Shibarium, the layer-2 scaling solution for the Shiba Inu ecosystem, could propel SHIB to $0.01 or even higher. However, this is highly speculative and depends heavily on unforeseen developments in the cryptocurrency space.
It’s important to remember that these are just predictions, and the actual price of SHIB could deviate significantly. It’s crucial to do your own research, consider your risk tolerance, and never invest more than you can afford to lose.
Recent Updates from Shiba Inu
When Bitcoin (BTC) surged in early March 2024, the memecoin sector experienced a significant boost. SHIB was no exception and it entered the top 10 cryptos by market cap.
Last year’s launch of Shibarium went relatively well, although some early problems saw it being taken back into its private state. Reports suggest that it has had 2.7 million transactions since it came out in August. On the other hand, there was some suggestion that some of those users were bots.
SHIB Price History
Let’s now take a look at some of the Shiba Inu price history . While past performance should never be taken as an indicator of future results, knowing what SHIB has done in the past can help us if we want to make or interpret a Shiba Inu price prediction.
When SHIB first came onto the open market in the summer of 2020, it was worth about $0.0000000001. In May of the following year, DOGE was hot property and, with people looking around for the next Dogecoin, SHIB got popular, reaching a high of $0.0000388 on 10 May.
While the summer of 2021 saw the markets quieten down after an explosive start to the year, things picked up again from August and the autumn was a profitable time for Shiba Inu, with it reaching an all-time high of $0.00008845 on 28 October before settling down to close the year at $0.00003342.
While 2021 saw SHIB explode out of nowhere to become one of the biggest cryptos on the market, 2022 saw some notable losses. A series of market crashes blighted the year and it closed on 31 December at $0.000008087, having lost more than 75% of its value year-on-year.
Shiba Inu in 2023 and 2024
Initially, 2023 looked like it was going to be a better year for Shiba Inu. Anticipation about the much-delayed Shibarium layer 2 scaling solution saw it rise to $0.00001562 on 4 February but, after that, with no Shibarium mainnet in sight, it fell down, sinking below $0.00001 in early May.
After that, the slump became a slide. The United States Securities and Exchange Commission (SEC) announced it was suing the Binance and Coinbase exchanges in early June, causing the market to drop. On June 10, following Crypto.com (CRO) suspending its American institutional investment arm, SHIB sank to $0.000005717.
There was something of a recovery after that, though. The launch of Shibarium meant that there was an increase in market interest, with SHIB hitting $0.00001127 on August 12. After that, though, Elon Musk’s SpaceX offloaded billions of dollars worth of Bitcoin (BTC) and the market tanked. SHIB fell to $0.000006986 on September 11 before coming back to trade at $0.000007378 on September 15, 2023.
It ended 2023 at $0.0001046 before going down further, reaching $0.000008949 on February 5, 2024.
It made a recovery in March, though, and by March 5, 2024, it was worth $0.000039.
At that time, there were about 589.29 trillion SHIB in circulation out of a total supply of 589.53 trillion. This gave the token a market cap of $23 billion, making it the 10th largest crypto by that metric.
Shiba Inu Price Analysis
SHIB underwent a parabolic increase from February 25, coming from a low of $0.0000094. Today, March 5 it spiked to $0.000045, increasing by nearly 400%.
The daily chart Relative Strength Index rose to 96%, suggesting it was overbought, before both it and SHIB fell. We can now expect to see SHIB cool off.
It all depends on whether Shiba Inu can stay above $0.00003. If it does, it can go higher.
Is Shiba Inu a Good Investment?
SHIB is the self-proclaimed “Doge Killer,” although, in truth, it does seem that there is enough space in the market for the two cryptos. While SHIB does not seem to have that many real-world uses, it has proven to be popular over the last two years and is now in the top 10 cryptos by market cap, which is not bad considering that it is, at heart, a parody of a parody. With SHIB’s success, other memecoins have entered the market, although none have had anything like its success.
However, we don’t know what will happen in the future. While it appears to have avoided the gaze of regulators so far, there is always the risk that a crypto with a massively low price point and little actual utility could collapse and burn. As ever with crypto, it is crucial that you do your own research before investing in SHIB.
Will Shiba Inu go up or down?
No one can say for sure right now. While most of the token’s price predictions are bullish, price predictions have a tendency to be wrong. You should also remember that prices can, and do, go down as well as up.
Should I invest in Shiba Inu?
Before you decide whether or not to invest in Shiba Inu, you will need to do your own research, not only on SHIB, but on other, similar, coins and tokens, such as Dogecoin. More importantly, though, you must make sure that you never invest more money than you can afford to lose.
Who are the founders of Shiba Inu?
Shiba Inu was created in August 2020 by an individual or group called Ryoshi.
Who owns the most Shiba Inu (SHIB)?
On February 5, 2024, a wallet held more than 10% of the supply of SHIB.
Richest SHIB Wallet Addresses
As of February 5, 2024, the five wallets with the most SHIB were
- 0xdead000000000000000042069420694206942069. This wallet held 410,404,968,506,338 SHIB, or 41.04% of the supply.
- 0xf3b0073e3a7f747c7a38b36b805247b222c302a3. This wallet, listed as Crypto.com 6, held 41,406,197,318,671 SHIB, or 4.14% of the supply.
- 0xf977814e90da44bfa03b6295a0616a897441acec. This wallet, listed as Binance 8, held 31,335,830,403,835 SHIB, or 3.13% of the supply.
- 0x40b38765696e3d5d8d9d834d8aad4bb6e418e489. This wallet, listed as Robinhood, held 26,053,251,930,363 SHIB, or 2.61% of the supply.
- 0x5a52e96bacdabb82fd05763e25335261b270efcb. This wallet, listed as Binance 28, held 24,625,317,467,185 SHIB, or 2.46% of the supply.
Fact Box
| Supply and distribution | Figures |
|---|---|
| Total supply | 589,530,000,000,000 |
| Circulating supply (as of March 5, 2023) | 589,290,000,000,000 (99% of total supply) |
| Holder distribution | Top 10 holders own 58.81% of supply (as of March 5, 2024) |
From the Whitepaper
In its technical documentation, or whitepaper , Shiba Inu says it is designed to be run by its community.
It says: “Projects built on the foundation of community involvement are the untamed wilderness of our future. As we move further away from rigid social structures and traditional mindsets, we become free to discover new ways to solve problems and relate to one another.”
Shiba Inu (SHIB) Explained
If imitation is the sincerest form of flattery, then Dogecoin (DOGE) founders Billy Markus and Jackson Palmer can consider themselves the most flattered men in crypto.
After their coin started to gain traction in 2020, the crypto market found itself submerged in dogcoins, cryptos that all used canines as their mascots and seemed to have very little utility. Probably the first, and certainly the most successful, of these is Shiba Inu (SHIB ).
Shiba Inu was created by the pseudonymous Ryoshi and entered the open market in the middle of 2020, just as DOGE was starting to transform into a major player. The idea behind SHIB is that it is a crypto that is entirely decentralized and controlled by its community.
How Shiba Inu Works
The Shiba Inu platform initially existed to support the SHIB token but, as time has gone on, it has incorporated a non-fungible token (NFT) facility called the Shiba Incubator and a decentralized exchange (DEX) called ShibaSwap.
As well as SHIB itself, the Shiba Inu network also supports two other cryptos. BONE helps govern the ShibaSwap exchange, while LEASH was initially designed to be pegged to the value of DOGE, but it was then decided that it would have a very limited supply and would be used to provide liquidity to the platform. However, SHIB is still the network’s main cryptocurrency.
It is important to point out that, because SHIB is based on the Ethereum (ETH) blockchain, it is a token, rather than a coin. You might see references to Shiba Inu coin price predictions, but these are wrong.
Shiba Inu Attention Tracker
Here is a chart for the Shiba Inu Google search volume for the past 90 days. This represents how many times the term “Shiba Inu SHIB” has been Googled over the previous 90 days.
FAQs
Will Shiba Inu reach $1?
It is possible, but it’s highly unlikely to happen at any time soon. With the price of SHIB as low as it is, it is going to be at least another 10 years before it is worth so much as a cent, let alone a dollar.
What is Shiba Inu used for?
Shiba Inu helps power the Shibarium platform. It is also stores value. People can also buy, sell, and trade it on exchanges.
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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