Shiba Inu Price Prediction 2024: SHIB Price Analysis
What's next for SHIB?
Key Takeaways
- Shiba Inu entered the top 10 cryptos by market cap in March 2024 but is currently ranked #16.
- SHIB was launched in 2020 by the pseudonymous creator, Ryoshi, as a rival to Dogecoin (DOGE).
- Our price predictions suggest Shiba Inu will begin an upward movement soon.
Shiba Inu’s SHIB crypto took advantage of the memecoin price surge and entered the top 10 cryptocurrencies by market cap in March 2024.
Since then, it slowed a bit, exiting the top 10 cryptos, but still showing a notable increase compared to last year.
On Aug. 28, 2024, SHIB exchanged hands for $0.000014.
Let’s examine our price predictions for Shiba Inu made on Aug. 28, 2024. We will also investigate the SHIB price history and discuss what SHIB is and does.
Shiba Inu Price Prediction
Here are the SHIB price predictions from CCN on Aug. 28, 2024. Price forecasts should be taken cautiously, especially for something as volatile as crypto. Our Shina Inu crypto price predictions will use the wave count method to predict its future movement.
We will add and remove 20% from the target price to provide a range of possible outcomes, resulting in minimum and maximum SHIB price predictions.
| Minimum SHIB Price Prediction | Average SHIB Price Prediction | Maximum SHIB Price Prediction | |
|---|---|---|---|
| 2024 | $0.000020 | $0.000025 | $0.000030 |
| 2025 | $0.000011 | $0.000014 | $0.000017 |
| 2030 | $0.000039 | $0.000047 | $0.000055 |
The most likely SHIB wave count suggests the price has completed an A-B-C structure beginning in June 2023. This is visible by the triangle pattern in the B wave.
After the 2024 high in March, SHIB completed a five-wave decrease, leading to a low of $0.000010 in August. This likely marked the end of a five-wave decline, which could be wave A in another A-B-C structure.
So, what could follow are waves B and C. During these projected upward and downward movements, the wave count gives a SHIB price prediction of $0.000025 for the end of 2024.
Then, we project a similar increase as the one that started in May 2023. If that happens, SHIB will reach a high of $0.000063 in February 2026. At the end of 2025, this projection gives a target of $0.000014.
Finally, we use the daily rate of increase for the past three years to make a SHIB price prediction for the end of 2030. Since August 2021, SHIB has increased at a daily rate of 10%. Projecting this increase until the end of 2030 leads to a price of $0.000047.
Shiba Inu Price Prediction for 2024
The wave count method gives a SHIB price prediction range between $0.000020 and $0.000030 for the end of 2024.
Shiba Inu Price Prediction for 2025
The wave count method gives a SHIB price prediction range between $0.000011 and $0.000017 for the end of 2025.
Shiba Inu Price Prediction for 2030
Using the daily rate of increase we arrive at a SHIB price prediction range between $0.000039 and $0.000055 for the end of 2030.
Shiba Inu Price Analysis
The daily price chart suggests that SHIB has completed the first portion of its correction with a breakout from its descending wedge pattern. If this is the case, the price has likely started the B wave of this structure.
The double bottom combined with bullish divergences in July and August confirms this is likely the correct future outlook.
If this is the case, the 0.5-0.618 Fibonacci retracement resistance level between $0.000028 and $0.000032 created a likely target for the top of wave B.
Short-Term Shiba Inu Price Prediction
The Shiba Inu price prediction for the next 24 hours relies on the projection of an increase toward the 0.5-0.618 Fibonacci retracement resistance level.
If a similar rate of increase is followed, SHIB will increase gradually until October, when it could reach a local top. Then, SHIB can reach the 0.5-0.618 Fibonacci resistance area by the end of the year.
Shiba Inu Relative Strength Index (RSI)
Shiba Inu Average True Range (ATR): SHIB Volatility
The Average True Range (ATR) measures market volatility by averaging the largest of three values: the current high minus the current low, the absolute value of the current high minus the previous close, and the absolute value of the current low minus the previous close over a period, typically 14 days.
A rising ATR indicates increasing volatility, while a falling ATR indicates decreasing volatility. Since ATR values can be higher for higher-priced assets, normalize ATR by dividing it by the asset price to compare volatility across different price levels.
On Aug. 28, 2024, SHIB’s weekly ATR was 0.0000038, implying low volatility. The ATR has increased since the start of the year but has fallen since April. As a portion of the SHIB price, the ATR is 0.27.
Best Days and Months to Buy SHIB
We looked at the SHIB price history and found the times when the price was at its lowest across certain days, months, quarters, and even weeks in the year, indicating the best times to buy SHIB.
| Time to Buy SHIB | Best Days, Weeks, Months and Quarters |
|---|---|
| Best Day | Saturday |
| Best Week | 5 |
| Best Month | January |
| Best Quarter | Third |
Shiba Inu Price Performance Comparisons
Shiba Inu Price History
Following that, let’s now take a look at some of the key dates in the Shiba Inu price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when it comes to either making or interpreting a Shiba Inu price prediction.
2020-2021: The Shiba inu price did not increase considerably after its launch, but started an upward movement in 2021. Thie led to a new all-time high price of $0.000086 in October 2021.
2022-2023: The SHIB price corrected for nearly two years, intiially dropping rapidly but then falling at a more gradual pace.
2024: Shiba Inu accelerated its trend in the first quarter of the year, reaching a new yearly high in March. However, it has fallen since and trades at $0.000014 on Aug. 28.
| Time period | Shiba Inu price |
|---|---|
| Last week (July 1, 2024) | $0.00001734 |
| Last month (June 8, 2024) | $0.00002399 |
| Three months ago (April 8, 2024) | $0.0000282 |
| One year ago (July 8, 2023) | $0.000007723 |
| Launch price (August 2, 2020) | $0.000000001009 |
| All-time high (October 28, 2021) | $0.00007924 |
| All-time low (August 2, 2020) | $0.000000001009 |
Shiba Inu Market Cap
The market capitalization, or market cap, is the sum of the total number of SHIB in circulation multiplied by its price. On Aug. 28 2024, Shiba Inu’s market cap was $8.28 billion, making it the 16th-largest crypto by that metric.
Who owns the most Shiba Inu (SHIB)?
On Aug. 28, 2024, a wallet held 41.04% of the supply of SHIB.
Richest SHIB Wallet Addresses
As of Aug. 28, 2024, the five wallets with the most SHIB were:
- 0xdead000000000000000042069420694206942069. This wallet held 410,419,115,182,947 SHIB, or 41.04% of the supply.
- 0xf3b0073e3a7f747c7a38b36b805247b222c302a3. This wallet held 36,559,524,156,746 SHIB, or 3.66% of the supply.
- 0xf977814e90da44bfa03b6295a0616a897441acec. This wallet held 36,046,756,580,113 SHIB, or 3.60% of the supply.
- 0x40b38765696e3d5d8d9d834d8aad4bb6e418e489. This wallet held 33,953,251,930,363 SHIB, or 3.40% of the supply.
- 0x02e2201576fbbefb52812f2ee7f08eb4774b481e. This wallet held 32,148,920,209,211 SHIB, or 3.21% of the supply.
Shiba Inu Supply and Distribution
| Supply and distribution | Figures |
|---|---|
| Total supply | 999,982,345,661,719 |
| Circulating supply as of Aug. 28, 2024 | 589,269,410,812,691 (58% of total supply) |
| Holder distribution as of Aug. 28, 2024 | Top 10 holders own 61.31% of the total supply |
From the Shiba Inu 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 ).
The pseudonymous Ryoshi created Shiba Inu and SHIB 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.
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.
FAQs
Will Shiba Inu reach $0.10?
Our price predictions suggest Shiba Inu will not reach $0.10 soon.
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.
