Home / Price Predictions / Shiba Inu Price Prediction 2024: Will SHIB Break Out?

Shiba Inu Price Prediction 2024: Will SHIB Break Out?

Last Updated May 16, 2024 10:53 AM
Peter Henn
Last Updated May 16, 2024 10:53 AM

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 $0.00009 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.

Since then, it slowed a bit, exiting the top 10 coin ranking, but still showing a notable increased if compared to last year. On May 14, 2024, SHIB was worth $0.00002374.

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 May 14, 2024.

Shiba Inu Price Prediction 

Let’s examine some of the Shiba Inu price predictions being made on May 14, 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 $0.0000520 $0.0000616 $0.000178
Prediction #2 $0.000067 $0.00009 $0.000209
Prediction #3 $0.000035 $0.000055 $0.000391

First, CoinCodex  made a short-term Shiba Inu price prediction that argued the token would rise to $0.00003060 by May 19 and go to $0.00007733 by Jun 13. The site’s technical analysis was neutral, with 19 indicators sending bullish signals and nine making bearish ones. 

Shiba Inu Price Prediction for 2024

DigitalCoinPrice  was optimistic, saying SHIB could trade at $0.0000520 this year. Bitnation  followed suit, with its SHIB price target standing at $0.000067. PricePrediction.net , meanwhile, did not see it losing a decimal place, arguing that it would close the year at $0.000035.

Shiba Inu Price Prediction for 2025

DigitalCoinPrice said Shiba Inu would be worth $0.0000616 next year. Bitnation argued it would trade at $0.00009. PricePrediction.net said Shiba Inu would stand at an average of $0.000055 in 2025.

Shiba Inu Price Prediction for 2030

Moving onto a more long-term Shiba Inu price prediction, DigitalCoinPrice said it could be worth $0.000178 in 2030. Bitnation said that the token would trade at $0.000209 that year. PricePrediction.net made a Shiba Inu crypto price prediction of $0.000391 for the start of the new decade. 

Google BardAI Price Prediction for Shiba Inu (as of May 14)

Google’s BardAI platform gave the following price prediction for Shiba Inu on May 14. 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 three months):

  • Expected Price: $0.000077
  • Factors to Consider:
    • Market sentiment: If the overall cryptocurrency market is bullish, SHIB is more likely to go up. Conversely, a bearish market could see its price decline.
    • Developments on the Shiba Inu platform: The launch of new features or partnerships could boost investor confidence and drive the price up.
    • News and events: Unexpected news or events, such as regulatory changes or hacks, can also affect the price of SHIB.

Medium-Term (Next six years):

  • Expected Price: $0.00006380
  • Factors to Consider:
    • Market sentiment: General bullish or bearish sentiment in the crypto market can impact Shiba Inu’s price.
    • Developments within the Shiba Inu ecosystem: New features, partnerships, or burning mechanisms could increase demand for SHIB.
    • Adoption by major retailers or platforms: Wider acceptance by mainstream businesses could drive the price up.
    • Regulatory landscape: Changes in government regulations could affect the entire crypto market, including Shiba Inu.

Long-Term (Next five years):

  • Expected Price: $0.001
  • Factors to Consider:
    • Market conditions: The overall health of the cryptocurrency market will play a major role in SHIB’s price. If the market experiences a bull run, SHIB could see significant gains. Conversely, a bear market could lead to a decline in price.
    • Developments within the Shiba Inu ecosystem: The team behind Shiba Inu is constantly working on new developments, such as the Shibarium layer-2 blockchain and the ShibaSwap decentralized exchange. These developments could increase demand for SHIB and drive up the price.
    • Regulations: Government regulations around cryptocurrency could also impact the price of SHIB.

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

SHIB price history
SHIB price in 2023 and 2024. | Credit: CoinMarketCap

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 May 14, 2024, it was worth $0.00002374.

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 $14.10 billion, making it the 11th largest crypto by that metric.

Shiba Inu Historical Price Data

Period Shiba Inu Price
May 14, 2024 $0.00002374
May 7, 2024 $0.00002364
April 14, 2024 $0.00002222
February 14, 2024 $0.000009753
May 14, 2023 $0.000008805
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 Price Analysis

Shiba Inu Price Analysis
SHIB could fall even further | Credit: Nikola Lazic/TradingView

On March 4, Shiba Inu reached its highest price since November 2021, peaking at $0.000045—an increase of 400% from its February low of $0.000009. However, the price soon entered a downtrend, dropping 60% to $0.000018 by April 13.

Shiba Inu saw a rebound at the 0.618 Fibonacci retracement level, recovering 52% since April’s low. Despite this, the overall bearish structure remains intact, but there are signs that an uptrend may be beginning.

Since April, the price of SHIB has managed to hold above $0.000021 and hasn’t made lower lows. The daily chart Relative Strength Index (RSI) has also remained stable above 40%, after it came down to 34% on April 13. 

Since May 13, it has climbed 13%, pushing the price to the resistance level again. If a breakout to the upside happens, that will signal a new starting uptrend. 

If this is the case, SHIB could start a new uptrend, surpassing its recent high with a target of $0.00006. However, confirmation of this uptrend would require forming a bullish structure, marked by a higher low and a higher high.

Until such a bullish pattern is established, there remains a risk of further downside, with the next target set at $0.000015.

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 May 14, 2024, a wallet held 41.04% of the supply of SHIB.

Richest SHIB Wallet Addresses

As of May 14, 2024, the five wallets with the most SHIB were

  • 0xdead000000000000000042069420694206942069. This wallet held 410,418,879,836,686 SHIB, or 41.04% of the supply.
  • 0xf3b0073e3a7f747c7a38b36b805247b222c302a3. This wallet held 37,158,901,622,354 SHIB, or 3.72% of the supply.
  • 0xf977814e90da44bfa03b6295a0616a897441acec. This wallet, listed as Binance 8, held 35,000,000,000,000 SHIB, or 3.50% of the supply.
  • 0x40b38765696e3d5d8d9d834d8aad4bb6e418e489. This wallet, listed as Robinhood, held 31,753,251,930,363 SHIB, or 3.18% of the supply.
  • 0x02e2201576fbbefb52812f2ee7f08eb4774b481e. This wallet, listed as Binance 28, held 29,451,758,342,478 SHIB, or 2.95% of the supply.

Fact Box

Supply and distribution Figures
Total supply 589,534,086,491,242
Circulating supply (as of May 14, 2023) 589,289,410,812,691 (99% of total supply)
Holder distribution Top 10 holders own 58% of supply (as of May 14, 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

Shiba Inu Google search volume
Shiba Inu Google search volume. | Credit: Google

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 

How many Shiba Inu are there?

As of May 14, 2024, there were about 589.29 trillion SHIB in circulation out of a total supply of 589.59 trillion.

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.