What's next for SHIB?
Key Takeaways
- Shiba Inu is one of the biggest memecoins going, with a market cap in the billions and a place in the top 20 cryptos.
- SHIB was launched in 2020 by the pseudonynous creator, Ryoshi, as a rival to Dogecoin (DOGE).
- What’s next for Shiba Inu?
Shiba Inu has been in the news somewhat lately. The launch of its Shibarium layer 2 scaling solution saw the memecoin experience an upturn, even if the market promptly collapsed.
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 being made on 20 June 2023.
Shiba Inu Price Prediction
Let’s examine some of the Shiba Inu price predictions being made on August 31 2023. 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.
| 2023 | 2025 | 2030 | |
|---|---|---|---|
| Prediction #1 | $0.000015 | $0.0000248 | $0.0000755 |
| Prediction #2 | $0.000011 | $0.000026 | $0.000063 |
| Prediction #3 | $0.00000988 | $0.00002085 | $0.00013902 |
First, CoinCodex made a short-term Shiba Inu price prediction that argued the token would drop to $0.000006870 by September 20 and recover to $0.000008171 by October 20. The site’s technical analysis was bearish, with 17 indicators sending downbeat signals and 11 making bullish ones.
Shiba Inu Price Prediction for 2023
DigitalCoinPrice was optimistic, saying SHIB could trade at $0.000015 this year. Bitnation followed suit, with its SHIB price target standing at $0.000011. PricePrediction.net meanwhile, did not see it losing a decimal place, arguing that it would close the year at $0.00000988.
Shiba Inu Price Prediction for 2025
DigitalCoinPrice said Shiba Inu would be worth $0.0000248 in two years’ time. Bitnation argued it would trade at $0.000026. PricePrediction.net said Shiba Inu would stand at an average of $0.00002085 in 2025.
Shiba Inu Price Prediction for 2030
Moving onto a more long-term Shiba Inu price prediction, DigitalCoinPrice said it could be worth $0.0000755 in 2030. Bitnation said that the token would trade at $0.000063 that year. PricePrediction.net made a Shiba Inu crypto price prediction of $0.00013902 for the start of the new decade.
Recent Updates from Shiba Inu
The 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 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
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.
At that time, there were about 589.35 trillion SHIB in circulation out of a total supply of 589.59 trillion. This gave the token a market cap of $4.35 billion, making it the 16th-largest crypto by that metric.
Shiba Inu Price Analysis
The price of the SHIB token has fallen since it reached $0.000018 in the middle of August 14 last year. At the same time this year the price came up to $0.000011. However, it faced resistance and fell.
On the chart above we can see that the price dropped by about 40% until it reached a low on September 11. Its price was still higher than the low it reached on June 10.
This means that there is a chance, albeit a slim one that the price started an uptrend in June. It is more likely we are going to see further drops which make June’s low look not so bad after all.
SHIB could fall to $0.000005 but there might be upturns between now and then.
The Relative Strength Index (RSI) indicator suggests SHIB was oversold on September 11. This means, at least in the short term, it can go up.
If it reaches $0.0000082, the threat of a further downturn might just be over, but we will have to wait and see.
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 firmly in the top 20 cryptos by market cap, which is not bad considering that it is, at heart, a parody of a parody. With SHIB’s success, other dogcoins 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.
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 ont eh 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.
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.
