Shiba Inu coin price prediction: What happens now Ryoshi has gone?
SHIB hit new heights last year, but what does 2022 have in store for the meme coin?
- A brief introduction to the Shiba Inu project
- ShibaSwap: great expectations?
- A potted history of SHIB’s price
- Heist and crash
- The future
One of the market’s most popular alternative meme coins, and one that has been getting a lot of attention recently, is Shiba Inu (SHIB). But what has caused all the interest and, more importantly, what is its future likely to be? Can we make a Shiba Inu coin price prediction?
Things were thrown into disarray at the end of May when the crypto’s pseudonymous founder, Ryoshi, deleted all his tweets and disappeared from the internet, so we shall have to see what happens next to the meme coin.
Let’s have a look at what is being said about the future of SHIB and the Shiba Inu coin price.
A brief introduction to the Shiba Inu project
At first glance, a cryptocurrency with a Shiba Inu dog as its mascot might seem like a simple rip-off of DOGE – but is there more to it?
Shiba Inu (SHIB) was set up in 2020 by a mysterious founder known only as Ryoshi. The idea behind SHIB was to create a cryptocurrency that was, in theory, 100% decentralised and run by its community. Unlike DOGE, which is based on Bitcoin, SHIB is based on the Ethereum blockchain.
According to CoinMarketCap, as of 20 May 2022, there were more than 549 trillion SHIB coins in circulation. The maximum supply – the most coins that will ever be created – is one quadrillion, or a million billion. This means the price of one SHIB coin is always likely to remain relatively low.
That is not to say it will not rise at some point, but the size of the potential supply does depress its price somewhat. It will certainly not reach the hallowed $1 mark without causing some serious financial disruption. But the coin’s low price also means there is potential for growth, although it is important for investors to be realistic in their expectations.
As Ryoshi wrote in the Shiba Inu whitepaper (or ‘woof paper’): “We earned the nickname DOGECOIN KILLER because we have the ability to outpace the value of Dogecoin, exponentially, without ever crossing the $0.01 mark.”
The other thing to note about the number of SHIB coins is that half the total supply was given to Ethereum founder Vitalik Buterin, who burnt 90% of them in May 2021 – the equivalent of 410.24 trillion tokens, worth more than $6.7bn (£4.9bn). Speaking at the time, he said: “I don’t want to be a locus of power of that kind.”
Also last May, Buterin donated 50 trillion coins – worth roughly $1.2bn – to the India Covid Crypto Relief Fund, to help those suffering from Covid-19. The billionaire described it as an “opportunity to turn the meme bubble into something that could actually do good for people”.
ShibaSwap: great expectations?
SHIB’s next step, on 6 July 2021, was to set up its own exchange – ShibaSwap – which also runs on the Ethereum blockchain. This allows people to exchange their SHIB for other cryptocurrencies in a decentralised exchange. Users can also get hold of Shiba’s other cryptos, LEASH (aka Doge Killer) and the recently launched BONE.
One thing to note when considering any Shiba Inu price prediction is that the coin has a devoted online fanbase, with more than a million token holders. Considering the low Shiba Inu coin price and its limited utility, having more than three million Twitter followers and a subReddit with more than 471,000 members augurs pretty well for the future of Shiba Inu coin.
Although it is safe to say that these sites are not exactly the place to go for reasoned discussions about cryptocurrencies, you do have to give them credit for being positive, upbeat, enthusiastic and welcoming places for people who are interested in SHIB.
There are certainly more than a fair number of SHIB evangelists online, so it seems reasonable to think that this meme coin is not going away just yet. So, what is in store for a Shiba Inu coin price prediction in 2022?
A potted history of SHIB’s price
Let’s take a look at the history of SHIB’s price to give some context for the SHIB coin price predictions that follow.
When it launched in August 2020, SHIB was worth somewhere in the region of $0.0000000001. It stayed around that level for most of the first nine months of its existence. But then something happened.
When DOGE rallied in early May 2021, people started to look around for the next Dogecoin – and a lot of them settled on SHIB. This meant that on 8 May, the day Elon Musk appeared on Saturday Night Live, the price exploded, going from $0.000005246 to $0.00001883 – a rise of roughly 260%.
While Musk’s appearance on the American TV institution hit DOGE’s price, SHIB continued to expand – reaching an all-time high of $0.0000388 on 10 May 2021.
However, the crypto market took a big hit on 19 May 2021, and Shiba Inu was affected along with the rest. It dropped to $0.00000622 on 21 May before climbing to $0.00001159 on 24 May.
On 17 June 2021, Coinbase’s surprise listing of SHIB on its exchange led to the coin price rising from $0.00000728 to $0.000009331 in just over an hour – an increase of 28%. But this sudden boom was followed by a fall.
On 7 August 2021, Shiba Inu developers tweeted that they had introduced a “burn procedure” to reduce the supply of SHIB, following a request from the community. Coin burns remove coins from circulation, thus slowing the rate of inflation.
On the same day, developers also tweeted that they had added two new trading pools to ShibaSwap – Perlin and Ryoshi – and burned $25,000 in both SHIB and LEASH coins.
Heist and crash
Unexpectedly, on 10 August 2021, a DeFi heist of the Poly Network saw $600m in cryptocurrencies stolen by a hacker known as Mr White Hat. The theft included 259 billion Shiba Inu coins worth $2m, but the vast volume of SHIB in circulation limited the hack’s effect on the coin’s price. The SHIB price went between $0.00000732 and $0.0000079 on 10 August, having moved between $0.0000071 and $0.00000788 the day before.
Next came September 2021’s crypto crash, which wiped billions off the overall crypto market and saw the SHIB coin price hit a low of $0.000005782 on 8 September. By 17 September, it had risen to $0.000009138, but after a volatile few weeks, it stood at $0.000007388 on 1 October 2021.
And then came another tweet from Elon Musk and his Shiba Inu dog that gave SHIB a 600% boost. SHIB went on to reach a new all-time high of $0.00008845 on 28 October 2021, around the same time that an anonymous crypto whale bought 276.6 billion SHIB tokens, the equivalent of $12.2m, according to WhaleStats.
SHIB continued to dominate headlines and became the third-most Googled crypto of 2021. However, following three consecutive weeks of volatility and another tweet from Musk, who revealed that he did not actually own any SHIB, the token slipped from the 11th largest cryptocurrency with a market capitalisation of more than $41bn, to the 12th largest with a $21.1bn market cap, according to CoinMarketCap.
On 24 January 2022, SHIB tweeted it was entering the metaverse, with “an immersive experience for our ecosystem” called the Shiberse.
On 1 February 2022, SHIB was trading at roughly $0.00002171. February then saw some good things happening to Shiba Inu, with the announcement of a partnership with fast food chain Welly’s seeing it surge to $0.00003493 on 7 February.
The price stayed high before the market took a downturn caused, at least in part, by global tensions. Not even the announcement, on 11 February 2022, that Shiba Inu was set to get its own metaverse, nor the launch of SHIB’s own digital autonomous organisation (DAO) on 18 February, could halt the decline.
Russia’s invasion of Ukraine on 24 February 2022 saw the value of Shiba Inu drop to $0.00002098, but there was some recovery and, by 4 March, it was trading at around $0.000025.
Investors had been waiting to see whether the news that Bigger Entertainment was set to hold a crypto-burning party, or that SHIB had organised an NFT partnership with fashion designers John Richmond, would have an impact on the token’s price. It turned out the answer was “Not really” and, by 24 March 2022, the token was still trading at around $0.000025.
The token rallied to hit a high of $0.00002927 on 28 March 2022. 12 April was a very volatile day for the token, with it dropping to $0.00002198 before zooming up to reach a high of $0.00002977. Since then, the price has been on an overall downward trajectory and, on 19 April, it was trading at around $0.000025, despite news that American cinema chain AMC Theatres was taking payment in the crypto.
There was more bad news for SHIB holders. It closed the month at $0.00002018, and by 6 May 2022 it was worth $0.00002. SHIB was hit by the crypto crisis following the depegging of UST and the collapse of LUNA and, on 12 May 2022 it fell to $0.000009145. After that, though, there was some slow recovery, and by 18 May 2022 it was worth about $0.000012. Two days later, it was worth around $0.0000119.
Then, on 30 May 2022, Ryoshi deleted all his tweets and almost all his blog posts. The one exception read: “I am not important, and one day I will be gone without notice. Take the SHIBA and journey upwards frens.”
In June, the cancellation of withdrawals on the Celsius crypto lending platform confirmed the crypto bear market, and on 18 June 2022 SHIB sank to $0.000007197. After that, though, the news that Shiba Inu would launch its Shibarium layer-2 scaling solution system by the end of September caused the price to recover and, by 13 July, it was worth a little over $0.00001.
The token then rallied to hit a high of $0.00001307 on 20 July, before dropping back to close the month at $0.00001171. On the morning on 8 August 2022, SHIB was worth about $0.00001235.
Shiba Inu is now the 15th largest crypto, with a market cap of about $6.79bn, according to CoinMarketCap. This means it has seen its market capitalisation grow by about 20% since 13 July, although it is still down from where it was in in early March, when its market cap was roughly $13.7bn.
So, what now for the future? What else should be considered when making a Shiba Inu coin price prediction for 2022?
Looking at the future of SHIB, WalletInvestor expects SHIB to drop to $0.00001053 by early August 2023.
Meanwhile, Gov Capital has a Shiba Inu coin price prediction for 2022 that says it should close the year at around $0.000037. The site says that the coin could rise to $0.000049 by 8 August 2023 and hit an average of $0.000111 a year from then.
Gov Capital gives a Shiba Inu price prediction for 2025 which says the coin should stand around $0.0002012 on 8 August before closing the year at around $0.000268. It will then hit $0.0003059 on 8 August 2026 before going up to trade at around $0.000432 a year from then.
Finally, DigitalCoinPrice says Shiba Inu could reach an average price of $0.0000160 this year, before climbing to $0.0000185 in 2023 and dropping to $0.0000178 the following year, before going on an upswing which will see it hit $0.0000231 in 2025. The following year will see a pullback, with SHIB dipping to $0.0000225 in 2026, but there will be a recovery and it should reach $0.0000293 in 2027.
The site thinks SHIB will reach $0.0000516 in 2029, while its Shiba Inu price prediction for 2030 sees SHIB stand at $0.0000571 before it moves up to trade at $0.0000636 in 2031.
Is Shiba Inu coin a good investment?
Possibly. Meme coins are highly volatile – prices can go down as well as up. Do your own research and always remember your decision to trade depends on your attitude to risk, your expertise in this market, the spread of your investment portfolio and how comfortable you feel about losing money. Never invest more than you can afford to lose.
Can Shiba Inu coin reach $1?
It could. But considering how low the price is now, that’s unlikely to happen any time soon. Firstly, because if SHIB did get to $1, it could potentially lead to a lot of money entering the global economy, fuelling serious inflation.
Secondly, it is not really designed to reach those heights. The idea was that its low value would mean it could outperform competitors without it even breaking the one-cent barrier. That is not a criticism of the coin – it is just how it works.
How to buy Shiba Inu coin
Exchanges that offer SHIB include Currency.com, Kucoin, CoinBene, Capital.com, Probit Global, CoinDCX, WazirX, Binance, Crypto.com, Huobi OKEx, Coinbase and ShibaSwap.