Shiba Inu coin price prediction: Is it the next DOGE?

Shiba Inu coin is a new meme coin to the market. How will it perform over the coming years?

Shiba Inu coin design on a gold background                                 
How will the shiba inu coin perform over the coming years? – Photo: Shutterstock
                                

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If you’ve been paying attention to the crypto market, chances are you’ll have heard of dogecoin – the internet currency that’s gone from being a spoof to a potential force to be reckoned with.

After the meme coin’s recent success, many people are looking at similar cryptocurrencies that might follow in DOGE’s footsteps.

One of the more popular alternative meme coins is shiba inu (SHIB). But what’s going on with this coin and, more importantly, what will happen to it? Can we make a shiba inu coin price prediction? Let’s have a look at what’s being said about the future of SHIB and the shiba inu coin price. 

A brief introduction to Shiba Inu

Shiba inu was set up in 2020 by a mysterious founder, known only as Ryoshi. At first glance, you might see a cryptocurrency with a shiba inu dog as its mascot and think it’s a rip-off of DOGE – but is there something more to it? 

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.

Differences between SHIB and DOGE
Differences between SHIB and DOGE – Credit: Currency.com

As of 1 October, there were 394,796 billion SHIB coins in circulation. However, the maximum supply – the most that will ever be created – is one quadrillion, or a million billion, according to CoinMarketCap. This means the price of a SHIB coin is always likely to remain relatively low.

That isn’t to say that it won’t go up at some point, but the sheer size of the potential supply does depress the price somewhat. Certainly, it won’t reach the hallowed $1 mark without causing some serious financial disruption. But the coin’s low price also means there’s potential for growth, as long as people remember to stay reasonable.

As Ryoshi wrote in the Shiba Inu white paper (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 in May 2021 burnt 90% of them – the equivalent of 410.24 trillion tokens, worth more than $6.7bn. Speaking at the time, he said: “I don’t want to be a locus of power of that kind.”

Also, in May, Buterin donated 50 trillion coins, worth around $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?

On 6 July, SHIB’s next step 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. 

Another thing to note when considering any shiba inu price prediction, is that the coin has a devoted online fanbase. Considering the very low shiba inu coin price and its incredibly limited utility, having more than 30 Facebook groups dedicated to it and a subReddit with 277,000 members is pretty good going.

Although it’s safe to say that these sites are not exactly the place to go for reasoned discussions about cryptocurrency utility and trends, 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 a fair number of shiba inu coin evangelists online, so it seems reasonable to think that this meme coin isn’t going away just yet. So what’s next in store for a shiba inu coin price prediction?

A potted history of the price of SHIB

Let’s take a look at the history of SHIB’s price, and see if it can help make a shiba inu coin price prediction.

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 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 actually hit DOGE’s price, SHIB continued to expand – reaching an all-time high of $0.0000388 on 10 May.

However, the crypto market took a big hit on 19 May and SHIB was affected. It dropped down to $0.00000622 on 21 May and, while it went back up to $0.00001159 on 24 May, it hasn’t returned to anywhere near that high since.

Coinbase’s big announcement on 17 June that its exchange, much to many analysts’ surprise, would list SHIB led to the shiba inu 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 the price going back down. It now stands at $0.000007388 on 1 October.

On 7 August, 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 kill coins to remove them from circulation, thus slowing the rate of inflation. SHIB developers also added two new trading pools to ShibaSwap – Perlin and Ryoshi – and burned $25,000 in both SHIB and LEASH coins. 

Then unexpectedly, on 10 August, a DeFi heist of the Poly Network saw $600m in cryptocurrencies stolen by a hacker known as ‘Mr White Hat’ that included 259 billion SHIB coins worth $2m. The vast volume of SHIB in circulation limited the hack’s coin price impact. 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’s crypto crash that wiped billions off the crypto market and saw the shiba inu 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 now stands at $0.000007388 on 1 October.

Shiba inu coin price
Shiba inu coin price – Credit: Currency.com

So what now for the future? What else should be considered when making a shiba coin price prediction?

The future

Looking at the 
future of shiba inu coin, Wallet Investor sees some modest gains for the coin. It suggests a shiba inu coin price prediction 2021 of $0.000011 by the end of the year. It expects it to reach between $0.000016 and $0.000024 by the end of 2022 and suggests a shiba inu price prediction 2025 of $0.000044 to $0.000059 by the end of December that year.

Meanwhile, gov.capital says it could reach $0.000033 at some point in October 2022, and will hover around the $0.000042 mark in early 2023. The site further says it could hit $0.000084 in October 2023 and reach $0.000149 in October 2024. Its shiba inu price prediction 2025 suggests it could hit $0.000231 in October that year, and $0.000325 in the same month for 2026.

Finally, Digitalcoin says it could reach $0.0000111203 this year and get to $0.0000141871 in 2022. It further suggests prices of $0.0000222778 in 2025, $0.0000250788 in 2026 and $0.0000335195 in 2028. A shiba inu price prediction for 2030 is scarce given the coin’s high volatility. 

FAQs

Possibly. Its recent Coinbase listing might just demonstrate that it isn’t as much of a joke coin as some people think. On the other hand, it might not. Indeed, it may never be.

What you have to remember is that cryptocurrencies, particularly memecoins, 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.

It could do. But considering how low the price is, it probably won’t any time soon. Firstly, because doing so would pump a lot of money into the world’s supply, meaning there would be serious inflation.

Secondly, it isn’t 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’s not a criticism of the coin, it’s just how it works.

If you want to buy SHIB, you have to go to a cryptocurrency exchange. Exchanges that offer SHIB include Kucoin, CoinBene, Capital.com, Probit Global, CoinDCX, WazirX, Binance, Crypto.com, Huobi OKEx and, most recently, Coinbase and ShibaSwap.

Further reading

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