If you are not new to cryptocurrency, you probably know of meme coins, and Shiba Inu is one of the most popular meme coins. As the second largest meme coin, this Ethereum-based cryptocurrency has been getting a lot of buzz since it was created in August 2020 by an unknown individual or entity called Ryoshi.
If you are thinking of investing in this meme coin and want to know what is in store, you are in the right place. We will take an in-depth look at the coin, it’s market analysis, historical analysis, and a breakdown of its price prediction.
Shiba Inu Overview
Currently priced at $0.0000103 per (SHIB / USD), Shiba Inu still holds on even though cryptocurrencies such as Bitcoin fluctuate in value. The dog-themed crypto consists of three main tokens and two others still in the works. They include:
- Shiba Inu (SHIB). This is the main token in the Shiba Inu family, and it was designed as an alternative to Dogecoin, which has been around for some time. The meme coin currently has a circulating supply of 589.36T coins and a live market cap of $6,047,303,971. Even though it has come a long way, it is still trailing behind Dogecoin.
- Bone (BONE). With a current supply of 250,000,000 tokens, Bone is used by the SHIB Army to vote in proposals.
- TREAT: TREAT will also be a token used to reward developers and validators.
- SHI: SHI is a stablecoin that will be part of the Shibarium ecosystem and used to help with market fluctuations.
- Leash (LEASH). Leash was designed as a rebase token to control the price of Dogecoin. With 107,646 tokens in supply, Leash now incentivizes Shibaswap users.
Other tools that can be found in the Shiba Inu family include:
- ShibaSwap. ShibaSwap is its decentralized exchange (DEX) for trading or rather, swapping cryptocurrencies without order books and excessive fees. It works as an automated market maker (AMM), allowing traders to swap assets automatically using smart contracts.
- Shiba Inu Incubator. Formerly known as Artist Incubator, Shiba Inu Incubator also allows ShibArmy creatives can design artworks and express themselves.
- Shiboshis. The Shiba Inu family also includes Shiboshis, 10,000 non-fungible tokens (NFTs) that are collectibles with unique features. Shiboshis can be bought and traded for free on ShibaSwap and the famous NFT platform OpenSea.
| Current Price | $0.00001 |
| Rank | 15 |
| Circulating Supply | 589,356,227,513,855 SHIB |
| Market cap | $6,063,380,893 |
| All-time high | $0.000089 Oct 28th, 2021 |
| Shiba Inu ROI | +637662.45% |
Why Shiba Inu Is Popular
Meme coins like Dogecoin and Shiba Inu can only grow when given enough attention, and the more people know about them, the more they garner support helping them to rise.
For example, in March 2021, Elon Musk tweeted about getting a Shiba Inu dog giving the coin some recognition. In April of the same year, Jordan Belfort, a popular Wall Street investor, gave it a nod.
When Binance listed the coin in May 2021 on its trading platform, SHIB gained acceptance and global recognition. It began trading at $0.00001377, and the listing brought up SHIB’s price. On Coinmarketcap, Shiba Inu is currently one of the top 15 cryptocurrencies.
Historical performance of Shiba Inu
Shibu Inu was first created in August 2020 and started at $0.000000000056 and quickly rose over months. By May 2021, the coin had reached $0.00003791. Since then, it has had its highs and lows.
In 2021, as a marketing stunt, Ryoshi sent Ethereum’s co-founder Vitalik Buterin 500 trillion tokens worth $6 billion. Vitelik then proceeded to donate 10% of the tokens worth ($1.2 billion at the time) to the India Covid Crypto Relief Fund. Later on, he announced he would burn the rest of his SHIBs worth approximately $6.7 billion.
In September, Coinbase also listed the coin, and by the end of 2021, forecasters had adjusted their SHIB price predictions. Last year, SHIB’s highest price was $0.000020, and the lowest price was $0.0000081.
When 2023 began, the meme coin managed to bounce back. Unfortunately, it has been on a downward trend dropping in value in the last three months. SHIB’s price is now at $0.00001 with a market cap of $6,063,380,893.
Nevertheless, Shiba Inu has grown over the years and reached an all-time high of $0.000089 in October 2021 overtaking Dogecoin at that time.
If we are to go by its past performance, Shiba Inu may pick up in the coming years.
Factors Affecting Shiba Inu Performance
As it continues to grow, certain factors will help gauge how the coin will perform in the future.
Shibarium release
For it to grow, Shiba Inu is working hard to design strong cases for its use and see ways through which its ecosystem can become more comprehensive.
Part of the reason investors are still holding out is the long-awaited release of Shibarium. Shibarium will be a Layer-2 blockchain network that will turn Shiba Inu into a full ecosystem with a metaverse, decentralized exchange (DEX), and blockchain games.
Layer 2 is a secondary network or channel that lies on top of an existing blockchain. Layer 2 is a solution to scalability because it increases the output without endangering layer 1’s security. In this case, Shibarium will be built on top of Ethereum, and this will help Shiba Inu scale to become more than a meme coin.
The benefits of Shiba Inu having its own ecosystem include
- Decreased transactional fees. Fees on Ethereum are usually higher than in other blockchains and can even be higher than the transaction itself. With Shibarium, such fees will likely become much less.
- Faster speeds. Bitcoin and Ethereum still struggle to process the thousands of daily transactions, and by adding layer 2, you reduce the computational burden from layer one. Since all the transactions are made off the blockchain, Shibarium will reduce congestion on Ethereum, resulting in increased transactional speeds and throughput.
- Creation of dApps. Shibarium increases Shiba Inu’s potential to seamlessly create more dApps (decentralized applications). dApps will enable Shiba Inu’s ecosystem to design multi-user games and
- Token utility. Even after disposing of a significant amount of its tokens, SHIB’s supply is still bloated. To handle this, Shiba Inu has introduced BONE as the native coin that will be used to pay validators in the network.
Shiberse
The metaverse is already gaining popularity and could potentially be the next big thing. In 2022, Shiba Inu creator(s) announced they will be joining the metaverse by creating Shiberse. Shiberse will have features like virtual real estate, digital currency, and gaming.
Shiberse will be part of the Shiba Inu ecosystem and is pegged on the successful implementation of Shibarium. Shiberse is set to partially open by Dec 2023, and this could affect the SHIB’s price.
Community Support
Meme coins are mainly driven by community support, and this influences a coin’s price and scalability. In Shiba Inu’s case, the ShibArmy, Shiba Inu’s community of supporters can determine how successful it becomes.
Shiba Inu is more of a community project, and the community is directly engaged in how the project is run, how it grows, and what use cases could make the token more valuable. In essence, Shiba Inu highly depends on its community. Unfortunately, Shiba Inu has not received any backing from venture capital firms.
Burn rate
Coin burning is a strategy used by cryptocurrencies to reduce the supply of coins in the market. This may lead to an increase in demand and could potentially drive the future price of a coin. This only works if the token continues to remain strong.
When Shiba Inu began, it had one quadrillion tokens available, which created a challenge with oversupply. Even after Vitelik burned 410 trillion SHIBs in 2021 (currently the largest crypto on-chain transaction) and 1,124,579,958 in January this year, the meme coin still has a large number of tokens, and crypto experts suggest that coin burning may be the way to go.
Some crypto experts actually suggest reducing the total supply to around 7 billion to create a demand that can help its price reach the $1 mark. This will definitely be a difficult feat because of how many are currently in circulation.
Still, other factors can influence a coin’s performance even after burning, and burning alone may not significantly affect the coin’s price performance.
Brand Recognition
When a brand recognizes a cryptocurrency as a mode of payment, this gives the coin recognition and can make the coin less volatile. Shiba Inu has integrated into the Flexa Network, allowing token holders to use their SHIBs in over 40,000 stores in Canada and US.
Not only that, but other businesses have also jumped on the Shiba Inu bandwagon enabling in-store payments. Brands accepting SHIBs as payment include Gucci (only in the US), Nordstrom, Jacob & Co, Whole Foods, Lowe’s, Gamestop, and Porsche. Such wide adoption can affect the price of SHIB prices.
Shiba Inu Price Prediction
In the past, Shiba Inu investors have experienced highs and lows in its price. Different market forecasts offer their predictions depending on whether they are bullish or bearish, and the majority are currently bearish concerning Shiba Inu.
The crypto market is generally not doing well, and not only that, Shiba Inu is currently trading below the 50-day and 200-day EMAs, further highlighting that it may continue decreasing in value.
Tools to measure future prices
Various market forecasters and crypto analysts use different algorithms to determine how much the cryptocurrency will be over the years. Most predict cryptocurrency prices using:
- On-chain metrics like transaction volumes, market cap, percentage of investors, correlation to Bitcoin, transaction history, and miner rewards.
- Off-chain metrics like
- Technical Analysis (looking into a coin’s past price performance)
- Expert analysis (optimism vs pessimism)
To get a better picture of how a coin like Shiba Inu will do, it is better to use a combination of the tools above. It is important to remember that future predictions of a coin may not be 100% accurate, and past performance is no guarantee of future results.
Yearly predictions for 2024-2030
Looking at Shiba Inu’s performance in the last three months, it is evident that the coin is going through a highly volatile stage, but as mentioned above, some key factors can change the coin’s fate.
Most experts agree that the coin will grow in price long term, despite what is going on now. Shiba Inu’s future conservative price looks as follows.
| Year | Minimum Price | Average Price | Maximum Price |
|---|---|---|---|
| 2023 | $0.000012 | $0.000016 | $0.000019 |
| 2024 | $0.000023 | $0.000026 | $0.000029 |
| 2025 | $0.000033 | $0.000036 | $0.000039 |
| 2026 | $0.000043 | $0.000047 | $0.00005 |
| 2027 | $0.000054 | $0.000057 | $0.00006 |
| 2028 | $0.000064 | $0.000067 | $0.00007 |
| 2029 | $0.000075 | $0.000078 | $0.000081 |
| 2030 | $0.000085 | $0.000088 | $0.000091 |
Yearly market price predictions explained
Shiba Inu 2023 prediction
Despite having a strong start, Shiba Inu has seen a decline in the last three months. As the year progresses and the market hopefully recovers, Shiba Inu is expected to reach a maximum of $0.000019 or close the year at $0.000016. If the price continues to drop, the coin will close the year at $0.000012.
Shiba Inu 2025 prediction
If Shibarium and Shibaverse are released in the coming year, experts believe that Shiba Inu will grow to a max price of $0.000039. It may also end up remaining at its average price of $0.000036 or go low to $0.000033.
Shiba Inu 2030 prediction
Should Shiba Inu’s Shibarium be a success, continue to upgrade its use cases, and integrate with other payment options, experts believe the coin may reach a maximum of $0.000091, and if it drops, it could drop in value to $0.000085.
Where to buy
SHIB and LEASH can be bought in major cryptocurrency exchanges including Binance, Kucoin, Coinbase, Huobi, Robinhood, Uniswap, and of course, ShibaSwap.
Though such exchanges listing SHIB is a great option, some investors are still wondering whether it is a great time to buy it. Taking into account Shiba Inu’s current performance, bullish investors can buy the token and wait for the prices to pick up.
Finally
Like other cryptocurrencies in the market, Shiba Inu is not immune to price fluctuations, and it is important to research and even talk with a financial advisor before investing. It is a highly volatile, relatively new coin whose price can be affected by many external factors. Will Shiba Inu reach $1? Only time will tell.
