Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto’s own research on the subject.
The Shiba Inu token took a massive hit in the wake of the Silicon Valley Bank collapse. The token tumbled down the price chart. However, the second week of March saw recovery.
Read Price Prediction for Shiba Inu [SHIB] for 2023-24
That being said, the arrival of Shibarium might potentially mark a new era for Shiba Inu. One in which it moves from being just a meme cryptocurrency to being a platform that offered genuine utility. Just last week, the project announced the public beta launch of Shibarium, a launch that is expected to push SHIB’s price in the future.
Shiba Inu was founded in 2020 by an anonymous techpreneur. Elon Musk and Vitalik Buterin, both tech billionaires, have praised the project. Shiba Inu has been successful in attracting people who missed the Dogecoin craze previously.
Investors seeking to join the joke have increased the popularity of memecoins, which are not supposed to be taken seriously.
Shiba Inu has been known to be a disrupter when it comes to management and operations. The enterprise began with a supply of one quadrillion; its founder Ryoshi first locked 50% in Uniswap and then burned another 50% to Vitalik Buterin, the founder of Ethereum. We are yet to know why this step was taken.
Later in 2021, Buterin burned 90% of his Shiba Inu holdings and donate the rest to charities. He had earlier donated SHIB tokens worth $1 billion to a COVID-19 relief fund for India, CryptoRelief. He said that this was the only way he could avoid his transactions in Shiba Inu being read as actions.
Buterin’s decision to burn his holdings, nearly 50% of the Shiba Inu coins in circulation, effectively put them outside the purview of the market since these coins are now stored on an inaccessible public address. Ryoshi thanked Buterin for his contribution to creating a decentralized financial system.
Buterin has also praised the Shiba Inu community for supporting different initiatives such as the Fellows in AI Existential Safety.
Soon, the memecoin will migrate to layer-2 following the Shibarium update.
The platform also supports the Shiba Inu Incubator, facilitating a large group of creative digital artists who bring forth an experience of what feels like a decentralized movement. The NFT project gives support to artists in the creation, exhibition, promotion and auction of their artworks, besides providing them with other streams of income.
In early August, the Shiba Inu Ecosystem announced on Twitter the name of the Shib CCG game, Shiba Eternity. It also revealed that the game would be available on both Google PlayStore and Apple AppStore. On 17 September, the game was launched in Australia and plans to venture into other countries.
The community is also involved in rescuing real Shiba Inu dogs through its association with the NGO named Shiba Inu Rescue Association.
Skeptics are unsure of the future of cryptocurrency and memecoins in particular. While the mainstream cryptocurrencies projected themselves to be the alternatives to fiat currencies, memestream cryptocurrencies such as Shiba Inu were only poking fun at the former’s claims.
But as these memecoins got popular, they didn’t go in the direction of developing use cases of the currency. That wasn’t the intention either, neither did the community expect such a popularity in the growth of memecoins. There are, however, a number of merchants today in the US accepting Shiba Inu as a payment method.
Another factor affecting the growth of the Shiba Inu currency is the huge number of crypto whales selling the memecoins. As per a report, whales at one point of time held $1 billion worth of SHIB coins. However, they keep selling and burning the currency from time to time, and now they hold barely a fraction of that amount.
The burgeoning cryptocurrency market proved to be pleasant for SHIB as well. The Shiba Inu community’s demand to get the coin listed on Robinhood Markets Inc. hitting an ATH of $0.00008845 in late October 2021.
The second quarter of 2022 proved to be a bloodbath, however, with SHIB suffering. The first few months of 2023 have seen the memecoin replicate similar behaviors.
As is evident, a sense of community is crucial to the growth of SHIB. Whether it is their demand to get it listed on Robinhood or asking McDonald’s to accept it as a mode of payment, the community has always rallied around the growth of SHIB.
I’m getting a Shiba Inu #resistanceisfutile
— Elon Musk (@elonmusk) March 14, 2021
It has also become home to a huge community of NFT artists who focus on the Shiba Inu breed of dogs in their artworks.
“Rather than simply dismissing the hype outright, it’s important to realize that what we’re seeing is the mass movement of traders new to crypto moving into the space,” said Ben Caselin, Head of Research and Strategy at AAX. He added, “SHIB coin is a meme coin and embraces that.”
As it runs on an Ethereum platform, it currently employs the proof-of-work (PoW) consensus mechanism and will transition to the proof-of-stake (PoS) consensus mechanism. The upcoming Ethereum 2.0 transition will also certainly impact the growth of the currency.
In this article, we will give an overview of the key performance indicators of SHIB such as price and market cap. We will then share with you what most popular crypto-analysts have to say about the future of this meme coin. This information will be complemented by data charts for a better understanding of the trajectory of SHIB so far and later.
During the crypto-bloom of 2021, SHIB’s price continued to soar and hit 0.00003503 in mid-May. Its price further rose by over 34% when it got listed on the crypto-exchange Coinbase in September 2021.
When the Shiba Inu community clamored to get the cryptocurrency listed on Robinhood Markets Inc., its price soared to an ATH of $0.00008845 in late October 2021. The altcoin, however, was not listed on the exchange before April 2022. At that point in time, it even dislodged Dogecoin to become the most-valued meme coin by market capitalization. The surge also led to its mass adoption by many cryptocurrency enthusiasts.
As the cryptocurrency market crashed during Q2 of 2022, SHIB’s market price also continued to fall. From its April 2022 price of 0.000026, it fell to a little below $0.000008 by mid-June 2022. Since then, it hasn’t performed any better, sitting at $0.00001009 at press time.
At press time, the meme coin was trading at $0.00001091 with the dominance of buy pressure.
Source: SHIB/USD, TradingView
However, one cannot disregard the fact that along with DOGE, SHIB has been responsible for a flood of meme-coins in the cryptocurrency market such as Bit Shiba, King Shiba and Baby Doge.
Before reading further, we must understand that market predictions of different analysts widely vary. A good number of times, these predictions will prove to be wrong as analysts cannot always foresee events such as political or environmental crises. It is wise that an investor conducts their own research before investing in a cryptocurrency, especially in something as volatile as SHIB.
For instance, a Changelly blogpost claimed that after studying SHIB prices and market fluctuations, experts predict that SHIB could go as high as $0.00005048 and as low as $0.00004183. Its potential ROI for the said year is predicted to be 322%, with its average price remaining $0.00004335.
Telegaon concurred, finding that according to some crypto-experts, Shiba Inu Coin’s price can hit a new ATH in 2025. On the contrary, even though they expect enough tokens being burnt this year, they are not so hopeful about its price rise in 2022. They predict the maximum and minimum prices of SHIB to be $0.0001928 and $0.00009839, respectively. Its average price was predicted to be around $0.0001152.
The aforementioned Changelly blogpost also mentioned that in 2030, SHIB will be traded at an average price of $0.00030921. Its maximum and minimum prices will be $0.00035649 and $0.00029857, respectively. The potential ROI for SHIB in 2030 is predicted to be 2,878%.
Now, there’s good reason to believe why SHIB’s price might hike on the charts. For instance, according to many, if users burn enough tokens, a cryptocurrency’s acceptance is bound to increase. That being said, the meme coin must cultivate a host of different use cases too.
And, not everyone agrees with whatever utility meme-coins like DOGE and SHIB might have either. Ripple CEO Brad Garlinghouse, for instance, believes that this asset class isn’t good for the market at large. In fact, it has often been speculated that these assets are part of a bubble.
Are your SHIB holdings flashing green? Check the profit calculator
Back in April, Finder surveyed a panel of 26 experts who predicted a rather gloomy picture for the future of Shiba Inu coin. They predicted that the average price of SHIB in 2030 will be as low as $0.000000325.
Speaking for a majority of the panelists, Dimitrios Salampasis claimed,
“I am of the opinion that all these joke-type coins will disappear and leave space for actual innovation and crypto-assets that can serve proper use cases.”
At the time of writing, SHIB’s Fear and Greed Index was in the ‘greed’ position.
Recently, Shiba Inu announced that it will debut its Wagmi Temple at the upcoming SXSW festival. Here, WAGMI stands for “We’re all gonna make it,” a popular phrase among fans of Shiba Inu. Meanwhile, the broader crypto community is representing their belief in the potential of Shiba Inu for growth and success.
Shiba Inu Coin has continued to grow, hand in hand with the token burns. However, as its supply decreases and demand increases, its price should rise. Ideally. In fact, many investors have become millionaires by investing in this meme coin.
Shiba Inu has a lot of promising possibilities that will keep pushing the market. What also works in its favor is its extremely low price, which is why a lot of people keep buying it.
This July, Shiba Inu developer Shytoshi Kusama informed the users about further developments in a blogpost.
Progress on Shibarium, the platform’s Layer 2 protocol, is on track. The update will allow users to move assets with minor gas fees, facilitating micro transactions over Shiba Inu-based dApps. The team has deployed a host of new and innovative developers to build the UX/UI of its platform and web portals as a part of the same process. The post also informed that the developers are yet to determine the launch date of its beta version.
SHI, a stablecoin, is also expected to be released this year. Kusama acknowledges that its development is a cause of concern now that other stablecoins have collapsed, creating losses worth millions of dollars. The team of developers, the post adds, is working to build such a coin that will avoid the problems associated with other moonshots. This will allow SHI to be used for transactions that need to be done without market fluctuations. An experimental protocol, more details in its regard will be shared once it is finalized.
A new token, TREAT, is also upcoming that will be used as a reward token on Shiba Inu-based metaverse and games such as the Shiba Collectible Card Game. A limited supply of these coins is reserved for its most loyal Breed members who have been working for years to build public confidence in the entity.
The post also announced that its metaverse and card game will also be launched in time.
In January this year, Shiba Inu Ecosystem announced the arrival of Shiberse, the native metaverse of the Shiba Inu community. As digital coins, games, virtual land and memes populate the Shiberse, it is bound to get popular among an audience that is keen to explore a brave new world beyond the confines of time and space.
Only recently, the group tweeted the news about Shiba Eternity, a collectible card game. The game is being developed in close collaboration with the legendary AAA game development studio PlaySide Studios.
What the enterprise is certain to face is a challenge in this space from Big Tech metaverse ventures such as Yuga Labs’ Otherside and Zuckerberg’s Meta. It is difficult for an independent community such as the Shiba Inu Ecosystem to sustain the might of Big Money and Big Tech. The only way it can gain an edge in this segment is by introducing revolutionary ideas in the metaverse, gaming and NFT segments. So far, we haven’t seen anything new.
How the upcoming Ethereum Merge affects the growth of Shiba Inu coins is also to be observed. Among the most anticipated changes are the reduced gas fees and more transactions per second.
These are all crucial developments for the SHIB space. And, some would believe that the crypto’s price would be accordingly affected too. In fact, Finder’s panel concluded that,
“Hype is going to continue as the driving force behind the value of SHIB, with 82% of the panel saying memecoin hype will have a significant impact on Shiba Inu’s price this year. A touch over two-fifths (41%) see its inclusion on major broker platforms like Robinhood helping it to gain steam, with 12% citing the launch of ShibaSwap.”
The trajectory of Shiba Inu is similar to that of other cryptocurrencies. Bitcoin is a significant factor that affects the price movement of Shiba Inu. Shiba Inu follows Bitcoin’s price like all other cryptocurrencies. Shiba Inu’s price increases in value when that of Bitcoin does.
As we can see, there is a lot of anticipation associated with the innovations brought forward by Shiba Inu Coin. Even so, there is a lot of uncertainty regarding its future. Investors should therefore conduct their own research before investing in the currency.
The recent takeover of Twitter by Elon Musk could prove to be a boon for Shiba Inu and other memecoins. Given Musk’s interest, it is highly likely that the social media platform is going to be more crypto-centric.
Early this month, Google Cloud and Coinbase made an announcement about their relationship for Web 3.0 development initiatives. A select group of clients will also be able to pay for these services using SHIB and other cryptocurrencies. We’ll have to wait and see if the decision is implemented and if other businesses decide to follow suit.
Shiba Inu’s journey is similar to that of other cryptocurrencies. Bitcoin is a significant factor influencing Shiba Inu price movement. Shiba Inu, like all other cryptocurrencies, tracks the price of Bitcoin.
Last week, Shiba Inu lead developer Shytoshi Kusama recently took to Twitter to ask whether the community desired the memecoin to collaborate with the World Economic Forum (WEF) on Metaverse global policy.
Crypto Twitter expressed doubts that the collaboration would cause the Shibarium, a layer-two blockchain that will play a key role in burning the supply of Shiba Inu tokens, to be delayed.
Meanwhile, as per a recent partnership between Binance with the Bahraini payment provider EazyPay, customers of the telecommunication company, stc Bahrain, can now pay their bills through the SHIB coins.
Shytoshi Kusama, the anonymous SHIB lead developer, hinted around Christmas that there could be a new partnership in the works relating to the Shibarium project. Shibarium is an upcoming Ethereum Layer 2 scaling solution that will host the ecosystem’s metaverse platform, games and a decentralized exchange. This could lead to bullish market sentiment for the coin.
Analysts speculate that SHIB cryptocurrency might retrace its recovery path as soon as it gets support from the level. However, volume change can be seen declining and under the influence of sellers. Buyers need to come forward to rescue the SHIB token from the seller’s grip.
The imminent launch of Shibarium will eventually be magnified by SHIB: The Metaverse, a Shiba Inu-themed virtual world in which users can explore and own NFT-based plots of land (and various other items). It’s due to launch later in the year, and perhaps even more than Shibarium, it will help Shiba Inu become more of a full-fledged platform, rather than just a meme token.