Dubbed the Dogecoin killer, Shiba Inu has become a household name in the crypto ecosystem. Although the crypto project followed the internet craze surrounding Twitter owner Elon musk and Dogecoin to gain traction, the meme coin has been a formidable force, with the Shiba Inu price earning over 48,000 000% in 2021 alone.
Like every other cryptocurrency, Shiba Inu has been on a recovery path, having shed a considerable percentage of its gain during the crypto bear season in November 2021. The recent events surrounding the Terra stablecoin have seen the Shiba Inu coin price dip.
Charts also show that the Shiba Inu Price against the USD has lost about 40% since early May 2022 and 65% since 2022. This high volatility rate has attracted investors but has also questioned what the Shiba Inu price prediction will look like in the coming years.
The article will feature a technical analysis of Shiba Inu coin price prediction and a gauge of the future of Shiba Inu. Clacified also has closely related articles like Solana's price prediction.
Shiba Inu dog breed.
What is Shiba Inu Coin?
Shiba Inu is a cryptocurrency coin launched in August 2020 by the pseudonym "Ryoshi." The creators sent 50% of the new coin to Ethereum co-founder Vitalik Buterin and locked the remainder in Uniswap. It was launched as a meme coin, but the Shiba Inu Price quickly gained value following related tweets and headlines surrounding famous personalities in the crypto space like Elon Musk and Vitalik Buterin.
Although Shiba Inu is not among Clacified's list of best crypto investments, Shiba Inu has crossed many milestones that solidified its stance in the crypto ecosystem and upgraded the unknown entity from ground zero to become the 16th most valuable crypto asset based on market capitalization.
So it remains vital that the Shiba Inu price prediction be studied objectively to give potential investors an outlook of how Shiba Inu is expected to perform.
Shiba Inu Price prediction: History shows a bumpy ride for the Shiba Inu Price
It started as a parody in the crypto market but has ingrained itself in investors' minds as most are on the lookout not to miss the next Bitcoin. The Fear of Missing Out (FOMO) was the initial drive behind the rise of the Shiba Inu price, especially when it added 2,405% in three days to a peak of $0.000039 on 10th May 2021. This rise followed Elon Musk's appearance on Saturday Night Live, where his utterance prompted the rapid sell-off of Doge, presenting Shiba Inu as a better option.
The upcoming months did not favour the Shiba Inu price, but again it gained momentum on 28th October 2021 after Elon Musk tweeted a photo of his Shiba Inu puppy on 4th October 2021.
Though the Shiba Inu price dipped to $0.00003599 on 26th November, positive news from Kraken Crypto exchange and Newegg, which saw the former list the coin on its exchange and the latter announce the acceptance of Shiba Inu as a form of payment, helped the Shiba Inu price jump to $0.00005398 on 30th November 2021.
Notwithstanding, Shiba Inu could not maintain its gains even with Bitcoin reaching a record high in early November. Coupled with the bearish trends in the cryptocurrency markets in late November, the Shiba Inu price declined below $0.00003. It went as low as $0.000009145 on 12th May 2022 – a new record low since early October 2021. At the time of writing, the Shibe Inu price oscillates around the $0.000011 level.
Now Investors seek a clear forecast about Shiba Inu price prediction and if the community has what it takes to drive the Shiba Inu price to a new ATH.
Shiba Inu Price performance as the Community thrives
Media hype was the force behind Shiba Inu's price rise. Still, once the meme coin garnered prominence, the creators and the Community that followed were keen on sustaining this drive and building an ecosystem.
The crypto community assesses a quality crypto project mainly by the technical infrastructure, the number of tokens, and use cases. However, the developers' decisions sought ways to ensure that Shiba Inu was not lacking in any of the above attributes.
With Decentralised Finance (DeFi) being the current trend, the developers behind Shiba Inu launched a Decentralised Autonomous Organisation called Doggy DAO in February 2022. It was a move that would allow the Shiba Inu community to vote on future products or changes.
The developers did not stop there but also revealed plans to launch a metaverse. On April 23, 2022, the Shiba Inu developers announced that anyone can now use Shib to buy lands in the metaverse space, but the announcement did little to jolt the Shiba Inu price, which was trading at $0.000024.
The circulating supply of Shiba Inu stands at about 549,063,278,876,302 SHIB coins, a figure that spells trouble for a cryptocurrency intent on reaching a high valuation.
The developers and the Shiba Inu community quickly found solutions to this problem. First, the Community got support from Bigger entertainment, an American Music label that was able to burn over 1 Billion Shib coins before backing out of the program.
Another solution was brought forward by the Shib creators, who launched the Shib Burn portal, a website where SHIB holders are rewarded for burning their Shiba coins.
Though the Community has shown the resolve to sustain progress, will it be enough to see a future where Shiba Inu's price prediction exceeds expectations?
Image from Unsplash.com
Shiba Inu Price prediction for the Year 2022-2050
Technical analysis of Shiba Inu price prediction using CoinCodex signals can forecast Shiba Inu price in the short term and the nearest future.
At the time of writing, the technical indicators from CoinCodex show a bearish week for the crypto coin till June 13, 2022, when Shiba Inu price prediction is expected to show a value drop by -23.11% and reach $ 0.000008.
Although the Relative Strength Index (RSI) for the Shiba Inu market depicts a neutral position of neither BUY nor SELL, other metrics like the 200-day simple moving average (SMA) have been showing a SELL signal since February 19, 2022. This figure makes CoinCodex confident enough to predict that Shiba Inu Price will reach $0.000014by July 8, 2022.
On the fate of Shiba Inu's price prediction for the long term, CoinCodex used the growth rate of revolutionary projects like the Internet, Google, Facebook, etc., to predict Shiba Inu's price for the future. Based on this analysis, it forecasts a strong BUY for SHIB in the upcoming years.
According to this data, Shiba Inu's price may reach $ 0.000024 in 2023. There is also the possibility of Shiba Inu's price reaching $ 0.000052 in 2024 and $ 0.000116 in 2025 if it follows the growth rate of Facebook.
DigitalCoin's technical analysis shows that the Shiba Inu price could reach a maximum value of $0.00030921 in 2030.
Telegaon also had an opinion on Shiba Inu's price prediction, revealing that Shiba Inu could clock an average price of $7.89 in 2050.
The crypto market is highly volatile; the ups and downs of this market are not certain; thus, it is best to bear in mind that the above information is not financial advice. DYOR before investing in any crypto asset.
Conclusion: Experts' opinion on Shiba Inu Price prediction
Shiba Inu price prediction in the coming years is not an event bound to happen because the crypto market has shown that any project can go from a peak to ground zero with a little mishap. The onslaught that befell Terra USD and LUNA was never seen as a possibility, but it happened, and the same fate can face any cryptocurrency project.
Nevertheless, every investment is a risky adventure, and it pays more when the long-term goal rather than jittery in the short term.
The Shiba Inu community has shown a positive attitude towards the crypto-asset, but some experts feel an impending doom will meet the project. For instance, DigitalX Asset Management Matthew Harry feels that Shiba Inu's price will fall to $0.0001 by 2022 and may likely lose the total valuation in three years. Even Dimitrios Salampasis, a Swinburne University of Technology lecturer, sees Shiba Inu as lacking a sustainable utility and will leave the realm for other innovative projects.
On the contrary, Johnny Lyu, the CEO of the crypto exchange KuCoin, stated that Shiba could make an excellent long-term investment because it represents young investors' interest in cryptocurrency.