The Shiba Inu coin price has risen millions of per cent for early investors who entered in 2020. As a result, SHIB outperformed every other coin in 2021, reached a market valuation of $30 billion higher than Deutsche Bank and at one point broke into the top ten largest cryptos by market cap overtaking Litecoin and Dogecoin.
Even some Shiba Inu investors in mid-2021 made 5-10x gains if they managed to sell the top. Today, the SHIB coin price is trading at 0.00002986 after falling by more than 50% from its all-time high.
This article will review predictions for the Shiba Inu price and speculate how high the popular meme cryptocurrency could go.
Table of Contents
Price Analysis of SHIB
The market has one quadrillion SHIB coins in total and 550 Trillion SHIB coins in circulation. Review the SHIB live price chart on our CoinCodeCap Markets Page.
- The SHIB crypto is currently ranked 11th behind Dogecoin and Bitcoin in market capitalization.
- SHIB token reached an all-time high price of $0.00008616 on October 28, 2021, and a low of $0.000000000056 on November 28, 2020.
- The token witnessed a sharp rally in recent months, and now maybe consolidating or in a correction.
Time:14:52(UTC)
Shiba Inu Coin Price Over the Years
Shiba Inu was developed in August 2020 by a single or group of individuals known as “Ryoshi.” The initial total quantity of SHIB tokens was one quadrillion or 1,000,000,000,000,000 tokens, and the price was trading at almost zero.
However, it was virtually unknown until a few months ago, when Musk tweeted cryptic messages regarding the Shiba Inu puppy.
However, in May 2021, the pseudonymous developer of SHIB known as “Ryoshi” delivered half of the total supply to Vitalik Buterin, one of the co-founders of the Ethereum network, who immediately burnt 90% of his tokens, thereby removing them from circulation.
The remaining 10% was donated to charity by Buterin.
In that month, SHIB became one of the most volatile crypto assets. It began on May 11, when the Shiba Inu (SHIB) prices increased 1,953% to $0.00003532 from $0.00000172, but it fell to $0.00000793 in the next three weeks.
The October Rise to ATH
October was the month that the SHIB coin’s prices spiked.
After months of sluggish trading, the SHIB price soared from $0.00000766 to $0.00002913 on October 13, 2021. SHIB achieved its current all-time high of $0.000089 two weeks later, on October 28.
Since then, the market has been in a correction phase, shedding about 50% of its value to $0.00005350. The market momentum impacting Shiba Inu may be traced mainly to Tesla CEO Elon Musk, who was also responsible for the significant price increase in Dogecoin.
Musk’s interest in Dogecoin fuels the market’s enthusiasm for SHIB. Musk also bought a Shiba Inu puppy named Floki Frunkpuppy, triggering another market spike.
How is the Price of Shiba Inu (SHIB) Determined?
Supply and demand
SHIB price is influenced by the supply and demand in the market.
These markets feature order books with buying and sell orders like the stock markets. Therefore, an increase in demand for SHIB coins will cause the price to rise, while an increase in sell order supply will cause the price to fall.
Shiba Inu in the media
Shiba Inu was recently in the spotlight due to its meteoric gain of more than 700,000% in a few months. Numerous major media sites included Shiba Inu in their headlines, which encouraged people to purchase more tokens, skyrocketing prices.
CNBC stated that the token has achieved an all-time high of $0.00008845.
Additionally, they claimed that it has garnered considerable attention despite its status as a meme token. The news giant had exceeded Dogecoin and was now dubbed the ‘Dogecoin Killer.’
Meanwhile, Forbes mentioned how the token is becoming more widespread due to more individuals investing in it.
Additionally, it indicated how an online petition against Robinhood’s acceptance of Shiba affected the pricing, resulting in a massive return of more than 700000%. Finally, it ended by stating that the potential of Shiba Inu has not been fully explored and that the token may be a riskier investment at the moment.
Volume
Volume plays a significant role in determining cryptocurrency prices. An increase in transaction volume results in more stable cryptocurrency values and eliminates the possibility of skewed pricing. However, a low crypto volume indicates the prices will fall or remain flat.
Social Media
Social media has been a great driver for the price of SHIB.
In October 2021, Elon Musk’s tweets heavily impacted the token prices. Even an online campaign to sign a petition saying Shiba Inu should be listed on the Robinhood exchange also had a massive impact on Shiba Inu’s prices.
Shiba Inu (SHIB) mining
Another determinant for Shiba’s prices is its mining capability.
Mining is the process through which new cryptocurrency tokens are created. Cryptocurrency mining entails using a computer to validate the next block on the blockchain.
Its decentralized network of miners enables it to function as it does. In exchange, the protocol generates cryptocurrency tokens in addition to any fees paid to the miners by the trading parties.
Participants invest significant sums of money in high-end hardware and power to mine Shiba Inu.
In a proof-of-work system, such as the one used by Shiba Inu, the greater the competition for mining a particular cryptocurrency, the more difficult it is to mine.
That is because miners are effectively competing against one another to solve a complicated mathematical problem to verify a block.
As mining expenses rise, cryptocurrency prices are set to rise as well.
Miners will refrain from mining if the value of the mining money is insufficient to cover their expenditures. And, because miners are necessary for the blockchain to function, the price will have to increase as long as there is demand.
How Often Does the Price of Shiba Inu (SHIB) Change?
Shiba Inu coin is a meme coin, but its value has grown as more people flock to this new cryptocurrency.
Shiba Inu’s crypto price has risen by almost 2,300% in May 2021 alone, valuing the project at over $7 billion.
While Shiba Inu isn’t the most popular cryptocurrency on the market, it’s evident that cryptocurrency investors are taking it seriously.
So, how often does the price change?
Starting in May 2021, the Shiba Inu coin value rose to ATH of $0.00005, followed by a sharp fall up to %0.00000630.
The prices remained flat until October when they suddenly saw a jump to $0.00008800, giving more than 700000% gains.
The reason is the tweets from Tesla CEO Elon Musk and an online campaign for signing the petition to list Shiba Inu on Robinhood exchange. This states that Shiba Inu’s have fluctuated depending upon certain not technical or fundamental events.
The price change was sudden and unexpected, but smart investors caught the trend, and they managed to make huge gains. But, unfortunately, the market reacted to certain social events, and only those active in the market were able to ride the trend.
Beginner investors may find it difficult to understand how to enter and exit this volatile market. Still, the following industry experts may help you find the right opportunity to enter and exit the market. InsideBitcoin is one such platform focused on actively monitoring the crypto market 24/7.
The platform evaluates all the market specifics and gives investors the right help for their investments.
Investing in Shiba Inu Coin
In 2021, the crypto industry achieved new milestones, reaching a market value of $2 trillion along with indications of expansion.
The token has risen over 700000% so far this year to become one of the most popular cryptocurrencies in the market. Similarly, Shiba Inu also were one of the top-performing cryptos in 2021.
The token also took over Dogecoin, making it the centre of attention in the world of meme coins.
However, it has changed its direction, dropping by 28% since its latest high in late October.
As a result, many individuals who bought in early are still sitting on a sizable profit.
Is It Worth Buying Shiba Inu (SHIB) in November 2021?
If you want to buy a Shiba Inu for the best price, 2021 is the year to do it since the SHIB value has been rising since the beginning of the year and is predicted to continue rising until it reaches $1.
However, investors should keep in mind that the token has been falling since October, and this pattern may continue for some time. Therefore, it is advisable to do your research or consult an expert before making any investment decision.
Who Should Invest in Shiba Inu (SHIB)
Shiba Inu’s enormous gains may make it an attractive investment, but it’s critical to keep an eye on the future.
Investing in meme dog coins like Shiba Inu is risky, and hence only those with some expertise in the cryptocurrency markets should consider investing in the token.
Shiba Inu coin vs Other Cryptos
Shiba Inu has grown into popularity.
The Ethereum based (ERC-20) token takes the crypto world by storm.
Founded in 2020 by a pseudonymous founder called Ryoshi, the token was inspired by Shiba Inu dogs.
However, the token does not have any specific use case compared to Bitcoin or Ethereum.
Moreover, the token has followed a similar pattern as that of Dogecoin.
The community behind the Shiba token refers it to as the ‘Dogecoin Killer’. Despite having similarities with Dogecoin, Shiba Inu has surpassed it, becoming famous.
Shiba Inu coin vs Dogecoin
Like Shiba Inu, Dogecoin is an open-source, peer-to-peer cryptocurrency also regarded as a meme token.
It was launched in December 2013 and had the picture of a Shiba Inu dog as its logo. While it appears to have been designed as a joke, Dogecoin’s blockchain is as good as Litecoin. It employs the scrypt algorithm notable for its low price and limitless supply.
Shiba Inu coin vs Ethereum
Ethereum is a blockchain network, and Shiba Inu is based on this network. It is a decentralized public ledger for recording and validating transactions. Users may create, publish, monetize, and utilize apps on the platform and use its native crypto ETH for payment.
Shiba Inu coin vs Bitcoin
Bitcoin is decentralized digital money that was first introduced in January 2009. It is based on the principles presented in a white paper by Satoshi Nakamoto’s pseudonymous.
It promises reduced transaction costs than standard online payment channels and, unlike government-issued currencies, is run by a decentralized authority. It is still the gold standard for digital assets such as Shiba Inu.
Day-Trading Shiba Inu (SHIB) vs Long-Term Shiba Inu (SHIB) Investments
The Shiba Inu coin may be used for either long-term investment or day trading, depending on your objectives. This coin looks to be well-positioned for long-term growth. This makes it appealing to investors seeking significant returns who don’t mind the coin’s potential volatility along the way.
However, investors should keep in mind that Shiba Inu is simply one of several cryptocurrencies competing for attention.
At the same time, Shiba Inu’s volatility makes it a viable short-term trading target. In addition, the coin has seen massive price swings in the previous weeks, creating possibilities for skilled traders to benefit.
However, trading against the present slump should be avoided because there is no certainty that the Shiba Inu coin would retest its recent high. However, investors have to do due diligence before investing in any cryptocurrency.
One must conduct their research and invest based on factors like the capital allocation for the trade/investment and availability. The research process may be time-consuming, requiring you to go through many natural resources.
To make things easy, you may consider using professional research platforms like InsideBitcoins. The platform offers comprehensive study instructions on numerous cryptocurrencies and simplifies the research process.
The platform allows you to make wise decisions about your investments appropriately.
Shiba Inu Price Forecast 2022
Keeping up with the same optimistic trend in pricing, there are projections that the price of Shiba Inu will rise even in 2022.
Though it is too early to predict whether the Shiba Inu currency will break through the crest, what is certain is that there is light at the end of the tunnel when compared to other meme currencies in the crypto realm.
The SHIB price only shows an upward trend in the fading Pandemic scenario, reaching $0.000020.
Shiba Inu Price Forecast 2023
There is a chance that the SHIBA coin may suffer a loss, but it will be negligible, sliding to $0.0000185 once more. However, this remains a bleak situation, and some specialists disagree with the volatility syndrome impacting it.
Shiba Inu Price Forecast 2024
It is once again projected that Shiba Inu’s price will rule the crypto kingdom with a performance of $0.000025, even though a jaw-dropping prospect does not exist for the price of Shiba Inu and that bulls will ride the crypto market.
This is comparable to the forecast for the end of 2024, demonstrating Shiba tokens’ total capacity to persist and continually increase even under challenging situations.
Shiba Inu Price Forecast 2025 and beyond
The year 2025 may be remembered as the landmark year since the SHIB token price is expected to exceed $0.000033 by all means.
With widespread acceptance, the price of SHIB Inu is expected to soar to roughly $0.000040 by 2025, a never-before-seen.
Conclusion
Shiba Inu has been dubbed the ‘Dogecoin killer’ since it is based on the same meme but has allowed for decentralized financing. In May 2021, when Dogecoin users began looking for other currencies, the Shiba Inu crypto price surged by 2,300%.
Moreover, the Shiba Inu coin price again breached the Dogecoin trend, reaching an all-time high of $0.00008616 in October. While the cryptocurrency has generated considerable gains, investors should exercise caution in light of the market’s volatility.
Social media and other similar events highly influence the current market. Shiba Inu’s prices have only reacted to such events. Hence, it is the responsibility of every investor to research the token before entering the market.
Here are some of the best exchanges to buy SHIB.
Nothing in this article is financial advice, and you should only invest in the market you believe is suitable for your portfolio.
