Shiba Inu Coin Price Prediction: A Comprehensive Analysis

Discover Shiba Inu (SHIB), a joke-inspired cryptocurrency with massive growth potential. Learn about its features, price prediction, and community governance.

Jul 25, 2023 - 10:57
Oct 19, 2023 - 13:09
Shiba Inu Coin Price Prediction: A Comprehensive Analysis
Reading time - 7 min

Since the launch of Bitcoin, numerous new cryptocurrencies have presented alternatives regarding their potential uses. Ethereum, for example, provides new real-world operations and services. Then, there's Dogecoin, a cryptocurrency that originated from an internet meme and was initially considered a joke. As the "joke" trend continued, the Shiba Inu (SHIB) coin was created, drawing inspiration from Dogecoin.

The SHIB token uses an image of a Japanese Shiba Inu dog. This cryptocurrency gained widespread acceptance as the "Doge Killer" in the spring of 2021. However, its significant growth was triggered by Elon Musk's appearance on SNL.

In this article, we will look at Shiba Inu (SHIB), what it represents, how it works, and its price prediction. We'll also consider its latest data, examining essential factors such as the burn rate, staking potential, the highly anticipated Shibarium launch, and the potential of this coin reaching a significant milestone of $1.

Shiba Inu (SHIB) Overview

SHIB is described as a joke-inspired cryptocurrency with tremendous growth aspirations similar to Dogecoin. Shiba Inu (SHIB), an ERC-20 token, was created in 2020 by an individual named Ryoshi. Unlike Dogecoin, which has a similar dog design and utilizes the same type of dog as its coin's symbol, the two should not be confused.

Like many other cryptocurrencies, Shiba Inu operates on a decentralized network that uses a blockchain database. This blockchain database maintains and manages the digital currency, validating transactions and recording each event. Also, the database acts as an in-depth record of digital currency activity. For it to function, Shiba Inu directly uses the reliability and capabilities of the Ethereum blockchain.

The whitepaper states that Shiba Inu was created to answer a simple question: What would happen if a cryptocurrency project was entirely governed by its community? According to Ryoshi, the strength of collective decentralization can provide more substantial results than anything a centralized team could produce.

Shiba Inu's Price History

SHIB started trading at a price of less than $0.00000001 in August 2020. These low prices remained unchanged through the end of 2020 and the beginning of 2021.

In May 2021, the price increased in line with the bullish market trend, hitting new highs of $0.000003, representing a 3,300% price increase in just one week. The most significant price spike occurred in October 2021 when it reached $0.000088.

By January 2022, the price had dropped to $0.00003. Since then, the price has gradually declined and traded at $0.00001 around mid-2021.

SHIB's current value stands at $0.00000707. The market cap is nearly $4.5 billion, with a supply of about 589 trillion SHIB. Meanwhile, the fully diluted market capitalization is close to $4.6 billion. With this market cap, SHIB holds the 16th position in cryptocurrency market caps.

Shiba Inu's Current Projects

Tokens such as BONE, LEASH, TREAT, and others native to the Shiba Inu blockchain are now accessible via Shiba Inu's proprietary DEX, ShibaSwap. The platform also showcases an NFT line called Shiboshis, offering entry to a VIP club, opportunities for direct interaction with fellow community members, and other social benefits.

Another project created by Shiba Inu is the "Shiba Inu Rescue." It focuses on finding and saving real Shiba Inu dogs in danger. You can extend support for this cause by donating through the AmazonSmile website.

The project's best feature is that it doesn't need direct donations. When you purchase using AmazonSmile, select "Shiba Inu Rescue" as your chosen organization. A fraction of your spending will be donated to the organization.

This initiative fosters a reliable and supportive environment for the Shiba Inu community. Programs like these are among the reasons why many people have moved beyond viewing Shiba Inu as merely a whimsical cryptocurrency and have started seeing it as a project with the potential for greater significance.

Shibarium Release Date

Shibarium is a highly anticipated project within the Shiba Inu ecosystem. It aims to provide a Layer 2 solution to the Ethereum blockchain, improving scalability and reducing gas fees. Implementing Shibarium will enhance the utility and adoption of Shiba Inu tokens, which could lead to increased demand and a positive impact on its price.

At the moment, the exact release date of Shibarium remains unknown. This is because development teams often prioritize security and thorough testing to ensure no glitches, which can lead to delays in project releases. On this note, investors should keep a close eye on official announcements and updates from the Shiba Inu team to stay informed about the progress of Shibarium.

Shiba Inu (SHIB) Price Prediction

With Shiba Inu's (SHIB) price barely moving in the past 24 hours, it has presented a 0.6% gain in the past 7 days, with its current value at $0.00000707.

Although the meme token has risen by 1% over the past 30 days and has experienced a 31% decline since the beginning of the year, other cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have seen increases of 51% and 27% respectively, during the same period.

The progress of SHIB has faced obstacles due to the ongoing delays in the launch of Shibarium. This layer-two network is currently in beta testing. Sadly, the final launch of Shibarium has been repeatedly postponed, causing frustration among investors and users. These delays have negatively impacted SHIB's performance in the past weeks.

Due to the market's perception that Shibarium may have problems, even though nothing serious has been announced, it has negatively affected SHIB's price. According to recent predictions, Shibarium is expected to launch this coming August. However, it's also important to note that similar predictions were made for the previous months.

The launch of Shibarium will be highly beneficial for Shiba Inu, leading to faster and cheaper transactions. As a result, the development of SHIB-related applications will become more attractive, which could increase demand for the meme token.

If Shibarium is launched next month and Shibacals are introduced shortly after that, we could see the price of SHIB reach $0.000010 in the upcoming weeks. Furthermore, if the market turns bullish, SHIB might surge to $0.000020 or even higher by the year's end.

As an investor or trader, taking severe precautions and thoroughly researching before making any financial decisions is essential. Moreover, crypto experts and analysts often rely on market trends, technical analysis, and historical data to determine price predictions. So it's important to remember that these price predictions are highly speculative and offer no guarantees of future success.

Shiba Inu Burn Rate

The burn rate has highly influenced Shiba Inu market prices. The burning method involves taking some of the total quantity out of circulation, possibly making the token more scarce and increasing its value over time. Shiba Inu added this burn mechanism into its smart contract, which causes a deflationary effect by permanently destroying a portion of tokens for each transaction.

Shiba Inu's burn rate currently stands at 12.51 million tokens daily, representing a 41.90% decrease over the past 24 hours. If sustained, this translates to 375.3 million tokens burned monthly and 4.56 billion annually (0.000774% of the total supply). Note that the burn rate is highly volatile; this calculation refers to the percentage of the last 24 hours.

Investors have paid close attention to the burn rate since the system offers a built-in reward for holding onto SHIB tokens. The percentage of tokens burned rises as transaction volumes do, which could improve the token's future value.

Staking Shiba Inu

In Shiba Inu's ecosystem, one of the factors that can affect its price direction is staking. This process involves users locking up their tokens for a specified period in a smart contract. In return, they are rewarded with additional tokens – in this case, more SHIB tokens.

This encourages users to hold onto their tokens for longer, which reduces the total amount of tokens in circulation and could increase their value.

SHIB staking is supported by many platforms and protocols, providing users with many ways to participate. Its adoption also positively influences the token's general demand and market direction.

Will Shiba Inu's Coin Value Reach $1?

Reaching $1 would be a significant milestone for the SHIB token, and awareness of potential challenges is crucial. Depending on the rate of adoption, favorable market sentiment, and continued development, it would require an enormous surge in market value for SHIB to reach $1.

In the current climate, if Shiba Inu (SHIB) were to be valued at $1, considering the 589 trillion SHIB in circulation, it would have a market cap equivalent to 589 trillion. To put this in perspective, Apple's market cap is 3 trillion, and Bitcoin's is 580 billion. Thus, it's clear that under current market conditions, it's unlikely for Shiba Inu (SHIB) to reach a value of $1. It could be possible to achieve this milestone by increasing the deflationary nature of Shiba Inu. However, there's still a lot of work to be done.

What Is the Future of Shiba Inu?

Shiba Inu has pledged to improve the network and introduce new services. One of these features will be their own L2 on Ethereum and a DAO called Doggy DAO to involve the community in selecting the future of SHIB.

Moreover, there are plans to create a dedicated NFT marketplace on Shibarium. Users can finally use their SHIB tokens on the platform to buy and trade non-fungible tokens if this happens. Shiba Inu has initiated a program called "Shiba Artist Incubator," aiming to discover artists whose works can be minted into authentic Shiba NFTs.

Regarding the price of Shiba Inu, some experts predict that it may rise steadily over time owing to ongoing enhancements, while others believe that it is merely a meme coin and will always be such. Remember that Shiba Inu was created within the Ethereum network, which significantly influences it. This is probably also true for the future L2 Shibarium, as Shiba Inu is also anticipated to undergo modifications as Ethereum continues to improve its blockchain on Ethereum 2.0.

Is Shiba Inu a Good Hold?

Shiba Inu remains among the most profitable tokens, and its past performance has made many investors millionaires. However, the era of easy money is over, and it would be utopian to expect an investment of $100 in Shiba Inu to turn into millions within a few months.

It's also important to note that Shiba Inu is one of the few meme coins that continues development and seeks to improve the project's ecosystem. The release of Shibarium and other eagerly anticipated features could undoubtedly influence Shiba Inu's price and make it an interesting investment.

Remember that the cryptocurrency market is unpredictable, making price projections difficult. So as an investor, you must diversify your holdings, exercise caution, and only put money into the market you can afford to lose.