2021-22 has been a roller coaster ride for cryptocurrencies, but this situation has presented a good opportunity for the Shiba Inu coin.
The Shiba Inu Coin has been in the limelight for a number of reasons, though its current value is not very high. However, the coin is taking over a lot of the crypto market and proving itself an excellent choice for investors. But what is Shiba Inu coin, and how did it come into the cryptocurrency picture? Is it worth investing in it? Let's find out.
If you are keen on learning about Shiba Inu coin and getting some answers about what it is, you have come to the right place. This tutorial will help you understand the question “What is Shiba Inu coin?” as it covers various important concepts revolving around this intriguing form of cryptocurrency.
How Did Shiba Inu Coin Originate?
The Shiba Inu coin was created in August 2020 by an anonymous person named Ryoshi. Much like the situation with Bitcoin and Satoshi Nakamoto, we have no idea of the true identity of the creator. For all we know, Ryoshi could be a group of people, not just a single individual.
- It is an altcoin of Dogecoin, which itself is an altcoin of Bitcoin.
- It has been named after the Japanese Dog breed, Shiba Inu.
- It is already insanely popular among major crypto exchanges through its following crowds, memes, persistence - and a cute dog.
What is Shiba Inu Coin?
Shiba Inu Coin is a decentralized, community-building cryptocurrency that is “an experiment” developed within the Shiba Inu Ecosystem.
What is the Difference Between Shiba Inu Coin and Dogecoin?
Shiba Inu Coin
They are built on and powered by the Ethereum Network.
They have developed it using the same Bitcoin Technology.
It is still working upon price more because of its hyped popularity than its utility.
It has already established itself as a medium of online payments to some extent.
Why is Shiba Inu Coin So Popular?
Shiba Inu coin is popular for two primary reasons-
- Tesla founder Elon Musk once tweeted about his interest in owning a Shiba pup, which in turn hyped the crypto market and led its prices to rise by 300 percent
- Its prices fell up to 40 percent after the founder of the Ethereum Blockchain Network, Vitalik Buterin, donated 50 trillion Shiba Inu Coins to the India Covid Relief Fund, founded by an Indian crypto entrepreneur named Sandeep Naiwal
Where Do You Buy Shiba Inu Coins?
- There are several crypto exchange platforms where you can buy Shiba Inu coins like Binance, Crypto.com, Atomic Wallet, and KuCoin
- You can also buy Shiba Inu coins on Uniswap (via Trust Wallet), where you can exchange Ethereum for Shiba Coins
Shiba Inu Coin Price Analysis and Forecast 2022-2030
Like any other cryptocurrency, Shiba Inu’s price trajectory rallied against the market conditions. The graph below shows a slow momentum after the COVID market. However, it is predicted that in the early stages of a bullish market, it can gain upside momentum by 2022.
Shiba Inu 1Y Price Chart as of July 25, 2022
According to crypto analysts, if the crypto market rebounds to 2021 performance, Shiba Inu's price can reach $0.0001 in 2022. They also predict that the Shiba Inu price will touch $0.00015 by 2023, $0.0002 by 2025, and $0.01 by 2030, making an all-time hit.
Shiba Inu Price Prediction 2022
Shiba Inu had positive developments in 2022, such as the Metaverse platform. This deal is set to increase the price value of the coin. Per the technical analysis, Shiba Inu's price is expected to reach a maximum of $0.00001501 by 2022 end. The minimum price will be $0.00001307, while the average trading price will be around $0.00001359.
Shiba Inu Price Prediction 2023
If the bear market of 2022 ends by the start of 2023, then the SHIB coin is expected to have a good start. After studying the chart patterns of the Shiba Inu coin, analysts suggest that the maximum price will be around $0.00002271. The minimum and average trading prices will be $0.00001959 and $0.00002014, respectively, in 2023.
Shiba Inu Price Prediction 2024
Because of the Metaverse platform, the SHIB price is expected to create a new high in 2024. The average trading price of the Shiba Inu crypto will be $0.00003041 per the technical analysis. The minimum and maximum trading prices will be $0.00002941 and $0.00003360, respectively.
Shiba Inu Price Prediction 2025
Following the price momentum of 2024, the SHIB coin price rally is expected to continue in the bull market. Based on technical analysis, the average trading SHIB price will be $0.00004335. After studying several fluctuations, the minimum and maximum price of the Shiba Inu coin are expected to touch $0.00004183 and $0.00005048, respectively.
Shiba Inu Price Prediction 2026
Per the crypto experts, the cost of Shiba Inu will be minimum when it touches $0.00006186 in 2026. The maximum price will be $0.00007480, and the average cost at which trades will take place will be $0.00006359.
Shiba Inu Price Prediction 2027
After the thorough studies of technical analysts, it is predicted that the average traded SHIB price will be $0.00009605. The maximum and minimum prices in 2027 will be $0.00010739 and $0.00009350, respectively.
Shiba Inu Price Prediction 2028
Cryptocurrency forecasts take place every year. According to the crypto analysis by experts for the year 2028, the SHIB price will reach a minimum of $0.00013749. The average price will be $0.00014230 throughout the year, and the maximum will be $0.00016276.
Shiba Inu Price Prediction 2029
According to technical analysis, the SHIB price will trade between $0.00020573 to $0.00024440 in the year 2029. However, the average traded price, around which the maximum trades will occur, will be $0.00021284.
Shiba Inu Price Prediction 2030
Crypto experts predicted that the expected average trading price of the Shiba Inu coin in 2030 would be $0.00030921. That means the maximum trades will take place around this cost. However, the maximum and minimum price of the SHIB coin for the same year will be $0.00035649 and $0.00029857, respectively.
Shiba Inu Price History
The Shiba Inu coin was born on August 1, 2020. On that day, 1 quadrillion tokens were minted. The cost of a single SHIB was $0.00000000051. 196,078,431,372 SHIB coins could have been bought with $100.
As soon as the 50% SHIB coins were minted, the supply was locked into a SHIB/ETH liquidity pool on Uniswap. The other 50% were sent to Vitalik Buterin, Ethereum's founder, in three successive transactions.
Shiba Inu's price has fluctuated a lot from 2020 until now. The fluctuations over time as shown below.
Shiba Inu price variation from August 2020 to July 2022
Shiba Inu price variations from June 2021 to July 2022
The Future of Shiba Inu Coin
Though Shib coin or Shiba Inu coin is only known as a meme coin, its increasing popularity and people’s interest in participating in it is pointing towards a different but dazzling future.
- According to InvestingCube.com, they predict the Shiba Inu coin will rise again
- Although there isn’t much movement among this token and its value, active buyers could potentially help its value rise
- The value could rise to $0.00001040 in a more active buyer’s market
- Although it may not appear to currently have significant value, it can have a significant influence over large investors in the crypto market in the future, thanks to its popularity.
Expert Opinions of Market Analysts on Shiba Inu’s Price
According to experts, Dogecoin’s popularity is based in part on Elon Musk’s support, typically voiced on Twitter. Unfortunately, the Shiba Inu coin has no such champion in its corner, and considering it’s billed as a “Dogecoin killer,” it isn’t likely to get the multi-billionaire’s support anytime soon.
However, Shiba Inu coin has a limited supply, a standing total of one quadrillion tokens. Although this is a huge number that can easily accommodate an army of investors, it is still a finite number, which may help spark speculation in the future.
The key to Shiba Inu’s future success lies in speculation and market capitalization, and Shiba has the potential of becoming the next Dogecoin. Shiba Inu is currently in the top 50 cryptocurrencies today, with a market capitalization of $2,762,340,296.49. This is a healthy number, especially when you take into account that Shiba Inu is a relatively new token in the world of cryptocurrency.
Investments, whether in the stock market or cryptocurrency, entail a certain amount of risk. There is no sure thing. However, Shiba Inu coin has the potential of becoming a top player in cryptocurrency market!
Technical Analysis and Fundamental Analysis
According to Yahoo Finance, the Shiba Inu coin chart pattern shows a bullish triangle that indicates a potential upwards breakout. However, if no breakout happens, the price could tank.
And while critics dismiss Shiba Inu coin as a product of speculation, fear of missing out (FOMO), and reactions to tweets, Shiba Inu is lining up some potentially lucrative projects that could boost not only its visibility but its viability as well.
Newegg tech e-retailer and AMC Entertainment are the first two merchants that accept SHIB payments, and Flexa recently announced that it accepts Shiba Inu coin as a payment token, meaning users can use the coin to make purchases at GameStop, Whole Foods, and Lowe’s.
In the final analysis, investors are encouraged to exercise patience and restraint, and watch if the coin experiences another potentially rich bull market.
Shib Inu FAQs
Here are a few frequently asked questions relating to Shib Inu Coin that go beyond the question “what is Shiba Inu Coin.” You will notice that some of the information has already been covered elsewhere in this article.
1. Does the Shiba Coin have a future?
It depends on whether it can secure widespread adoption. It’s off to a good start, so let’s see if it can sustain it and build from it.
2. Is Shiba Inu crypto a good investment?
There’s no one-size-fits-all answer; it really depends on investors’ individual circumstances. Cryptocurrencies are volatile investments, where you can either strike it rich or lose big. Before investing, pause and evaluate your risk threshold. Do your research, and never invest more money than you can afford to lose.
3. Will the SHIB Coin price rise?
Possibly. You must look at the big picture and be ready to wait several years for the coin to gain enough traction to hit a record high price. Forecasters predict that Shiba Inu will experience a long-term price increase. However, forecasters are known to make mistakes.
4. Could Shiba Inu actually reach $0.01?
Shiba Incu Coin prices can only go so high, limited by the large supply currently in circulation. Consequently, forecasters don’t see the value hitting that magic number before the end of the 2020s.
5. Where and how can I buy the Shiba Inu Coin?
Use cryptocurrency exchanges such as Huobi, Binance, and Uniswap. Then, transfer your purchases to a software or hardware wallet to keep them secure.
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Where Do We Go From Here?
This tutorial has shown you everything you need to know about what is Shiba Inu Coin, including what it is, where to get it, and how good of an investment it may be.
Whether your interest in learning more about the crypto world and cryptocurrencies like Shiba Inu Coin is because you are already working as a Blockchain developer or you’re just enthusiastic about knowing more and perhaps pursuing a career in blockchain, Simplilearn’s Blockchain Bootcamp in collaboration with the University of Minnesota is a great way to begin. This program will help you explore, understand, and learn more about cryptocurrencies Blockchain and its technology, encompassing all levels of experience.
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