Shiba coin (SHIB) is a Shiba Inu-themed altcoin (a cryptocurrency that is not Bitcoin) based on Ethereum. Shiba Inu is occasionally described as a Dogecoin substitute and proponents of Shiba Inu refer to it as “the Dogecoin killer.”
Shiba Inu and Dogecoin are both meme coins, which are cryptocurrencies linked to a specific meme — in this case, the Shiba Inu dog. Shiba coin was founded in August 2020 by an unknown person claiming to be Ryoshi. In this post, we will discuss the price prediction of the Shiba coin and other related information. Let’s begin!
What Exactly IS A Shiba Inu Coin?
Shiba coin is an ERC-20 token, which means it is based on Ethereum’s blockchain and makes use of the network’s smart-contract technology.
After poring over Shiba coin’s 22-page white paper (which the author fondly refers to as a “woofpaper”), it’s clear that the meme token’s primary objective is to protect one of cryptocurrency’s key tenets: decentralization. Decentralization protects against authoritative organizations developing monopoly power (for example, banks and government agencies).
Additionally, the whitepaper discusses why SHIB chose Ethereum, stating that it is a safe, well-established blockchain that enables SHIB to stay decentralized and immune to moderate forces.
Notably, the white paper revealed that 50% of the total number of SHIB tokens are distributed in the Vitalik Buterin package (Buterin is the creator of Ethereum). Although the objective of distributing Buterin Shiba tokens was not specified in the whitepaper, Celebrity Net Worth asserts that it was probably definitely a publicity ploy. According to Benzinga, the coins are provided to Buterin by Shiba’s team in order to increase the scarcity of SHIB. Both of these theories are tenable.
The issue with Buterin’s sizable stake in SHIB is that if he decides to sell his tokens, the price of Shiba currency would fall precipitously – as it did. Buterin announced a charity auction of SHIB tokens worth $1 billion. While Buterin’s unprecedented deed was motivated by a noble purpose, it scared SHIB token holders.
To the consternation of SHIB holders, Buterin declared that he had destroyed 90% of his Shiba Inu coins and intended to donate the remaining 10% to charity. By burning tokens, scarcity is enhanced, hence increasing the price.
2nd April 2022 Update: The Russian attack on Ukraine, on February 24, lowered the price of Shiba coin to $0.00002087 but there was some recovery and currently it is trading at $0.00002492.
Pros and Cons of Shiba Inu Coin
Excellent Meme Cryptocurrency Brand
More than 18,000 cryptocurrencies currently exist, new ones emerging every week. Few of these cryptocurrencies are technologically superior to Bitcoin, Ethereum, or other notable cryptocurrencies. Effective branding is critical for establishing a presence in the sea of cryptocurrencies. Shiba Inu has been a trend on social media throughout its amazing career, and its genre has grown like wildfire. Without a strong technological edge at the moment, Shiba coin may flourish or perish on the basis of its brand in the long run.
Shibaswap is one of the strategies Shiba Inu developers are utilizing to grow their community and company. Decentralized exchanges, on the other hand, are basically peer-to-peer networks that enable users to trade cryptocurrencies without the use of a middleman. Shiba Inu is one of three cryptocurrencies that integrate the so-called Shiba ecosystem. Shibaswap users may also stake their bitcoins to earn interest, similar to how a savings account works. Additionally, Shibaswap users can track their return to their “bone folio” and exchange tokens with over 10,000 nonfungible dog-themed tokens with a variety of unique features.
Musk is Not the Owner of the Coin
Shiba Inu is one among a swarm of dog-themed coins. While the price of Shiba Inu rose in October 2021, following Musk’s photo of his pet Shiba Inu, Musk later disappointed Shiba Inu investors by saying that he only owned Bitcoin, Ethereum, and Dogecoin. Musk’s endorsement of Dogecoin might mean trouble for Shiba Inu investors looking for the joke of cryptocurrency’s top dog-themed coins.
Utility Is Inadequate in the Real World
In comparison to Bitcoin and Ethereum, the Shiba Inu is practically useless to non-cryptocurrency exchange investors. The fees, transaction speed, and structure of Shiba Inu are all equivalent to hundreds or thousands of other cryptocurrencies, making it highly usable or efficient.
Considerations Prior to Investing
Two Triggers are Nearing Completion
Let us begin on a good note. Shiba Inu coin purchases increased significantly last year. However, two factors may work in favor of this cryptocurrency player in the coming months.
Shiba Inu intends to adopt a blockchain or layer-2 solution this year. Shiba Inu is currently a cryptocurrency based on Ethereum. This suggests that it is less than the high transaction costs of the Ethereum network. This novel technology, dubbed Shibarium, would resolve that issue. Indeed, Shiba Inu’s creator has stated that transaction costs may be eliminated entirely. Shiba Inu’s determination to penetrate the metaverse is the second spark.
The Coin Supply Is Unaffordable
There are currently about 549 billion coins in circulation. This means that if the Shiba coin were to reach $1, its market worth would be $549 billion.
Obviously, this is near-impossible because Shiba Inu would be more valuable than the whole bitcoin market and some of the largest publicly traded firms in the world.
Financial Losses for Shiba Inu Investors
If you had invested $ 100 in Shiba Inu a year ago, you would have benefited greatly. However, not every investor purchased at that time.
Indeed, Shiba Inu investors are losing money rather than gaining money at the current price level. Around 59% of respondents are losers, while 37% are winners, according to the statistics.
What is the importance of this? Because it reintroduces us to reality. Certain investors may be swayed by a feeling of dread to purchase Shiba coins. They may believe that the Shiba Inu benefits everyone – which is not the case.
Shiba Inu Coin Price Prediction: Should Investors Buy, Hold, or Sell?
What is the forecast of the Shiba coin for the long term? Is the price going to revert to its original level?
At the time of publication, Wallet Investor’s algorithm-based forecasting site predicted a positive price for the Shiba Inu coin. The Shiba Inu cryptocurrency is anticipated to reach $0.000055 by this time next year and $0.00018 in five years, according to research.
Shiba coin’s price forecast is more bullish, with the token anticipated to increase in value from an average of $0.0000322 in 2022 to $0.0000988 in 2025, eventually reaching $0.000592 in 2030.
According to Gov Capital, the Shiba Inu coin cryptocurrency will reach $0.000114 in March 2023 and $0.001 in 2027.
Moreover, Shiba Inu coin price prediction says it is expected to be relatively constant in the long run, increasing from an average of $0.00009 in 2025 to $0.000042 in 2022. The token’s value may fluctuate between $0.000144 and $0.00015 in 2030 and 2033.
It’s crucial to remember that cryptocurrency markets continue to be incredibly unpredictable, making it impossible to conduct analysis and forecast a coin’s price in a matter of hours.
Before making any investment choices, we strongly recommend that you do your research and explore current markets, news, technical and fundamental analysis, and professional ideas. Additionally, you should never invest more than your risk tolerance.
10th March 2022, Update: Shiba Inu is now the 14th largest cryptocurrency in terms of market capitalization, with a value of $11,940,052,208.
The Ecosystem of Shiba Coin
The Shiba Inu ecosystem is comprised of three tokens:
Shiba Inu (SHIB): Ryoshi started with a quadrillion (1,000 trillion) offer and closed half at Uniswap (for cash purposes) before handing over the rest to Ethereum co-founder Vitalik Buterin for protection. Buterin contributed around 50 trillion Shiba coins, worth more than $1 billion at the time, to an India COVID-19 relief fund, during a period when the country was reeling from the coronavirus’s Delta form.
Leash (LEASH): As the second symbol of the ecosystem, Leash contrasts with the polar ecosystem, with a total supply of only 107,646 tokens compared to the Shiba Inu billions.
BONE: The bone falls between the other two tokens according to the circulation provision, with a total supply of 250,000,000 tokens. It is intended to serve as a governing token, allowing SHIBAArmy members to vote on future proposals.
Furthermore, the Shiba Inu Ecosystem includes the following:
ShibaSwap is the DeFi Platform: ShibaSwap’s mission is to provide a decentralized, safe environment for bitcoin trading. ShibaSwap is the greatest marketplace for SHIB and LEASH purchases and sales.
Incubator for Shiba Inu: The incubator’s mission is to refocus attention away from popular forms of creativity such as painting, photography, and computer graphics and toward inventing new mechanisms for recognizing and rewarding creativity and uniqueness.
Shiboshis: Shiboshis is a total of 10,000 non-fungible tokens (NFTs) created and maintained by the Shiba Inu on the Ethereum network.
Shiba Inu Coin Cryptocurrency: Canine Words
In line with the dog theme, the aforementioned Shiba Inu woof paper details how one may earn money by using canine phrases in conjunction with Shiba Inu tokens. These tokens may be used on ShibaSwap to “dig” (give liquidity), “bury” (stake tokens), or even “fetch” (get) other tokens (exchange one token for another). According to the woof paper, tokens employed in these tactics create “Woof” returns in the form of Bone tokens that are allotted to “Puppy Pools” of tokens.
For cryptocurrency aficionados, a large part of the attractiveness of meme coins derives from their contempt for established protocols, which may extend to the usage of canine terminology to describe return processes. However, they appear to be poles apart from more conventional investing words such as return on investment and liquidity.
Where to Buy Shiba Coin?
Exchanges offered by Shiba coin include Kucoin, CoinBene, Capital.com, Probit Global, CoinDCX, WazirX, Binance, Coinbase, and ShibaSwap. You can buy Shiba coins from any of these exchanges.
How to Buy Shiba Inu Coin?
Before buying Shiba coins, users should deposit money into their accounts. Multiple exchanges allow for a variety of payment options, including debit/credit card transfers and e-wallet payments via PayPal.
To purchase Shiba coins with PayPal, you must first create and fund a PayPal account before connecting it to your crypto wallet. Following that, whenever you add money to your account, you may pick the PayPal option, which will debit the cash from your PayPal wallet.
Will Shiba Inu Coin Reach $1?
Market Realist outlined a strategy for the Shiba coin to achieve the $ 1 mark, which is a goal shared by Dogecoin enthusiasts.
There are two ways for the price of Shiba coin to increase. One is that traders simply bid at prices. Another is that if the supply is dwindling, that should make the remaining coins more valuable. For this to happen, coins should be circulated, or burned, as traders often call it, by transferring to dead wallets. But, at this point reaching $1 is almost impossible.
Shiba Inu’s future success is based on speculation and market capitalization, and Shiba coin has the potential to become the Dogecoin of the future. This is an impressive statistic, especially given the fact that Shiba Inu is a relatively new cryptocurrency.
Investing in the stock market or cryptocurrency markets carries a certain amount of risk. But investing in Shiba Inu coins is a bit risky but it has the potential to become a market leader in the future.