Shiba Inu is one of the most popular coins today. Its rise to stardom started in 2021 when it surged astronomically to attain an All-time High (ATH) of $0.000087 on October 24, 2021. It was the season's buzz then and was listed in most major exchanges.
The dust has settled now, but SHIB is still one of the top cryptocurrencies in the world. It currently sits at the 15th position with a market cap of about $5 Billion. However, its price is far from the heights it attained in late 2021.
Therefore, one may wonder if it is a good buy right now. Is it just another meme coin that will never rise again? What price targets are likely in the next few months and years? This article will address those questions. We will also examine what the SHIB token is and how it works.
What Is Shiba Inu (SHIB)?
Shiba Inu is a digital currency that started as a memecoin but has since grown into a bustling ecosystem. It was created as an Ethereum-based alternative to Dogecoin and named after the Japanese dog breed, Shiba Inu, which acts as the face of the currency.
Three different tokens run the SHIB ecosystem:
- Shiba Inu is the primary token and is used as the underlying currency that powers the whole ecosystem. It is a deflationary token that undergoes burns regularly and with every transaction. When it was created, the total supply was one quadrillion tokens. Now, it is about 589 trillion tokens, and it keeps reducing.
- The Leash token is the native token of ShibaSwap. It was released in April 2021 and worked initially as a rebase token (A rebase token adjusts its supply to match price movements). LEASH’s rebase mechanism was tied to Dogecoin’s price in this case. The rebase function was later done away with, and LEASH is now a plain ERC-20 token.
- $Bone is Shiba Inu’s governance token and has a total supply of 250 million tokens. It is only available on ShibaSwap
Brief History Of Shiba Inu.
Shiba Inu was created in August 2020 by an anonymous developer (or group of developers) known as Ryoshi. It took the token only fourteen months to rise from a nominal price of $0.000000000056 to its all-time high of 0.00008616. In doing that, it achieved a staggering 150 Million percent increase! This allowed it to rise rapidly through the ranks of dog-themed meme coins. It is now the second most valuable memecoin, second to Dogecoin.
After its creation, Ryoshi donated 50% of all SHIB tokens to Vitalik Buterin, the leader of the Ethereum community. This action raised some eyebrows among the SHIB community. Many didn’t like that only one person had so much control over the entire platform. Vitalik then donated half of his holdings (about $1 Billion worth) to the India Covid-19 relief fund to appease the community. He also burned the rest of his holdings to ease the community’s minds further.
Shiba Inu was first listed on Uniswap after its creation. When it surged in popularity, more exchanges became interested. OKEx was the first major exchange to list it. Then came Binance, BitForeX, and KuCoin. Now, SHIB is listed in all the major exchanges.
What Protocol Does It Use?
Because SHIB is an ERC-20 token, it uses the same consensus mechanism as Ethereum, i.e., the Proof-of-stake mechanism. You can stake SHIB tokens on ShibaSwap, the platform's decentralized exchange. Staking SHIB is known as burying and will get you rewards in xBONE, xLEASH, and xSHIB tokens. Staking allows you to support the ecosystem by providing liquidity and serving as a validator.
Shiba Inu’s developers are also working on a layer-2 scaling solution known as Shibarium. The purpose of Shibarium is to decongest the Ethereum blockchain and make transactions faster and more efficient. Therefore, Shiba Inu will soon follow the likes of Axie Infinity which has its dedicated sidechain (Ronin). This will likely benefit SHIB’s price even more.
What Makes It Different From Other Cryptocurrencies?
Even though it started as a memecoin, Shiba Inu’s developers and community members maintain that it is much bigger than that. And true to their claims, many products have been developed around the token that sets SHIB apart from others. Consider a few of them:
ShibaSwap
This is Shiba Inu’s own decentralized exchange. It allows users to perform several DeFi acts using SHIB as the payment currency. Here are some of the things you can do on ShibaSwap. You can:
- Provide liquidity to any of the available pools and earn $BONE tokens as a reward.
- Stake your tokens to earn more
- Trade 10,000 unique NFTs known as Shiboshis
- Swap Shiba Inu for many other tokens
- Vote on community proposals.
Shiba Inu Incubator
Here, members of the ShibArmy (as SHIB’s supporters are fondly called) can exhibit their art ideas and develop memes and NFTs that correlate with the SHIB ecosystem. Here, the Shiboshis - a collection of 10,000 NFTs, each with unique traits - were created.
Others
The SHIB economy’s three-token structure, innovative reward structure, and the proposed launch of a dedicated sidechain all contribute to the uniqueness of this token among a horde of memecoins.
Factors That Influence The Price Of Shiba Inu
Being a volatile crypto asset, SHIB’s price will always be affected by external and internal factors. It is good to know what these factors are so that you can better ascertain what potential SHIB has for price growth in the future. Let me briefly discuss a few of them:
Bitcoin’s Price
Many altcoins’ prices are correlated with the price of Bitcoin. And SHIB is no exception. According to IntoTheBlock statistics, The correlation of SHIB’s price to BTC’s is at a 30-day high of 0.88 or 88%. Thus, at this point, whatever happens to Bitcoin in terms of price changes will likely also happen to Shiba Inu.
Market Sentiment
The prevailing market sentiment in the crypto world is bearish. Therefore, most coins are dropping in value, and only a few are gaining in price. SHIB’s initial rise to stardom occurred at the height of the bull season when all the candles were green. So, it is likely that its price may rise again when the crypto market becomes bullish again.
Social Media Hype
One of the things that fostered SHIB’s rapid growth was the hype of its community members on various social media platforms. If something like that comes up again and SHIB is hyped across Twitter, Telegram, Instagram, Reddit, and other social media platforms, it may motivate growth in the price of the Shiba Inu token.
Launch Of Future Projects
Some projects will be launched on the SHIB ecosystem soon that may prove to be bullish. One of them is the Shibarium blockchain. A side benefit of Shibarium is that the blockchain transaction fees will be used to buy and burn SHIB tokens. This will likely increase the price of the token sustainably.
Shiba Inu’s Price Performance In The Past
After SHIB’s launch in August 2020, Ryoshi created a SHIB/ETH liquidity pool on Uniswap and locked 50% of the minted tokens up in it. At that point, the token’s value was practically zero. It gradually accumulated value and trading volume, but not enough to command attention. This continued until the end of January 2021, when its trading volume spiked to about $26 Million.
Then came March 2021. SHIB’s market cap was about $1.28 Million, and there were only about 13,000 holders when that month started. Then, on March 14, 2021, Elon Musk tweeted that he was getting a Shiba Inu. This caused a spike in the token's trading volume, and its parabolic run began.
Fast forward to April 2021. By April 11, the number of SHIB holders had doubled to 23,000. And by April 20, the Shiba token was already trading at $0.000004058. It gained more momentum when a famous Twitter influencer, Jordan Belsfrost, tweeted ‘show me the Shiba Inu.’ That tweet also pumped the number of holders of the token to 100,000 within the next 48 hours. The SHIB token continued to increase in price and market cap into the early days of May 2021.
Come May 10, 2021, Binance listed SHIB in its innovation pool. This was another catalyst that sent the token’s price skyrocketing. There were other events in May 2021. On May 12, Vitalik donated $1 Billion worth of SHIB to charity. He also burned 400 Trillion SHIB (about 40% of the total supply) on May 16. This attracted even more attention to the SHIB community and fostered more trust in its members. By the end of May 2021, SHIB’s price stood steady at $0.000008 per token.
The price can’t keep going up, though. Therefore, SHIB’s price and market cap started declining due to profit-taking strategies and some negative news. By the end of July 2021, its market cap had gone down to about $2 Billion. Its price also hovered around $0.000006 to $0.000008. This boring price action continued till October.
In October 2021, Coinbase listed SHIB. Also, the Shiboshi NFTs were released. These and other events induced another price spike for SHIB, prompting a price surge again, which climaxed on October 28 at an ATH of $0.00008845. At this point, its market cap was about $51.4 Billion. At a point, it even overtook Dogecoin as the world’s most valuable meme token, though that was only briefly.
How Is Shiba Inu Doing Now?
SHIB’s current price is 0.00001466, with a market capitalization of about $5 Billion. It has a 24-hour decrease of 2.6% and a 7-day decrease of 18%. This is a far cry from its ATH - about an 88% drop. Even though the price drop is much, the same can be said of most tokens in the cryptocurrency market right now.
So, SHIB is not doing badly, relatively. In fact, it is currently the 13th largest cryptocurrency in the world and still retains its spot as the second-best memecoin. Its market dominance is also at 0.65% - not bad for a memecoin! Lastly, if you had invested in SHIB from the beginning and never sold, you would still be at a gain of about 600,000% despite adverse market conditions.
Current Shiba Inu Price Prediction
The entire crypto space has been bearish since May 2022. Many assets have fallen far from their all-time highs. SHIB is no exception. The bearish state of the market has been further deepened by the fall of the FTX crypto exchange on November 9, 2022. As we wrote this article, the crypto market is still struggling to shake off the effects of this infamous event. It may take some time, though.
Even though the candles are still red, they will become green again. Currently, SHIB is trading at $0.00001 - a 6.7% increase over the last 24 hours. When the fog clears and things return to normal, it may continue its winning streak.
Shiba Inu Price Prediction For February 2023
Even though February is still in its early days, it has already proved to be a favorable month for digital assets. The rest of the month may still be spent at the price depths that cryptocurrencies have plunged into. Things may start looking up in February to March. According to price prediction experts, SHIB will trade between $0.0000093 and $0.0000140 in February 2023.
Long-term Shiba Inu Coin Price Prediction For 2023
Shiba Inu is expected to rise steadily in 2023. It may not give as much profit as it gave initial investors, but it will likely give decent profit to new investors. The minimum price may be around $0.0000225, while the maximum price is likely to be around $0.0000281. This leaves an average price of $0.0000253 for the year 2023.
The table below summarises our price prediction for Shiba Inu in 2023.
Long-term Shiba Inu Price Prediction for 2023-2030
2030 is still far away. Still, it will likely be an exciting year for cryptocurrencies. The general landscape of the crypto world would likely have matured. More people and institutions will also likely accept crypto for the technological breakthrough that it is. By then, the Shibarium side chain will have launched, and more people may see SHIB as a token that has utility.
With that in mind, here is the SHIB crypto price prediction of experts for the coming years:
Long-term Shiba Inu Price Prediction By Experts
It is not easy to predict the future prices of assets as volatile as cryptocurrencies. You have to remove emotions from the mixture and reason along the lines of logic. That is why there are experts who specialize in predicting price action based on historical price performance and technical analysis.
These experts may only sometimes be right, though. It is common knowledge that crypto assets sometimes go against all reasoning and surprise even seasoned traders. However, if things go as they should, these price predictions usually turn out right.
We will now summarize the price forecasts of some of the major players in the prediction market. While using their opinions as a baseline, do your own research before deciding whether or not to buy the Shiba Inu coin.
Shiba Inu Forecast By CryptoNewsz
Cryptonewsz is a well-renowned site for cryptocurrency discussions and price predictions. According to them, Shiba Inu will have a minimum price of $0.0000225, an average price of $0.0000257, and a maximum price of $0.0000289 in 2023. For 2024, the website predicts the maximum and minimum prices of SHIB to be $0.0000405 and $0.0000323, respectively. The average price for that period will likely be around $0.0000364.
In 2025, Cryptonewsz predicts that the price worth of one SHIB token will range between $0.0000423 and $0.0000505, with an average price of $0.0000464. In 2026, SHIB’s price is expected to average around $0.0000404, with a minimum value of $0.0000365 and a maximum value of $0.0000443.
Come 2027, SHIB’s maximum price will likely be $0.0000612, and its minimum price will be $0.0000523. That gives a 2027 average price of $0.0000568. When 2028 comes, Cryptonewsz predicts that SHIB’s price will have climbed to a maximum of $0.0000834 and a minimum of $0.0000752. The average price for this period will be around $0.0000793.
The year 2029 will likely see SHIB ‘eating a zero’ as its price averages around $$0.000133. Its minimum and maximum price for that period will likely be $0.000109 and $0.000151, respectively. The year after that, 2030, will likely see the token’s price rise to an ATH of $0.000165 and a minimum price of $0.000152. The average price will be $0.0001585.
As we have seen, Cryptonewsz’s Shiba Inu forecast is bullish. It predicts that it will meet and pass its ATH and bring more rewards to its owners. As noted earlier, these are speculative views and should not be taken as financial advice.
Shiba Inu Price Prediction By Changelly
Changelly is another tool that many investors use to predict the markets accurately. It has also offered its opinion on what the price of SHIB may be in the coming years. In 2023, Changelly predicts that it will reach a maximum price of $0.0000197 and a minimum price of $0.0000167. Its average price for that period will likely be $0.0000173.
Changelly’s next prediction is for 2025. By then, SHIB will likely trade at a maximum price of $0.00042 and a minimum price of $0.0000346. The average trading price is expected to be $0.0000373. In 2030, SHIB will likely trade at an average price of 0.000237. The maximum and minimum prices are estimated to be 0.000273 and 0.000229.
The Changelly platform is particularly bullish about the future of Shiba Inu. If things work out as they predicted, you will have made a massive 2500% profit in 2030 if you buy now. This is not financial advice, though.
Shiba Inu Price Prediction By AMBCrypto
AMBCrypto is another crypto price prediction website. They have predicted SHIB’s future prices as follows:
In 2023, SHIB’s minimum price will be $0.000023, its maximum price will be $0.000034, and its average price will be $0.000029. The year after that, 2024, will see a jump in its average price to $0.000038, while its lowest and highest prices will be $0.00003 and $0.000045, respectively. In 2025, the price range will be $0.000039 to $0.000059, with an average price of $0.000049.
AMBCrypto’s price predictions continue into 2026. In that year, SHIB will trade at a minimum of $0.000052 and a maximum of $0.000078. Its average will be around $0.000065. 2027 will see SHIB trading between $0.000068 to $0.0001, averaging a price of $0.000085. Its price increase will continue into the following year (2028) with a minimum price of $0.000089, a maximum price of $0.00013, and an average price of $0.00011.
These figures are only estimates. Therefore, do not base your investments solely on them. As noted earlier, cryptocurrencies can spring up surprises at times. It is up to the individual investor to trade with logic and reason.
Shiba Inu Price Prediction By Margex
Margex is a bitcoin-based derivative exchange that allows traders to trade with 100X leverage and simultaneously stake their tradable assets using Margex's unique staking features, which allow users to earn up to 13% APY on trading assets with no lockup period.
Margex does not permit the shilling of assets with high price volatility and long candles, and as a result, the platform has proven to be a standout exchange for many.
From past price actions, a great community, and market sentiment, forecast experts on Margex have concluded that the price of SHIB will do well as the bull run sets in, considering its performance in the previous bull cycle. With the rumor of integration into the Amazon payment system, the price of SHIB will continue to make waves in the crypto industry.
Frequently Asked Questions (FAQ) About Shiba Inu Price Prediction
Will Shiba (SHIB) reach $100?
That is highly unlikely. SHIB will need to reach a market cap of $50 Quadrillion for that to happen. That just cannot work.
What Will Shiba (SHIB) be worth in 2025?
Our Shiba Inu price prediction for 2025 is $0.000049 on average.
What Will Shiba (SHIB) be worth in 2030?
In 2030, SHIB will likely be worth around $0.00019, per AMBCrypto’s Shiba Inu price prediction.
What Will Shiba (SHIB) be worth in 5 years?
In five years (2027), Cryptonewsz’s SHIB price prediction is an average price of $0.0000568.
Does Shiba (SHIB) Crypto Have A Future?
Yes, it does. AMBCrypto predicts that SHIB will still be up and running in 2033. It will likely be around $0.00043 per SHIB token then.
How High Can Shiba Get?
According to AMBCrypto, SHIB can go as high as $0.00051 in the coming years.
