SHIB, the Shiba Inu meme coin, is taking a beating in December, like many other cryptos. After losing a third of its value in only 24 hours at the beginning of the month, it is already down another 4% today (15 December).
It is presently around 60% lower than when it peaked in late November.
So, what exactly is a Shiba Inu, and what does the future hold for its price?
In this post, we’ll look at the most recent developments to help you decide whether the Shiba Inu is a good fit for your financial portfolio.
In reaction to Musk’s comments, the price of Shibas jumps and plummets.
In August 2020, the so-called “meme coin,” Shiba Inu, was released. It’s a spoof of the dogecoin (DOGE) meme, which is a parody of the cryptocurrency field itself. As investors hunt for the next bitcoin (BTC) to invest in, coins based on the Shiba Inu dog breed have grown in popularity.
The Shiba coin drew investors’ attention in May, when it rose 2,405 percent in three days to a high of $0.0000388 on May 10th, owing to Elon Musk’s performance on Saturday Night Live. After referring to the cryptocurrency as a “hustle” in prior weeks, his appearance caused a sell-off in DOGE.
Over the summer, the Shiba coin price decreased sharply, trading mostly between $0.000006 and $0.000008.
A petition on Change.org demanding the Robinhood exchange list Shiba citing the presence of rival dogecoin keeps building signatures but is it making a difference? The petition notes that Binance, another exchange, has listed Shiba which caused a 16% price uplift. At the time of writing, there were around 551,000 signatures.
Prices of the Shiba Inu (SHIB), dogecoin (DOGE), and Shiba floki (FLOKI) cryptocurrencies jumped after Elon Musk tweeted a photo of his Shiba Inu puppy in a Tesla on 4 October reigniting interest in the coin. Then Musk admitted he did not own any of the cryptocurrency and it dropped 7%.
But over the next few days, it recovered – in fact, it rose by more than 40%. Then over November, the share price dropped 23%. The news of the Kraken listing and Volk’s appointment led to another sharp rise. Now the coin now stands at $0.0000366 giving a market capitalization of $20.01bn ranking it 13th.
Newegg, an eCommerce store, said on November 29 that it will accept SHIB as payment on its platform. It had already agreed to accept BTC, LTC, and DOGE.
SHIB was listed on the Kraken market in late November, and the company announced the employment of gaming veteran William Volk, signaling a move in that direction.
Shiba Inu disclosed on December 8 that it had inked a strategic work-for-hire deal with Playside, an Australian video game company, which gave hints as to where that move may take it. The two will collaborate on a multiplayer Collectable Card Game under the terms of the pact, which is defined as a “fixed-price, milestone-based agreement.”
On the same day, Bitstamp announced that SHIB will begin trading on December 9th.
BitPay, a bitcoin payment service provider, stated on December 8 that SHIB will be added to its list of supported currencies, allowing customers to “purchase, store, exchange, and spend” SHIB.
Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf— Elon Musk (@elonmusk) October 4, 2021
In response to a community request, the anonymous creators of Shiba Inu revealed on August 7 that they have started a coin burn to restrict the quantity of SHIB. Inflation is slowed through digital coin burns, which destroy coins and remove them from circulation.
Perlin and Ryoshi, two new trading pools introduced to the ShibaSwap decentralized coin exchange, burnt $25,000 in both SHIB and LEASH currencies.
🚨NEW PAIRS ADDED + BURN🔥!!!!— Shib (@Shibtoken) August 7, 2021
The Shiba Community asked for a BURN 🔥 and #ShibaSwap DEVs have listened, and are delivering!
As one part of the new listings plans, they have implemented a burn procedure to reduce $SHIB and $LEASH supply. pic.twitter.com/lfooX0S00D
The creators have created an ecosystem around the Shiba Inu currency, including LEASH and BONE tokens. On July 6, ShibaSwap, a cryptocurrency based on the Ethereum blockchain, went live. Burning coins to lower the amount in circulation raises the possibility of a price increase.
Next week, the developers plan to release a collection of non-fungible tokens (NFTs) including 10,000 pictures of Shiboshi characters. They’ll be sold only on ShibaSwap at first, with a secondary market on the OpenSea NFT platform.
While the NFTs will be purchased in LEASH and ether (ETH), for an extra charge of $100 paid in SHIB, purchasers can name their Shiboshis. The monies that remain will be burned to the SHIB burn wallet.
According to CoinMarketCap, there are presently 549,014 billion Shiba Inu coins in circulation, with a maximum supply of one quadrillion.
You should constantly keep in mind that previous price performance is no guarantee of future results.
So, what does the future hold for shiba crypto following the rally? What are the projections for the rest of 2021 and beyond?
Will the price of the Shiba coin (SHIB) rebound to previous highs?
In the long run, Coin Price Forecast predicted that the Shiba Inu coin price will continue erratic, rising from $0.00036 at the end of 2025 to $0.00037 in 2026, then climbing to $0.00053 by the end of 2028 before rising to $0.00061 in 2030.
It’s vital to remember that cryptocurrency markets are still incredibly volatile, making it impossible to anticipate a coin’s price in a matter of hours, and even more difficult to make accurate long-term predictions. As a result, experts and internet forecasting services may make incorrect projections.
Before making any investment decisions, we urge that you conduct your own research and evaluate the latest market trends, news, technical and fundamental analysis, and expert opinion. Never put more money into something than you can afford to lose.
Does the Shiba coin have a future?
Cryptocurrencies, particularly “meme coins” like Shiba Inu, are high-risk investments. SHIB’s future will be determined by if it finds a useful application that leads to widespread adoption. The destiny of the coin will also be determined by activity on cryptocurrency exchanges. With new currencies being released on a regular basis, a competitor meme currency might arise and attract the interest of investors.
Is it wise to invest in Shiba Inu cryptocurrency?
Your specific circumstances will determine whether a Shiba Inu is a good investment for you. Cryptocurrencies are extremely volatile assets, making them riskier to invest in than other types of assets. Before investing, you should consider how much risk you’re willing to take. Never put money into an investment that you can’t afford to lose. To determine if it’s a suitable fit for your investment portfolio, you need to conduct your own study.
As usual, the historical price performance is no guarantee of future results, and you should never invest more money than you can afford to lose.
Will the price of the SHIB coin rise?
The Shiba Inu price is expected to rise in the long run, particularly in cryptocurrency markets, according to forecasting services, however, it may take many years for the coin to reach a new high. In the meanwhile, it’s important to remember that forecasters may and do make mistakes.
Can Shiba inu reach $0.01?
The enormous amount of SHIB tokens in circulation restricts the price’s potential rise under a realistic market capitalization. As a result, experts do not anticipate the SHIB price to reach $0.01 before the end of the decade, owing to the vast amount of Shiba Inu coins in circulation and the large maximum supply. It’s important to realize, though, that they may and do make mistakes.