As time passes by, the attention given to the cryptocurrency market grows. This attention is often beneficial, attracting new investors to the market. Lately, many major cryptocurrencies have been mentioned in many news outlets like The Guardian and CNN. Being mentioned and talked about in major news outlets like the above-mentioned ones gives the elements of credibility in the eyes of investors. Even though the cryptocurrency market has real potential and is full of serious projects, people have found a way to create fun and interesting crypto’s that don’t provide anything unique or special to the market except an interactive community. One of the best examples we can take is the famous Dogecoin – the king of meme coins. However, a younger coin, labeled as the ‘dogecoin killer’ by many, has lately taken the spotlight. The main goal for this cryptocurrency named Shiba Inu is surpassing Dogecoin, and it looks like that might happen soon.
But what is Shiba Inu? How does it work? What does the future hold for this meme-coin? Why is this coin so hyped up and can it surpass Dogecoin? Throughout this article, we will do our best to answer these and many more questions.
SHIBA INU (SHIB) Fundamental Analysis
Let’s begin by elaborating on how Shiba Inu came into existence. Shiba Inu is considered a meme-coin and was founded in August 2020 solely for surpassing Dogecoin. Since the meme behind Dogecoin is about a Japanese dog breed called Shiba Inu, its founder decided to call this cryptocurrency just that. Not much is known about the Shiba Inu founder; they are anonymous and go by the pseudonym of Ryoshi.
Being an ever-emerging market, the cryptocurrency industry gave space to every developer to create and build whatever coin they wanted. This was also the case with the founders of Dogecoin, creating an independent cryptocurrency based on the “Doge” meme. Dogecoin had a good bull run back in 2018, however, the real attention came during this year, which resulted in DOGE entering the top 5 cryptocurrencies in regards to market capitalization. Dogecoin is considered the “father of meme-coins”, the first crypto to be based on a meme. However, Shiba Inu has been closing in Dogecoin lately, indicating that it may surpass Dogecoin in terms of market capitalization in the future.
Read more: Dogecoin Price Prediction 2021 and Beyond – Is DOGE a Good Investment?
Shiba Inu has a maximum supply of 1 quadrillion tokens. When the coin first launched, 50% of Shiba Inu’s total supply was gifted to Vitalik Buterin. Even though this amount of SHIB was considered as burned, in May 2021, he unlocked his wallet and donated $1 billion worth of SHIB to a fund opened to help with the struggles India was facing regarding Covid-19. Afterward, Vitalik Buterin declared that he will be burning the remaining amount of SHIB by sending it to a dead blockchain address, taking about 410 trillion SHIB out of circulation.
Moving on, the Shiba Inu token operates as an ERC-20 token in the Ethereum network. Even though this cryptocurrency started as a joke, Shiba Inu has been progressing towards a serious project. One of the latest projects launched by Shiba Inu is called ShibaSwap – a decentralized cryptocurrency exchange. On the 6th of July, ShibaSwap went live, however, the DEX is still in its early stages. There are numerous features on ShibaSwap, and we will elaborate on the most important ones as briefly as we can.
What is ShibaSwap?
As previously stated, ShibaSwap is a decentralized cryptocurrency exchange that was launched on the 6th of July and it is based on the Shiba Inu cryptocurrency. This project is what increased the credibility of Shiba Inu in the eyes of many investors. Down below we will try to touch upon some of the main features that ShibaSwap offers to its users.
|“There are tons of BONES under the ground”
This feature allows SushiSwap users to provide liquidity and rewards them for doing so. In short words, you will get rewarded for becoming a Liquidity Provider (LP) and providing your crypto assets to a specific pool. LPs get rewarded with BONE.
|The Fetch feature allows SushiSwap users to migrate their Uniswap V2 LP or SLP tokens to SusiSwap to earn bonus BONE. This feature is set to last only for 2 weeks after it goes live.||“Shibas love to bury what they find”
This feature technically allows you to ‘bury’ your tokens to gain returns. This feature is similar to staking in other exchanges.
|“Tell your Shiba Inu to fetch new tokens”
Just as the name suggests, this feature allows you to swap your tokens for other ERC-20 tokens.
|“Every Shiba Inu needs to check their stash”
Through Bonefolio, ShibaSwap aims to provide its users with a portfolio to keep track of their assets.
|“Woof your returns”
This feature is similar to farming in other decentralized exchanges. Here, you can stake SSLP and claim rewards.
ShibaSwap uses three cryptocurrencies, with SHIB being its foundational currency. Moving on, LEASH is the second token of ShibaSwap and has a total supply of 107,646 tokens, making it easier for this cryptocurrency to increase in price; LEASH was supposed to be a rebase token, however, the rebase was removed. It is worth mentioning that the full name of the LEASH crypto is Doge Killer. Last but not least, we have the BONE token which fits perfectly in between the two above-mentioned tokens when it comes to supply – having a total supply of 250 million. BONE is a governance token and can be used by the ShibArmy to vote on proposals regarding the Shiba Inu ecosystem.
SHIBA INU (SHIB) Price Analysis
As we mentioned above, Shiba Inu entered the market in August 2020. According to Coinmarketcap, the token had an initial price of $0.00000000064. SHIB decreased in price throughout August, trading 62% lower by the end of the month, leaving it with a price of $0.00000000024. Similar price movements occurred throughout the remaining months of 2020, giving SHIB a trading value of $0.000000000072 by the end of the year.
Moving on, the year 2021 was the year Shiba Inu really blew up. By the 20th of April, it had reached the price of $0.0000031, experiencing an increase of 484000% from its launch. With its price skyrocketing to those unimaginable heights, everybody thought that that was it for the coin; until May 2021. In May, SHIB reached the price of $0.0000388, which meant a 6000000% increase in its trading value from its release. This blast left SHIB with a new all-time high that was set on the 10th of May.
After the above-mention events that occurred and with the help of the market correction that happened earlier this year, SHIB’s price fell by 83%. At the time of writing, SHIB trades at $0.000008 and has a 24-hour trading volume of $304 million.
SHIBA INU Market Price Prediction
Shiba Inu is a very young cryptocurrency, and being this young means that there is still a long way to go before we can understand whether it will do well on the market or not. However, the latest projects announced by the team behind Shiba Inu are promising, especially the above-mentioned decentralized exchange called ShibaSwap.
According to WalletInvestor, Shiba Inu might reach its current all-time high by the end of 2022. Additionally, this token is may continue its increase throughout the years, potentially reaching a trading value of $0.000079 after five years. This would leave SHIB with a new all-time high and a 1000% investment return. On the other hand, GovCapital predicts that SHIB may not bounce back to its current all-time high until early 2023. As for the long term, GovCapital states that the price of SHIB may set a new all-time high of $0.000059 in mid-2026.
Shiba Inu might continue to dwell around its current price for quite a while, before possibly starting to rapidly increase in price. According to CoinBureau, SHIB might retest its current all-time high soon, possibly breaking it and setting a new one. He states that the chances of this retest increase proportionally with the growth of the whole cryptocurrency market. Furthermore, he claims that if Coinbase lists SHIB, the token may reach even higher prices – obviously.
Even though Shiba Inu was thought to be more than a joke some months ago, people are starting to understand the true potential of this 100% community-driven cryptocurrency. One of these people is the cryptocurrency Youtuber known as Chad Reddings. He predicts that, after the recent events surrounding Shiba Inu, the token might start to get back on track, potentially recovering from the price drop that the token experienced earlier this year.
To wrap it up, we will briefly touch upon the power that some influencers have over the cryptocurrency market. The best example would be Elon Musk with Doge, with Elon publicly supporting that cryptocurrency. Yet, Dogecoin is not the only one experiencing high price movements whenever it gets mentioned. Another great example is Elon Musk with Shiba Inu. Recently, Elon Musk has been tweeting about buying a Shiba Inu dog, however, just the fact that he mentioned the words “Shiba Inu”, the trading value increases.
My Shiba Inu will be named Floki
— Elon Musk (@elonmusk) June 25, 2021
Tweets like these play a huge role in a specific cryptocurrency’s market performance – and that has been happening a lot lately.
Also read: Akita Inu (AKITA) Price Prediction 2021 and Beyond – Is AKITA a Good Investment?
Crypto Academy SHIBA INU (SHIB) Price Prediction
We at Crypto Academy think Shiba Inu has proven to be a lot more than just a meme coin. With serious projects, Shiba Inu is getting the attention of many big investors. Additionally, it is helping build a better DeFi ecosystem. Considering that the goal of DeFi is to decentralize finance, Shiba Inu is contributing to fulfilling this goal by supposedly being 100% community-driven.
SHIBA INU (SHIB) Price Prediction For 2021
After doing some research and analysis surrounding SHIB, we believe that the token might continue to see small price movements throughout this year. Nevertheless, our forecast shows that in November 2021, SHIB might start to steadily grow towards the end of the year. To wrap it up, we think that SHIB may be trading at $0.0001 by the end of 2021, breaking its current all-time high.
Shiba Inu (SHIB) Price Prediction For 2022
As for 2022, we think that SHIB might continue its uptrend. However, our predictions show SHIB increasing at a slower pace. This may be because of many reasons; the main one being the uncertainty behind ShibaSwap and the performance of Shiba Inu. On a bullish note, our forecast gives SHIB the price of $0.000068 by the end of 2022. Yet, on a bearish note, we believe SHIB may hold a trading value between $0.0009-$0.001 by the end of the year.
SHIBA INU (SHIB) Price Prediction For 2023
As time passes by, projects launched by Shiba Inu will get tested and tried by the masses. This means that there needs to be more work done towards keeping these projects alive. Understanding the fact that “Ryoshi” has yet to let us down, we believe that Shiba Inu may overcome any challenge that gets in its way. In 2023, we believe that Shiba Inu might reach a yearly high of $0.002.
SHIBA INU (SHIB) Price Prediction For 2024
The year 2024 may be a very stable year for SHIB, which might experience only small price movements. Nevertheless, that may start to change as we move towards the end of 2024, where SHIB may experience the beginning of a bull market – potentially closing the year down with a price of $0.003.
SHIBA INU (SHIB) Price Prediction for 2025
2025 may be a year during which SHIB might experience another bull run. By June 2025, we predict that SHIB might already reach the price of $0.00034. Furthermore, we believe that the coin will leave the year 2025 with a price of around $0.005.
SHIBA INU (SHIB) Price Prediction for 2026
After five years, our forecast shows that SHIB may be dwelling around the price it had reached during 2025. However, there are many speculations that the team behind Shiba Inu is working on a policy to burn amounts of SHIB, changing the tokenomics of SHIB and proving as a big boost for its price. This would be life-changing for SHIB since its very high supply is holding it back from achieving its true potential. We believe that this policy is likely to be created; therefore, we think that SHIB may trade at a price between $0.01-$0.05 by the end of the year 2026.
How To Buy SHIBA INU (SHIB)?
- Carefully choose the exchange you want to buy SHIB tokens. Some of the exchanges where Shiba Inu is listed are Binance, Coinbase Pro, KuCoin, CoinBene, Probit Global, CoinDCX, WazirX, Crypto.com, Huobi, and OKEx.
- After logging in and verifying your account, choose the payment method of your preference and proceed with filling in the information needed.
- Now, you can either first deposit fiat currency into your account or directly buy SHIB using your payment method.
– If you want to first deposit your fiat currency into your account, you should check if that crypto exchange allows you to deposit fiat currency. If the exchange allows you to deposit fiat currency onto its platform, locate the “Deposit Fiat” on your exchange and enter the desired amount of cash you want to use. Afterward, go to market pairs and locate a market pair that includes SHIB and the currency that you deposited.
–If you want to directly buy SHIB, simply locate the “Buy Crypto” button, select the currency that you own, and enter the amount of SHIB you are interested in buying. After you press “Buy”, your SHIB should be in your account. If faced with any inconvenience during the process, please contact the exchange’s support team.
- After buying your Shiba Inu, you can store them on a hot wallet or a cold wallet, with cold wallets being way safer than hot ones.
Read more: How To Buy Cryptocurrency? – A Step-By-Step Guide
Frequently Asked Questions
Where can I buy SHIBA INU (SHIB)?
At the time of writing, the main wallets that have listed SHIB are Binance, KuCoin, Crypto.com, and Atomic Wallet. You can also buy SHIB using a DEX like Uniswap or PancakeSwap using Trust Wallet or Metamask.
Is it worth investing in SHIBA INU (SHIB) in 2021?
After checking many factors that play a role in the price of SHIB, we believe that investing in SHIB during this year may be profitable for you to HODL in the long run.
Will SHIB ever hit $1?
Hitting $1 is technically impossible for SHIB right now, considering its enormous supply. However, this may all change if the team behind SHIB decides to make drastic changes to the cryptocurrency’s tokenomics.
- Shiba Inu, also known as the “Dogecoin Killer”, was built specifically to surpass Dogecoin.
- Even though Shiba Inu started as a joke, it has been working on serious projects lately, with ShibaSwap being one of them.
- ShibaSwap is a new decentralized exchange and SHIB is its primary currency.
- Some of the features that are present on ShibaSwap are called Dig, Fetch, Burry, Swap, Woof, and Bonefolio.
- SHIB has a great year so far, reaching heights that were never thought possible for it.
- At the time of writing, SHIB has a market capitalization above $3 billion and holds the #30th market rank on Coinmarketcap.
- According to many experts and prediction websites, investing in Shiba Inu may prove fruitful for you during the next few years.