Shiba Inu (SHIB) is one of the most hyped cryptocurrency tokens in the market. This token is referred to as a memecoin and was once among the top 10 biggest cryptocurrencies in the world back in 2021. At its peak, Shiba Inu had a market capitalization of around ~43.5 billion dollars. Some months after November 2021, the hype died down and the price began declining slowly. This led to it losing tens of billions in market capitalization. The downtrend, however, is not exclusive to Shiba Inu, as the whole cryptocurrency market has been performing negatively in the past 2 years. Today, Shiba Inu is the 12th largest cryptocurrency in the world. But what is Shiba Inu? Why does it have such value? And why do people keep investing in SHIB? We will answer these and many more questions throughout this article.
What is Shiba Inu (SHIB)?
As stated above, Shiba Inu is a cryptocurrency token that was developed back in August 2020 by “Ryoshi.” Until today, we still have no idea who is behind this token, although all kinds of rumors have been going around for years. For context, Shiba Inu is a well-known Japanese dog breed. The motivation behind the name is based on Dogecoin’s brand. Shiba Inu’s goal is to establish a decentralized ecosystem where users could conduct peer-to-peer business without using middlemen. This token was initially developed on top of Ethereum’s blockchain but has since made an enormous effort into moving onto its own network.
Similar to DOGE, SHIB was primarily regarded as a joke that became popular on social media sites like Reddit and Twitter. The coin, however, quickly gained popularity. By May 2021, Shiba Inu’s market cap exceeded $13 billion, marking a new milestone. To this day, Shiba Inu is one of the most widely used Ethereum-based tokens available. At the time of writing, SHIB holds the 13th spot as the biggest cryptocurrency in CoinMarketCap.
According to Shiba Inu’s website, SHIB is a “Dogecoin Killer.” While Dogecoin is widely known as the king of meme coins and has the likes of Elon Musk supporting it, Shiba Inu started with no backing whatsoever. Even the founder of Shiba Inu, Ryoshi, asserts that he is unimportant and a nobody. However, though, this token quickly gained speed and value as a community of investors was drawn in by the token’s endearing charm and tweets done by its community. This led to Shiba Inu eventually surpassing Dogecoin in regard to market capitalization at one point.
Who Created Shiba Inu?
There were lots of rumors going around about the identity of Shiba Inu’s founder. The main one, however, was one made by an anonymous Reddit user claiming that Vitalik Buterin, the co-founder of Ethereum, was “Ryoshi.” On June 5, 2021, Vitalik Buterin challenged the claims that he was Shiba Inu’s creator in an interview for the Lex Friedman show. This marked the end of the rumors that Ethereum’s co-founder was also the founder of SHIB.
Given that Shiba Inu was already receiving a lot of attention, it had a huge market capitalization even before Buterin mentioned it publicly. Nevertheless, this token was still just one of the many meme coins in the market; that is until Buterin publicly burned his portion of the SHIB supply and donated the rest to India. For your information, Buterin receive half of SHIB’s total supply when the token initially joined the market. Burning half of Shiba Inu’s total supply led to SHIB skyrocketing and setting a new all-time high once again.
How Does Shiba Inu Work?
Like many other cryptocurrency tokens, Shiba Inu works on a blockchain. Shiba Inu is an ERC-20 token operating on the Ethereum blockchain. This enables secure and transparent transactions without the need for intermediaries. Operating on the Ethereum blockchain enables the creation of smart contracts for Shiba Inu “developers.” These contracts contain the rules that govern the behavior of Shiba Inu’s ecosystem and tokens. For instance, Shiba Inu has a fixed total supply of one quadrillion tokens. This means that no new Shiba Inu tokens can ever enter the market. This limit ensures that the value of each token remains stable and cannot be diluted by inflation.
The Shiba Inu ecosystem consists of three main tokens: SHIB, LEASH, and BONE. SHIB is the main token and is used for transactions on the Shiba Inu network. LEASH, on the other hand, is a token that is pegged to the value of one Ethereum and is used as a store of value. This means that the value of LEASH is expected to remain relatively stable, unlike the volatile SHIB token.
The third token of the ecosystem, BONE, is used to incentivize users to hold SHIB and LEASH tokens. BONE can be earned by staking SHIB and LEASH tokens, which means locking them up for a period of time. Staking helps to reduce the supply of SHIB and LEASH in circulation, which can increase their value.
Users can buy and sell SHIB and LEASH tokens on various cryptocurrency exchanges, such as Binance and Coinbase. The price of these tokens is determined by supply and demand, with more buyers leading to higher prices, and more sellers leading to lower prices.
Shiba Inu (SHIB) Price Prediction 2023, 2025, 2030
Throughout this article, we will touch upon the future of Shiba Inu and its potential market performance from today until 2030. We will mainly focus on fundamental analysis, previous price movements, and general future events in the crypto industry.
Shiba Inu (SHIB) Price Prediction 2023
When we talk about the future of Shiba Inu, we must note that the overall performance of the cryptocurrency market will be crucial. The crypto market is notoriously volatile and has been subject to sudden fluctuations, which could, in turn, affect SHIB’s value. Regulatory developments may also have a great impact on the cryptocurrency market which may also influence SHIB’s value through new regulations or laws being introduced.
It is important to consider the utility of SHIB as well. Although it was initially launched as a meme coin, it has since grown to include many use cases. It is now possible to stake SHIB and earn rewards, and it can also be used to make transactions. If use cases for SHIB continue to increase, the demand and price of SHIB may also increase in the upcoming years.
Finally, it is worth considering the competition. There are numerous other cryptocurrencies with similar use cases to SHIB. These meme coins could potentially affect the value of SHIB given that their communities are similar. Some of these coins, such as Dogecoin (DOGE), have already established themselves as major players in the market, making it challenging for SHIB to compete. While Dogecoin is the king of meme coins, SHIB has a dedicated community of supporters. This may help drive its adoption and ultimately increase its value.
Considering that the cryptocurrency market is relatively bearish at the time of writing, we may have to wait for another year until Shiba Inu gets back to breaking records again. So, by the end of 2023, SHIB could be trading somewhere between $0.000011 and $0.000023. However, if the market crashes again this year, we might see SHIB trading at a price below $0.000011.
Shiba Inu (SHIB) Price Prediction 2025
One factor that could potentially affect SHIB’s price in 2025 is Bitcoin halving. Every four years, miner rewards are halved. This is done in order to limit the supply of Bitcoin, making it more scarce. This can have a knock-on effect on the broader cryptocurrency market, as it significantly increases the attention towards the crypto industry. Such an event often has a positive effect on the price of cryptocurrencies and tokens, including SHIB. While the next Bitcoin halving is set to happen in early 2024, the year after the halving occurs is what is exciting for the market.
Another factor that could affect SHIB’s price in 2025 is the state of the global economy. The COVID-19 pandemic has had a significant impact on the global economy, causing a recession in many countries. By 2025, economies are expected to begin their recovery. This could result in increased investment in cryptocurrencies as investors look for alternative assets to protect their wealth, which could potentially drive up the price of SHIB. It is also worth considering the competition that SHIB faces in the cryptocurrency market.
While it has gained significant attention in 2021, it is still a relatively new player in the market. As you may know, there are other major and more established cryptocurrencies like Bitcoin and Ethereum that control the market. So, the market performance of such cryptocurrencies is likely to affect the price movements of SHIB as well. By the end of 2025, Shiba Inu is likely to be trading at a price between $0.00018 – $0.00035 per token. This would mean a new all-time high for SHIB as its current all-time high is only $0.000088 per token set back on October 2021.
Shiba Inu (SHIB) Price Prediction 2030
One significant factor that could affect SHIB’s price in 2030 is the mainstream adoption of cryptocurrencies. While the cryptocurrency market has grown in recent years, it is still considered by many to be a risky investment. By then, it is likely that the market will gain more mainstream adoption. This could potentially drive up demand for meme coins similar to SHIB and DOGE and ultimately increase their value.
Another factor that could affect SHIB’s price in 2030 is the growth of its user base. As the cryptocurrency market gains more mainstream adoption, it is likely that millions of new users will join the market. So, by 2030, we predict that SHIB could be trading at a price between $0.00073 – $0.00075. On a bullish note, its price could hit $0.001. On a bearish note, however, SHIB could be trading at around $0.00050 by 2030.
Frequently Asked Questions (FAQs)
Can Shiba Inu Reach 1 Cent?
Not really. Shiba Inu is unlikely to reach the price of 1 cent anytime soon. SHIB trading for 1 cent a token is hardly ever going to happen if we are realistic. The only way Shiba Inu will ever reach that price is through major manual burns. This would cause its tremendous supply to decrease, making it easier for it to reach such a price.
Is Shiba Inu a Scam?
No. Until today, Shiba Inu has proven itself as a credible project. However, though, since the crypto market remains unregulated in most countries, it is hard to understand when a project is a scam. In 2022, we have seen the likes of crypto giants such as Luna and FTX collapse in just a few days. So, only invest what you can afford to lose and always do your own research.
Will Shiba Inu Crash?
Depends. It is unlikely that Shiba Inu will crash in the near future, but the possibility always exists. The cryptocurrency market is very uncertain right now as it has been in the past year. Such uncertainty may lead to major projects crashing unexpectedly.
Takeaways
- Shiba Inu (SHIB) is a cryptocurrency token that was developed in August 2020 by an unknown founder named Ryoshi.
- SHIB is a memecoin that gained popularity quickly and became one of the most hyped cryptocurrency tokens in 2021.
- Shiba Inu was initially developed on top of Ethereum’s blockchain but has since made an enormous effort into moving onto its own network.
- The Shiba Inu ecosystem consists of three main tokens: SHIB, LEASH, and BONE.
- Users can buy and sell SHIB on various cryptocurrency exchanges, including Binance and Coinbase.
- By 2023, our Shiba Inu price prediction shows that the token could be trading at a price of between $0.000011 and $0.000023.
- By the end of 2025, SHIB is likely to be trading at a price between $0.00018 – $0.00035.
- As for 2030, we predict that SHIB could be trading at a price between $0.00073 – $0.00075.