What is Shiba Inu and Forecast for 2022
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Understanding Shiba Inu
Shiba Inu is a “meme coin”, that is, its creators were inspired by a “meme” or trick on the net.
Part of its success has been attributed to its similarity to Elon Musk’s favorite cryptocurrency, Dogecoin, which led to viral growth and attracted over a million holders.LAST UPDATE 29 JANUARY 2022
Preface
Some say 2021 was the year of the “dogs” for cryptocurrencies. Dog duo Dogecoin (DOGE) and Shiba Inu (SHIB) led the meme coin pack and skyrocketed in price and market cap. In November 2021, DOGE gained over 8,000% since the beginning of the year and ranks ninth by market capitalization on CoinMarketCap. Its competitor, SHIB, has pumped over 60,000,000% since January.
Who are the founders of SHIBA INU?
The SHIBA INU Woof Paper has three reasons why their team created SHIB:
“We started from scratch, with zero”.
The brilliant minds behind SHIB had never collaborated before.”
“We love Shiba Inu dogs.”
The anonymous creator of the Shiba Inu coin is known as “Ryoshi”. However, very little is known about the mysterious founder of the dog-themed cryptocurrency, much like the founder of Bitcoin, Satoshi Nakamoto.
What makes SHIBA INU unique?
The SHIBA INU website invites dog-inspired artists from around the world to promote the “Shiba art movement” as they bring their SHIBA INU community to the NFT market.
SHIBA INU has also created a campaign using Amazon Smile in order to collect donations for the rescue of live and real Shiba Inu dogs with the Shiba Inu Rescue Association.
But what exactly are meme coins?
Meme coins are cryptocurrencies inspired by memes or jokes on the Internet and social media. The first meme coin created was Dogecoin (DOGE).
Launched in 2013 as a parody, DOGE was inspired by the popular Doge meme of a Japanese Shiba Inu dog.
This is likely due to the fact that meme coins are strongly community-driven tokens. Their prices are generally influenced by social media and the sentiments of the online community.
This often brings a lot of hype but also financial risk. While it is true that some traders got rich on meme coins, many lost money due to market volatility.
Another feature of meme coins is that they often have a huge or unlimited supply.
For example, Shiba Inu (SHIB) has a total supply of 1 quadrillion tokens, while DOGE does not have a maximum supply and there are already over 100 billion tokens in circulation.
Since meme tokens generally don’t have a coin-burning mechanism, the huge supply explains their relatively low prices. For just $ 1 USD, you can buy millions of meme tokens.
Why are meme coins so popular?
While it’s hard to pin down specific reasons, some say that during the COVID-19 pandemic, the cryptocurrency market grew as retail investors wanted to hedge against inflation. Meme coins have also exploded amid the hype, growing in both market cap and variety.
It all started after the GameStop (GME) and AMC Entertainment (AMC) “meme stock” saga at the end of 2020, where the Reddit community raised the prices of these shares up to 100 times in just a few months. In January 2021, a Reddit group joked about raising the price of DOGE to create a crypto equivalent of GME.
The trend has caught on, and coupled with the influence of Tesla CEO Elon Musk’s tweets, the price of the DOGE has risen. Dogecoin hit a new all-time high of $ 0.73 USD, an increase of more than 2,000% in five days.
However, in May 2021, Elon Musk publicly joked about DOGE on TV and many claim that it was the cause of the subsequent drop in prices. Several traders have therefore turned to other meme coins on the market, such as SHIB “Dogecoin killer”. At the same time, retail investors were FOMO (Fear of missing out) in meme coins hoping to become millionaires overnight, sparking another meme coin rally.
Another reason retail investors find meme coins attractive is that they typically only cost a few cents or even a fraction of a cent. Technically, the low price doesn’t mean much because these coins have huge stocks. However, holding millions of a certain meme currency is different from holding a fraction of ETH or BTC. Traders can get thousands or even millions of DOGE, SHIB or Akita Inu (AKITA) tokens for just a few dollars.
In addition to the potential profits, the meme coin frenzy is also driven by the respective feelings of the community. As mentioned, meme coins are inspired by popular Internet memes, intended to be funny and sometimes considered an “insider’s joke” for a community.
Shiba Inu 2021
2021 was a very positive year for Shiba Inu, its surge occurred in April and then in October, a month in which it went from $ 0.000007 to $ 0.0008 in just 25 days (increase of over 1000 %).
Since then, the price has come down a lot, currently standing at $ 0.00002148$ as of this writing.
Shiba Inu currently stands at a fully diluted market cap of $ 11.7 billion, placing it just below Polygon and close to the global crypto top 10.
Shiba Inu predictions for 2022
It is difficult to predict memes like Shiba Inu since their growth is influenced by often moody and sudden factors, in this case Shiba Inu has generated an incredible profit in 2021, but after the drop in prices one has to ask whether the demand will be able to resume. and reach new highs in 2022.
CryptoPredictions believes that Shiba will be able to return to its previous highs in the first quarter of 2022 by continuing to rise to $ 0.000088 by the third quarter of 2022. It predicts that the coin could lose another zero, reaching $ 0.0001 by 2023, which would mean growth of 163% over the next 12 months.
Yes, if any of these predictions are correct, the price of SHIB will increase in 2022 and beyond.
While some projections suggest further price hikes in 2022 and beyond, some describe SHIB as a short-term investment model that will not be able to sustain its long-term pace.
The SHIB network price outlook for the full year reflects enormous volatility, saying it could rise to around $ 0.0000125 in July and August and straight to $ 0.000013 by December. Its Shiba Inu price prediction for early 2022 is $ 0.00039, but by the end of 2022 the price could rise to $ 0.0001 and peak by the end of 2025.
Finally, as ShibArmy reaches its membership peak and more institutional money goes to community-led coins like Shiba Inu, the SHIB price could hit an all-time high of $ 0.01.
Furthermore, this could lead to a rise in the price of SHIB in the cryptocurrency market and would be a better investment as the price could rise and reach around $ 0.0005.
But if Shibaswap doesn’t become a practical reality under the usual pressure of buyers and sellers, the average SHIB price will be $ 0.0000241.
Until the end of the year, the Shiba Inu could have another moment of growth, and it could soon reach $ 0.0001.
According to the latest news, research and price predictions for the Shiba token, the coin could exceed $ 0.00001258 by the end of 2021 and could register a new ATH worth around $ 0.00004 by 2025.
The current trend indicate that the probability of SHIB reaching $ 0.01 in the near future is small, although possible.
Likewise, according to Coinpedia Shiba Inu price predictions, if the above scenario occurs, SHIB could hit highs by the end of the year and the new ATH will be $ 0.000812.
On September 17, 2021, Coinbase, the largest US-based cryptocurrency exchange, listed Shiba Inu on its platform. This news caused Shiba Inu price to rise by more than 40% over the next two days, putting the meme dog token back in the spotlight.
Where to buy and trade Shiba Inu
Nexo
Buy SHIB and trade on Nexo.io
Binance
Buy SHIB and trade on Binance
Coinbase
Read our guide (soon)
Buy SHIB and trade on Coinbase
BlockFi
Read our guide (soon)
Buy SHIB and trade on BlockFi
Where to earn SHIB for free
Freebitco
earn easily BTC on Freebitco (then you can swap in SHIB)
Cointiply
earn easily COINS on Cointiply (then you can swap in SHIB)
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