Despite the fall in value that happened not so long ago, Shiba Inu is recovering step by step. From what we can estimate, this recovery started in August, when the cryptocurrency was valued at around $0.000007. The recovery isn’t as fast as many would like and SHIB, currently valued at $0.0000096 is still considered bearish. But what about the future of this cryptocurrency? Is the current cost a good time to enter and invest in SHIB? Let’s uncover the truth!
Getting Started
Meme coin was a reaction to the popular trend of meme coins creating. Its founders decided to launch their project in 2020 and name it after the most popular meme dog. Before the release of Shiba Inu, the niche of meme coins was heavily dominated by Dogecoin. As of today, this newly introduced cryptocurrency is seriously considered a startup to become the most likely “killer” of Dogecoin.
We can estimate the success of Shiba Inu by taking a look at the evolution of its market capitalization over the course of a year. In May 2021, it was estimated at around $3 billion. By October of the same year, it became 10 times higher! As of November 2022, the Shiba Inu market cap is around $6 billion.
Initially, Shiba Inu was started as a joke that would run on the capabilities of the Ethereum network. As of the date of writing, Shiba Inu is a big decentralized ecosystem issuing other coins as well. Except for SHIB, the ecosystem operates LEASH and BONE. These are not the last cryptocurrency issues within the Shiba Inu ecosystem.
But how could an ordinary cryptocurrency without any unique concept or specific idea become such a big mainstream in such a short period of time? The secret is hidden behind a short word – meme. Memes are defined as objects that quickly gain popularity, mainly, because users like having fun of them. This is what happened to SHIB. It was heavily promoted by the community of crypto traders. And of course, the most extraordinary billionaire on the planet, Elon Musk, couldn’t miss the opportunity to post several funny memes.
This is all about the past and the history of the rise of Shiba Inu. And what about its future prospects? Is it a temporary mainstream, or does the project have the capabilities to remain on the top as a sustainable startup?
What is the expected SHIB price?
It’s difficult to make price predictions regarding crypto assets because this market is too volatile. This is a very significant factor, especially if we talk about meme coins, which can change their prices overnight because of events that are out of the financial or blockchain worlds.
Nonetheless, there are certain objective circumstances that might be predicted and estimated. In our analysis, we considered the following factors:
- The Shiba Inu ecosystem is growing right now. The solutions, implemented by the developers, and the dynamics of the ecosystem growth are satisfying to say that SHIB is a sustainable investment. For instance, users of SHIB can now operate their holdings in the native SHIB Metaverse.
- It has been announced that the Shiba Inu team is going to launch the Shibarium layer-2 network by the end of the current year. This launch will cause a decrease in gas fees, which will make the ecosystem more attractive for developers.
- Different technical analyses, conducted by algorithm-based websites, expect the SHIB to increase in price up to $0.000014 in less than a month. Technical data also show that in 3 years, the coin might be priced at as high as $0.000044. If all the announced solutions are implemented successfully, the growth might be even more significant. Of course, algorithm-based technical analyses aren’t always accurate. But so far, technical analysis is one of the most efficient ways to predict the prices of cryptocurrencies.
Conclusion
We cannot say whether the SHIB price will increase in the nearest future exactly. However, what we see these days, gives us positive hopes regarding this cryptocurrency. Of course, you better always keep all the risks in your mind and don’t get too relaxed when dealing with virtual assets. Follow the basic risk management tools and work with reliable cryptocurrency trading platforms and brokerage services.
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