Shiba Inu (SHIB) is one of the most astonishing cryptocurrencies that have ever hit the market. This dog-themed coin reached its all-time high price at $0.00008845 on October 28, 2021. The price per SHIB coin seems insignificant. However, with a circulating supply of nearly 850 trillion SHIB coins, Shiba Inu is the 13th top cryptocurrency by market capitalization at the time of writing.
But what makes this cryptocurrency unique is its tremendous price increase during 2021. Shiba Inu surged by over 60 million percent over the last year. What has triggered this insane rapid growth? And more importantly, will Shiba Inu continue gaining value at a gigantic pace? Is it possible to predict its price for the coming years? Find it out in our current Shiba Inu coin price prediction prepared by our team of cryptocurrency analysts.
What Is Shiba Inu Coin?
The Shiba Inu coin was created by ‘Ryoshi,’ an anonymous developer. It launched on August 1, 2020, as an “experiment in decentralized spontaneous community building.” According to the whitepaper (called a ‘woofpaper’) for Shiba Inu, the project aims at answering the question of:
“What would happen if a cryptocurrency project was 100% run by its community?”
The SHIB logo features a Shiba Inu Japanese dog in the same fashion as Dogecoin (DOGE). There are some similarities between these two cryptocurrencies besides the dog-themed logo. Shiba Inu claims to be a better version of DOGE and bills itself as the “Dogecoin Killer.”
Shiba Inu runs on the Ethereum blockchain, unlike Dogecoin, which is merge-mined with Litecoin. The Shiba Inu project features ShibaSwap, a decentralized application that creates liquidity pools. SHIB holders can stake their coins on this platform to earn interest and fees from other users that swap tokens on ShibaSwap.
This platform usually displays relatively high-interest rate estimates for each liquidity pool. However, most pools have at least one highly volatile digital coin in them. This scenario exposes SHIB holders to impermanent loss. Despite this inconvenience, Shiba Inu has gained enormous popularity through its connection with Dogecoin.
For example, when a celebrity like Elon Musk or Vitalik Buterin mentions Dogecoin in a tweet, the prices of both DOGE and SHIB vary (usually increase) dramatically. But such drastic price changes make some people wonder whether Shiba Inu can have some stability. The reality is that Shiba Inu has little under the hood to give the coin stable value. In this aspect, it resembles Dogecoin, the cryptocurrency it’s looking to surpass.
Why Is Shiba Inu Crypto Growing?
Shiba Inu still has enormous potential for gains as investors have poured massive amounts of money into this coin. The woofpaper for this cryptocurrency claims that half the total coin supply was sent to Vitalik Buterin (the creator of Ethereum). The other half was locked on Uniswap, a decentralized finance protocol that facilitates automated transactions between crypto tokens on the Ethereum blockchain.
Shiba Inu will likely continue growing in popularity since many investors find such coins attractive. Cryptocurrencies like Shiba Inu offer the opportunity for quick gains. That’s the main driver behind the success of this coin.
SHIB Price History
At the time of launch, Shiba Inu had a price of less than $0.00000001. There was one quadrillion SHIB coins, which explains the small cost per coin. For several months, SHIB did not show any significant appreciation. The first remarkable price movements occurred in April 2021. This coin reached a value of $0.0000037 on April 18. By May 9, it was already trading at $0.00003503. The price then dropped and fluctuated around the $0.00001 line for nearly five months.
The first days of October witnessed a new price hike. By October 5, Shiba Inu was trading at $0.00002797. Three weeks later, on October 28, Shiba Inu set its current all-time high at $0.00008845. A progressive downtrend ensued. At the time of writing, each SHIB coin has a price of $0.000035. SHIB holds the 13th position of the top cryptocurrencies by market cap as per CoinMarketCap.
Shiba Inu Price Prediction 2025
According to Wallet Investor, Shiba Inu could be trading at $0.000244 by the end of 2025. For its side, DigitalCoin predicts an average of $0.0001276 by 2025. Over-optimistic analysts predict a SHIB price of $0.0095. However, according to other predictions and our technical analysis, such a high price is nearly unfeasible.
Shiba Inu Price Prediction 2030
Will Shiba Inu reach $1 by 2030? It is unlikely. Some proponents of Shiba Inu think that the coin can get to the price of $0.01 or even higher by 2030. However, others believe that the hype will eventually die down. Reaching $1 would require Shiba Inu to have a market capitalization of one quadrillion US dollars. For comparison, the total US National Debt is $23.3 trillion or 3% of the staggering sum mentioned before.
The previous assumption is valid if the circulating supply remains unchanged. But on August 7, 2021, the anonymous developers of Shiba Inu announced a coin burn that will reduce supply. By reducing the circulating supply, the developers create the potential for the price to move up further.
Where Can I Buy the Shiba Inu Coin?
Most leading custodial exchanges like Binance and Coinbase list this cryptocurrency for trading. There, you can buy Shiba Inu using fiat money. But for quick purchases with cryptocurrency, you can use a crypto-to-crypto exchange like LetsExchange.io. Our platform allows you to swap more than 4,000 cryptocurrencies for SHIB coins at very competitive exchange rates.
Should I Invest in Shiba Inu?
If you are keen on high-risk investments with the potential for massive gains, then Shiba Inu is for you. This coin is particularly volatile. While greater risk can lead to more significant profit, it can also lead to massive losses. Invest cautiously. Consider that Shiba Inu does not have a sound technological project to back its price.
Disclaimer
Please keep in mind that the above information is based exclusively on our observations and is provided for informational purposes only. It doesn’t constitute any kind of financial advice nor represents an official forecast. Cryptocurrency is a highly volatile asset, and you are investing in it at your own risk.