Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto’s own research on the subject
Everyone loves dogs. Everyone loves memes too. Now, put them together and what do you get? Well, memecoins, of course.
Now, Dogecoin may be one of the market’s oldest meme coin. However, of late, one can argue that Shiba Inu Coin [SHIB] has overshadowed DOGE on the charts and rankings.
You know why, because one would argue that SHIB today is bigger than DOGE on the price charts.
The most famous meme coin after Dogecoin, Shiba Inu Coin is only the second meme coin, after DOGE, to be among the top 15 cryptocurrencies. Marketed as a Dogecoin killer, Shiba Inu (SHIB) was created by an anonymous cryptocurrency developer in August 2020. SHIB has continued to grow in these 2 years, eliciting positive responses from industry giants such as Elon Musk and Vitalik Buterin.
Big thanks to the Shiba Inu community, whose cryptocurrency made these fellowships possible!
— vitalik.eth (@VitalikButerin) July 20, 2022
Since its launch, the altcoin has maintained a rivalry with DOGE, even though the latter continues to grab a larger share of the market.
The project began with a sheer love of Shiba Inu dogs; it started from zero in the spirit of creating zilch. But now, it has become a force to be reckoned with in the cryptocurrency industry. A lot of investors, both casual and serious, have invested in the coin, looking at it as a possible long-term investment option.
SHIB is an ERC-20 coin that runs on the Ethereum blockchain and it aims to compete with, and possibly outpace DOGE. Its developers call it “the Dogecoin killer”. Many who missed out on the DOGE craze are now betting on SHIB, curious to experience the next best thing among the meme coins.
Shiba Inu has been known to be a disrupter when it comes to management and operations. The enterprise began with a supply of one quadrillion; its founder Ryoshi first locked 50% in Uniswap and then burned another 50% to Vitalik Buterin, the founder of Ethereum. We are yet to know why this step was taken.
Later in 2021, Buterin decided to burn 90% of his Shiba Inu holdings and donate the rest to charities. He had earlier donated SHIB tokens worth $1 billion to a COVID-19 relief fund for India, CryptoRelief. He said that this was the only way he could avoid his transactions in Shiba Inu being read as actions.
Buterin’s decision to burn his holdings, nearly 50% of the Shiba Inu coins in circulation, effectively put them outside the purview of the market since these coins are now stored on an inaccessible public address. Ryoshi thanked Buterin for his contribution to creating a decentralized financial system.
Buterin has also praised the Shiba Inu community for supporting different initiatives such as the Fellows in AI Existential Safety.
The platform also supports the Shiba Inu Incubator, facilitating a large group of creative digital artists who bring forth an experience of what feels like a decentralized movement. The NFT project gives support to artists in the creation, exhibition, promotion and auction of their artworks, besides providing them other streams of income.
The community is also involved in rescuing the real Shiba Inu dogs through its association with the NGO named Shiba Inu Rescue Association.
Skeptics are unsure of the future of cryptocurrency and memecoins in particular. While the mainstream cryptocurrencies projected themselves to be the alternatives to fiat currencies, memestream cryptocurrencies such as Shiba Inu were only poking fun at the former’s claims.
But as these memecoins got popular, they didn’t go in the direction of developing use cases of the currency. That wasn’t the intention either, neither did the community expect such a popularity in the growth of memecoins. There are, however, a number of merchants today in the US accepting Shiba Inu as a payment method.
Another factor affecting the growth of the Shiba Inu currency is the huge number of crypto whales selling the memecoins. As per a report, whales at one point of time held $1 billion worth of SHIB coins. However, they keep selling and burning the currency from time to time, and now they hold barely a fraction of that amount.
The burgeoning cryptocurrency market proved to be pleasant for SHIB also. The Shiba Inu community’s demand to get the coin listed on Robinhood Markets Inc. had it hitting an ATH of $0.00008845 in late-October 2021.
The second quarter of 2022 proved to be a bloodbath, however, with SHIB suffering. At press time, it was valued at 0.00001198.
Why these projections matter
As is evident, a sense of community is crucial to the growth of SHIB. Whether it is their demand to get it listed on Robinhood or asking McDonald’s to accept it as a mode of payment, the community has always rallied around the growth of SHIB.
I’m getting a Shiba Inu #resistanceisfutile
— Elon Musk (@elonmusk) March 14, 2021
It has also become a home to a huge community of NFT artists who focus on the Shiba Inu breed of dogs in their artworks.
“Rather than simply dismissing the hype outright, it’s important to realize that what we’re seeing is the mass movement of traders new to crypto moving into the space,” said Ben Caselin, Head of Research and Strategy at AAX. He added, “SHIB coin is a meme coin and embraces that.”
As it runs on an Ethereum platform, it currently employs the proof-of-work (PoW) consensus mechanism and will transition to the proof-of-stake (PoS) consensus mechanism. The upcoming Ethereum 2.0 transition will also certainly impact the growth of the currency.
In this article, we will give an overview of the key performance indicators of SHIB such as price and market cap. We will then share with you what most popular crypto-analysts have to say about the future of this meme coin. This information will be complemented by data charts for a better understanding of the trajectory of SHIB so far and later.
Shiba Inu’s Price, Market Cap and everything in between
During the crypto-bloom of 2021, SHIB’s price continued to soar and hit 0.00003503 in mid-May. Its price further rose by over 34% when it got listed on the crypto-exchange Coinbase in September 2021.
When the Shiba Inu community clamoured to get the cryptocurrency listed on Robinhood Markets Inc., its price soared to an ATH of $0.00008845 in late October 2021. The altcoin, however, was not listed on the exchange before April 2022. At that point of time, it even dislodged Dogecoin to become the most-valued meme coin by market capitalization. The surge also led to its mass adoption by many cryptocurrency enthusiasts.
As the cryptocurrency market crashed during Q2 of 2022, SHIB’s market price also continued to fall. From its April 2022 price of 0.000026, it fell to a little below $0.000008 by mid-June 2022. Since then, it has slowly risen, trading at 0.00001301 at press time.
Source: SHIB/USD, TradingView
The market capitalization of SHIB broadly reflected its price throughout the course of its history. During the crypto-run of 2021, its market cap peaked at $41 billion by the end of October 2021. At no point of time in 2021 was SHIB’s market cap below $16.5 billion.
During the Q2 2022 crash, its market cap fell even below $4.5 billion in mid-June. Currently, its market cap is a little above $7.76 billion, making it the 15th largest cryptocurrency.
Along with DOGE, SHIB has been responsible for a flood of meme-coins in the cryptocurrency market such as Bit Shiba, King Shiba and Baby Doge.
Shiba Inu Coin’s 2025 Predictions
Before reading further, we must understand that market predictions of different analysts widely vary. A good number of times, these predictions will prove to be wrong as analysts cannot always foresee events such as political or environmental crises. It is wise that an investor conducts their own research before investing in a cryptocurrency, especially in something as volatile as SHIB.
For instance, a Changelly blogpost claimed that after studying SHIB prices and market fluctuations, experts predict that SHIB could go as high as $0.00005048 and as low as $0.00004183. Its potential ROI for the said year is predicted to be 322%, with its average price remaining $0.00004335.
Telegaon concurred, finding that according to some crypto-experts, Shiba Inu Coin’s price can hit a new ATH in 2025. On the contrary, even though they expect enough tokens being burnt this year, they are not so hopeful about its price rise in 2022. They predict the maximum and minimum prices of SHIB to be $0.0001928 and $0.00009839, respectively. Its average price was predicted to be around $0.0001152.
Shiba Inu Coin’s 2030 Predictions
The aforementioned Changelly blogpost also mentioned that in 2030, SHIB will be traded at an average price of $0.00030921. Its maximum and minimum prices will be $0.00035649 and $0.00029857, respectively. The potential ROI for SHIB in 2030 is predicted to be 2,878%.
Now, there’s good reason to believe why SHIB’s price might hike on the charts. For instance, according to many, if users burn enough tokens, a cryptocurrency’s acceptance is bound to increase. That being said, the meme coin must cultivate a host of different use cases too.
And, not everyone agrees with whatever utility meme-coins like DOGE and SHIB might have either. Ripple CEO Brad Garlinghouse, for instance, believes that this asset class isn’t good for the market at large. In fact, it has often been speculated that these assets are part of a bubble.
Back in April, Finder surveyed a panel of 26 experts who predicted a rather gloomy picture for the future of Shiba Inu coin. They predicted that the average price of SHIB in 2030 will be as low as $0.000000325.
Speaking for a majority of the panelists, Dimitrios Salampasis claimed,
“I am of the opinion that all these joke-type coins will disappear and leave space for actual innovation and crypto-assets that can serve proper use cases.”
Source: Finder
Conclusion
Shiba Inu Coin has continued to grow, hand in hand with the token burns. However, as its supply decreases and demand increases, its price should rise. Ideally. In fact, many investors have become millionaires by investing in this meme coin.
Shiba Inu has a lot of promising possibilities that will keep pushing the market. What also works in its favor is its extremely low price, which is why a lot of people keep buying it.
This July, Shiba Inu developer Shytoshi Kusama informed the users about further developments in a blogpost.
Progress on Shibarium, the platform’s Layer 2 protocol, is on track. The update will allow users to move assets with minor gas fees, facilitating micro transactions over Shiba Inu-based dApps. The team has deployed a host of new and innovative developers to build the UX/UI of its platform and web portals as a part of the same process. The post also informed that the developers are yet to determine the launch date of its beta version.
SHI, a stablecoin, is also expected to be released this year. Kusama acknowledges that its development is a cause of concern now that other stablecoins have collapsed, creating losses worth millions of dollars. The team of developers, the post adds, is working to build such a coin that will avoid the problems associated with other moonshots. This will allow SHI to be used for transactions that need to be done without market fluctuations. An experimental protocol, more details in its regard will be shared once it is finalized.
A new token, TREAT, is also upcoming that will be used as a reward token on Shiba Inu-based metaverse and games such as the Shiba Collectible Card Game. A limited supply of these coins is reserved for its most loyal Breed members who have been working for years to build public confidence in the entity.
The post also announced that its metaverse and card game will also be launched in time.
In January this year, Shiba Inu Ecosystem announced the arrival of Shiberse, the native metaverse of the Shiba Inu community. As digital coins, games, virtual land and memes populate the Shiberse, it is bound to get popular among an audience that is keen to explore a brave new world beyond the confines of time and space.
Only recently, the group tweeted the news about Shiba Eternity, a collectible card game. The game is being developed in close collaboration with the legendary AAA game development studio PlaySide Studios.
What the enterprise is certain to face is a challenge in this space from Big Tech metaverse ventures such as Yuga Labs’ Otherside and Zuckerberg’s Meta. It is difficult for an independent community such as the Shiba Inu Ecosystem to sustain the might of Big Money and Big Tech. The only way it can gain an edge in this segment is by introducing revolutionary ideas in the metaverse, gaming and NFT segments. So far, we haven’t seen anything new.
How the upcoming Ethereum Merge affects the growth of Shiba Inu coins is also to be observed. Among the most anticipated changes are the reduced gas fees and more transactions per second.
These are all crucial developments for the SHIB space. And, some would believe that the crypto’s price would be accordingly affected too. In fact, Finder’s panel concluded that,
“Hype is going to continue as the driving force behind the value of SHIB, with 82% of the panel saying memecoin hype will have a significant impact on Shiba Inu’s price this year. A touch over two-fifths (41%) see its inclusion on major broker platforms like Robinhood helping it to gain steam, with 12% citing the launch of ShibaSwap.”
Source: Finder
As we can see, there is a lot of anticipation associated with the innovations brought forward by Shiba Inu Coin. Even so, there is a lot of uncertainty regarding its future. Investors should therefore conduct their own research before investing in the currency. Worth pointing out, however, that there is not a lot of greed going around right now, with the F&G index flashing a reading of 54 at press time.
Saturday Sep 10, 2022 Fear and Greed Index for $SHIB (#ShibaInu) for 1 day temporality. Check out more at https://t.co/dSSZTM9joJ pic.twitter.com/t17XsTWRMr
— Shiba Inu Fear and Greed Index (@SHIB_CFGI) September 10, 2022
This news is republished from another source. You can check the original article here