The Shiba Inu Coin lately witnessed a stunning huge price gain again. The meme coin thus demonstrates that it can achieve high price gains out of the blue in 2022. Can the Shiba Inu soon become the meme coin of preference and even climb to the top 10 most beneficial cryptocurrencies in the medium and long term? Let’s take a look at this Shiba Inu price prediction in more detail.
What is the Shiba Inu Coin?
The Shiba Inu Coin was launched in 2022 and is a satire of the already-founded currency Dogecoin. Shiba Inu ironically dubbed itself the “Dogecoin Killer”. This indicated the “bitcoin killer” term for Dogecoin. Shiba Inu is memecoin, which some users claim is an option to Dogecoin. Before the decline, it had been one of the best coins in the market. This earned holders substantial profits within a year. In October 2021, the coin touched an all-time high of $0.00008616, bouncing by more than 100%. Yet, this coin is slightly distinct from Dogecoin. While Doge has its blockchain, designers created Shiba on Ethereum, making it a token. Tokens are digital assets that are made on another blockchain.
Initially, this coin trended as a parody on Twitter. Because of Dogecoin’s triumph, many people purchased Shiba to profit from market beliefs. When it commenced a bull run in October, it surpassed Dogecoin in the top ten digital assets list. Today, Shiba has a dedicated community, driving the narrative to other crypto enthusiasts. This, in turn, may get the coin more investors.
What is so special about the Shiba Inu Coin?
The Shiba Inu Coin was launched in the summer of 2020. But after just a few months, the coin underwent tremendous hype, which made it one of the top 15 cryptocurrencies on the market. The 2021 bull market pushed the Shiba Inu to undergo a price outbreak that turned many early investors into millionaires.
Dogecoin has established over the past few years how a spoof of cryptocurrencies can itself become a reputable cryptocurrency that many investors invest in. Above all, the recognition of social media and celebrities can raise the price of these entertaining currencies massively. This was the case for Dogecoin in the 2017 bull market. In 2021, the same means would apply to Shiba Inu.
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How much is Shiba Inu worth?
The Shiba Inu coin lately underwent a tremendous jump in price. The price gains have been rather small compared to other cryptocurrencies on the market such as ETH. Yet, on August 14, 2022, the coin witnessed a huge jump in price from $0.000013 to $0.000018. The meme coin rose by over 30% within one day. At the time of writing this, the SHIB price is sitting at $0.00001346. In the last seven days, the price has increased by almost 9.4%.
The big price gain is normally not unexpected. What was unexpected, however, was the timing of the rise. Because in the last few weeks it has been rather uneventful around the Shiba Inu. Above all, a bear market usually implies that meme coins tend to have a harsh time. The revived robust rise indicates that the Shiba Inu coin could be on investors’ radars moving forward.
Does the Shiba Inu Coin have a future?
The Shiba Inu coin came almost out of nowhere in 2021 and became the crypto market sensation. Because many analysts couldn’t accept that after the dogecoin’s success, there could be a spot for another meme coin that could grow to the ranks of the most beneficial cryptocurrencies.
Yet, the Shiba Inu displayed that even copying spoofs could start tremendous hype in the market. With the fame it has already achieved, it is now very far-fetched that the Shiba Inu Coin could be overlooked in the future.
Engagement is the most critical thing for meme coins. Since meme coins mostly have no operation and do not solve any issues, they must remain in the conversation with investors. Bear markets are thus extremely difficult for this kind of cryptocurrency. But despite huge upsets in recent months, the Shiba Inu has been able to remain steady in the top 20 cryptocurrencies by market capitalization. This confirms that it continues to attract the engagement of investors.
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Shiba Inu Price Prediction: How high can the SHIB rise?
SHIB/USD Weekly chart – GoCharting
As a meme coin, the Shiba Inu is a very volatile coin. Meme coins fluctuate much more than other cryptocurrencies. Essentially, they are even riskier than other coins on the market. Cryptocurrencies are already risky investments compared to other investments. The order of risk involves:
This makes the Shiba Inu a risky investment. Yet, the possibility of huge price gains is incredibly high.
There are many predictions for the long-term expansion of the price. It is often stated that the price can rise between elements 10x and 100x within a bullish cycle. So, if the price increase is optimal in 2 cycles, we could witness a Shiba Inu price of $1 in the next 3-5 years.
When will the price of the SHIB go up?
The Shiba Inu (SHIB) price has lately increased again, which demonstrates the unpredictability of the meme coin’s price growth. It is therefore quite challenging to forecast the timing of a price increase. But we can make some straightforward forecasts based on what we know about the overall market.
We are presently in a bear market in cryptocurrencies. Over the last 9 months, market values have dropped extremely sharply. This occurred in the history of the crypto market in 2014 and 2018. As a result, the cryptocurrencies were able to stabilize again.
Yet, a new bull market is always an occasion that will last for some time. The Bitcoin cycle has been a 4-year cycle for the past few years. A new bull market always started after each Bitcoin Halving. This will presumably take place in spring 2024. Only then should there be a new long-term bull market.
Thus, the most increased and, above all, bearable price gains for the Shiba Inu Coin are only to be anticipated in the years 2024 and 2025. Yet, we should note that the market remains inconsistent and the cycle can vary at any time.
Should you buy the Shiba Inu Coin?
At the moment investment in Shiba Inu could be profitable from almost every point of view. Nevertheless, you should only note that the SHIB is a risky asset and should only be a portion of your crypto portfolio. We suggest investing 10-15% of your portfolio in one or more meme coins. At the moment the price for the Shiba Inu Coin is still so low that investment is particularly advantageous. So you can now purchase the cheap SHIB and desire a price burst in the medium and long term.