The hype around finding cheap cryptocurrencies to buy is still going strong in the crypto community. However, it is essential to understand how feasible it is for cryptocurrencies to reach a specific price. Shiba Inu coin is currently sitting at #14 in the list of the biggest cryptocurrencies by market cap. The Shiba community believes that SHIB price still has considerable potential. Will Shiba Inu coin reach $1 during the next bullrun? Let’s analyze in this Shiba Inu coin price prediction.
- 1 What is Shiba Inu Coin?
- 2 How much does a Shiba Inu cost?
- 3 How much is 1 million Shiba Inu worth?
- 4 How to Mine Shiba Inu?
- 5 Shiba Inu Coinbase – How to Buy?
- 6 Why is Shiba Inu dropping?
- 7 SHIB Price Prediction – What are the targets of Shiba Inu?
- 8 Will Shiba Inu Coin reach $1?
- 9 Will Shiba Inu reach 1 cent?
What is Shiba Inu Coin?
Shiba Inu is an Ethereum-based altcoin with the Shiba Inu hunting dog as its emblem. It is referred to as “the Dogecoin killer” by its fans, a group known as the SHIBArmy, and is commonly regarded as a Dogecoin alternative.
On October 29, 2021, Shiba Inu’s price increased by more than 10 times, giving the company a $41 billion market value. Shiba Inu is just behind Dogecoin in the top 10 of all meme cryptocurrencies, despite a sharp decline in the market worth to the current $6.2 billion as of September 25, 2022.
Shiba Inu was developed on and is hosted on the Ethereum blockchain rather than its own blockchain since it is an Ethereum-based ERC-20 token. According to the founder Ryoshi, he decided to create the Shiba Inu ecosystem on Ethereum since it was already safe, and reliable and permitted the project to maintain its decentralized nature.
How much does a Shiba Inu cost?
Shiba Inu prices differ based on supply and demand. Also, different exchanges have slightly different prices. The current Shiba Inu cost at the time of writing is around $0.00001090.
How much is 1 million Shiba Inu worth?
Given the current price of $0.00001090 for 1 SHIB, 1 million SHIB tokens would be worth around $11. Don’t get fooled when someone tells you they own millions of millions in Shiba Inu tokens, they might be worth a couple of hundred.
How to Mine Shiba Inu?
As stated previously, Shiba Inu operates on the Ethereum blockchain. Since Ethereum moved from PoW to PoS, there is no more mining for Ethereum or any other token that operates on the Ethereum blockchain. Hence, you cannot mine Shiba Inu anymore. However, you can stake Shiba Inu.
Shiba Inu Coinbase – How to Buy?
Coinbase is a good exchange that offers Shiba Inu coin as an option to buy and sell. You’ll always be in charge of your SHIB holdings. You only receive incentives while keeping your cryptocurrency secure with Coinbase; your SHIB never leaves your account.
You can start buying and selling right away by simply purchasing SHIB on Coinbase or adding SHIB tokens to your Coinbase account from an external wallet. To start right away, create a Coinbase account here.
Why is Shiba Inu dropping?
If we look at the macro chart of SHIB, we can notice two phases: SHIB on a strong downtrend as the first phase, and SHIB in consolidation as the second phase. This means that currently, prices are undecided and moving sideways between two price areas.
In figure 1 below, we can clearly see those two phases. The upper and lower trendlines of the sideways are delimited by a low price of $0.000008 and $0.000018. SHIB prices are expected to rebound higher trendline, but for now, prices seem to be bearish. This is in fact confirmed by the overall sentiment in the crypto market which is currently bearish. In a previous article, we predicted SHIB coin price to continue downwards and reach a price of around $0.000010. This is exactly what’s been happening, as prices just broke the $0.000011 limit.
SHIB Price Prediction – What are the targets of Shiba Inu?
Knowing where Shiba Inu is consolidating, we anticipate a rise in SHIB’s price as soon as the price of $0.000018 is crossed. When this occurs, we anticipate that the whole cryptocurrency market will be back on a positive trajectory at that point. Thus, the majority of cryptocurrencies have already overcome their particular barriers.
If this happens, here are the targets that Shiba Inu can reach:
We can notice that SHIB price is not likely to increase overnight. In fact, those targets need at least 2 months as SHIB might continue lower toward the lower trendline in the short term. That’s why it might be risky currently to open a long position in SHIB.
Will Shiba Inu Coin reach $1?
Reaching 1$ per Shiba Inu coin means that the total market cap of SHIB would hit around $550 trillion. This is definitely a very high valuation, as the total budget of the US for 2022 was around $5 trillion. SHIB is never likely to reach a 1$ price.
Will Shiba Inu reach 1 cent?
For Shiba Inu to reach 1 cent, the market cap of SHIB would be around $5.5 trillion. This valuation is almost the same as the total US budget for the year 2022. Shiba Inu is never likely to reach 1 cent, especially in the current market dynamics.
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