Shiba Inu and SHIB token: Let us dig deeper
Shiba Inu is a meme coin that was started in 2021 as the prices of most digital currencies surged. The coin was created to be a viable alternative to Dogecoin, a cryptocurrency that has been promoted widely by Elon Musk, the CEO of Tesla.
Shiba Inu developers have been expanding its ecosystem in a bid to transition from being a meme coin. In 2021, they launched ShibaSwap, a decentralized finance (DeFi) marketplace that enables people to swap tokens. The ecosystem now has a total value locked (TVL) of over $130 million.
At the same time, they launched their Non-Fungible Token (NFT) marketplace. In 2022, they unveiled a metaverse platform powered by the SHIB token.
Shiba Inu has a maximum supply of 589,735,030,408,323. Those in circulation are 549,063.28B, bringing its total market cap to over $13 billion.
Shiba Inu (SHIB) price history & technical analysis
Shiba Inu had a strong performance when it was launched in 2021. In its first few days of trading, the coin’s price surged to $0.000039, which pushed it to become a top-ten cryptocurrency. The initial rally was short-lived as the coin’s price crashed to an all-time low of $0.0000051 in July. It then bounced back and surged to an all-time high of $0.000087 in November.
On the daily chart, the coin has shown little volatility as evidenced by the falling Average True Range (ATR) and moving averages. The coin has also formed a symmetrical triangle pattern that is shown in red. This triangle is nearing a confluence level, signaling that a breakout is about to happen although it is hard to predict the direction of this breakout.
A bullish breakout will push the coin to the next key support at $0.000016 and resistance at $0.000050.
Shiba Inu (SHIB) price prediction for a year
Shiba Inu is one of the most popular cryptocurrencies in the market today. Therefore, there is a likelihood that its price will do well since its developers are expanding its ecosystem and utility. For example, its $130 million TVL is almost half that of Cardano, a platform designed for developers.
Therefore, there is a possibility that the coin’s price will have a bullish breakout as investors target the important resistance level at $0.000050. A break about this level will see bulls start targeting the all-time high. Still, this bullish view will depend on how aggressive the Fed will be and the performance of other coins.
A study by Long Forecast estimates that Shiba Inu’s price will end the year at a substantially lower price than it is today. For example, it estimates that it will drop to $0.000020. Another study by Gov Capital estimates that the coin’s price will rebound and end the year at about $0.000095.
Shiba Inu (SHIB) price prediction for 2025
Shiba Inu will likely be substantially higher than where it is today by 2025 because of the growth of its ecosystem. On the weekly chart below, the modified Andrews pitchfork tool shows that the price will rise to a minimum of $0.0005 by 2025. The maximum price using this model will be at $0.0045.
The uptrend will depend on a number of factors such as the overall performance of digital currencies and the actions by the Federal Reserve.
According to Gov Capital, Shiba Inu will keep rising and start 2025 at $0.000325 and then end the year at $0.00051. These prices are substantially higher than where the coin is trading at. On the other hand, Long Forecast expects that the coin will finish 2025 at $0.000033.
Shiba Inu (SHIB) in questions & answers
Is Shiba Inu coin real?
Yes. Shiba Inu is a genuine cryptocurrency that you can use to buy and send to other people.
Will Shiba Inu reach $1?
Shiba Inu needs to jump by more than 3 million percent. This is unlikely to happen any time soon.
Should I buy SHIB Coin?
Shiba Inu is a relatively cheap coin that was also started as a joke. But the developers have been transitioning it to be a genuine player in the industry. Therefore, allocating some of your funds to the coin makes sense.
How much will be Internet Shiba Inu be in five years?
While it is hard to predict, there is a high possibility that Shiba Inu will be substantially higher than its current price in the next five years. A conservative estimate is that the coin will be above its all-time high of $0.000030.
Where do I buy SHIB?
Shiba Inu is provided by some of the leading exchanges in the industry like Binance and Kraken. Alternatively, you can buy the coin in ShibaSwap.
This article represents the views of the author. Cryptocurrencies are highly speculative assets and the author will not be held liable for any losses.
