What is Shiba Inu? | Everything You Need to Know About SHIB

Shiba inu is an Ethereum-based cryptocurrency named after the Japanese breed of hunting dog Photo: David Sandron / Shutterstock

A big push from Tesla CEO Elon Musk and global demand for meme coins contributed to a very positive 2021 for them.

In 2021, shiba inu (SHIB), the second-largest meme coin by market capitalization, increased in value dramatically. SHIB’s price rose 52,648,700% from $0.000000000168 on 1 January 2021 to $0.00008845 on 28 October 2021, its all-time high.

In 2022, however, the cryptocurrency market fell due to a series of failures in the crypto industry, such as the recent collapse of Terra-UST, recession fears and other major macroeconomic issues.

As a result, shiba inu has not fared as well. As of 28 October, it was trading at $0.00001165, representing a year-to-date (YTD) loss of 65%.

Shiba inu live price chart

Some investors may wonder whether they should purchase the dip in anticipation of a return to 2021’s heady gains. Read on for our analysis of shiba and review of where the coin may be heading. But first, let’s understand what Shiba Inu is.

What is shiba inu and how does it work?

The shiba inu (SHIB) coin was invented in August 2020, by an individual known only as Ryoshi. Like bitcoin (BTC) creator Satoshi Nakamoto, nothing more is public knowledge about their true identity.

Shiba inu is an Ethereum (ETH)-based cryptocurrency named after the Japanese breed of dog. Shiba inu is generally regarded as a viable alternative to dogecoin (DOGE). Some shiba inu supporters also refer to it as the ‘dogecoin killer’.

SHIB is the native and governance token of the Shiba Inu network and is an ERC-20 token.

Shiba inu has its own decentralised exchange (DEX). The ShibaSwap DEX, launched in June 2021, can be used to trade multiple cryptocurrencies for SHIB tokens. Like other liquidity pools, users can deposit tokens in ShibaSwap’s SHIB pool to earn interest.

Shiba Inu is developing a metaverse project called SHIB: The Metavrse. Here token holders will be able to buy land, win non-fungible tokens (NFTs) and deal in tokens like BONE, LEASH and SHIB, among other things.

Leash: The most restricted of the shiba inu-related currencies. This token is limited to 107,646 units and offers staking bounty to individuals who validate transactions.

Bone: This token has a supply of 250 million units and is used to let shiba inu users vote on various proposals.

According to the Shiba Inu website, they locked 50% of the entire token supply on Uniswap (UNI), threw away the keys and gave the remaining 50% to Ethereum founder Vitalik Buterin.

In response to the gift from the shiba inu team, Buterin contributed 50 trillion SHIB tokens to India’s Covid Crypto Relief Fund, worth $1bn at the time. Buterin then burnt 40% of the overall supply to create a dead wallet.

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SHIB/USD price analysis

According to CoinMarketCap, the shiba inu coin has been one of the best-performing cryptocurrencies, with a return on investment (ROI) of 622,255.89%.

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Based on the historical price chart, from its inception in 2020 until January 2021, SHIB’s price movement had been very stagnant, and the token failed to make any meaningful bouts.

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Towards the end of January, SHIB’s price increased dramatically, going from $0.000000000168 on 28 January to $0.00000003 on 1 February, a 17,727% rise in less than a week.

The positive trend persisted, as the SHIB token price climbed to $0.00000019 on 13 April 2021.

The shiba inu currency piqued the interest of investors when Elon Musk appeared on US comedy sketch TV show Saturday Night Live and told viewers that Dogecoin was a “hustle”.

DOGE dropped after this news. SHIB, on the other hand, increased by 13,242.3%, climbing from $0.00000026 on 16 April to $0.00003469 on 11 May.

However, in May 2021, the cryptocurrency market was shaken by strong pessimistic emotions created by China’s ban on cryptocurrency trading and mining and Musk’s announcement that bitcoin payments for Tesla cars were suspended due to environmental concerns.

SHIB plummeted to $0.00000621 on 12 June, a drop of more than 82% from the May peak. Three months later, on 8 September, it dropped even further, reaching $0.00000604.

Shiba inu did see a bull run after its September below, with its price increasing by 1,364% to reach an all-time high of $0.00008845 on 28 October.

The price then began to fall, and the SHIB token fell to $0.00003078 on 20 December. It was worth $0.00003379 at the end of the year.

Throughout a challenging market environment in 2022, numerous tokens fell to new lows. Consequently, SHIB was no exception, as it hit a 52-week low of $0.000007197 on 18 June.

As of 28 October, the shiba inu cryptocurrency had rebounded and was trading at $0.00001048, up 61% from its 52-week low, with a market cap of $6.38bn.

Shiba Inu news and price drivers

Shiba inu has undergone several milestones. Here we take a look at the most important news and price drivers.

Partnership with The Third Floor

In July 2022, Shiba Inu teamed with The Third Floor, the biggest visualisation studio influencing the development of popular IPs spanning cinema, television, video games, VR/AR, and location-based entertainment.

This collaboration was intended to create and build Shiba Inu’s highly anticipated SHIB.io, The Metaverse Project.

The Third Floor will leverage its visual creation and narrative expertise to assist the design and construction of virtual settings, buildings, and landmarks for a real Shiba-inspired world.

Launch of Shib burn portal

Shiba Inu developers launched the SHIB burn portal in April 2022 in partnership with the creators of Ryoshi’s Vision token, an ERC-20 token meant to aid in developing the Shiba ecosystem.

Users are rewarded with RYOSHI tokens for burning their SHIB tokens, which helps lower the circulating supply. The goal is to increase the asset’s worth by burning it to make the entire supply scarce.

Shiba inu price forecast: Targets for 2022, 2025 and 2030

According to the SHIB/USD prediction from CoinCodex based on technical analysis, as of 28 October, the price could rise 1.19% to $0.00001178 by 2 November 2022.

Algorithm-based forecasters gave mixed long-term SHIB to USD forecasts.

According to Wallet Investor’s SHIB/USD forecast for 2022, the coin could be a bad long-term (one-year) investment. It expected the average price to hit $0.000001042 by the end of 2022, $0.00000684 by the end of 2025 and $0.0000115 by the end of 2027.

DigitalCoinPrice’s SHIB/USD prediction had the average price in 2022 at $0.0000118, $0.0000191 in 2023 and $0.0000247 in 2024. Its SHIB/USD forecast for 2025 suggested the price could rise to $0.0000303, $0.0000523 in 2029 and $0.0000645 in 2030.

PricePrediction forecast SHIB could reach $0.00001179 in 2022 and $0.00003313 in 2025. Price Prediction’s SHIB/USD forecast for 2030 indicated the coin could reach $0.00021045.

The bottom line

In October 2021, shiba inu’s market cap surpassed dogecoin’s and set a new all-time high. With a market worth of nearly $40bn, the project was among the top 10 most valuable cryptocurrencies.

With that said, the most recent correction in May and June 2022 saw shiba inu collapse, and its current price is way below its historical peak.

Those who invested in the SHIB token before its first explosion in May have fared well. However, many have lost substantial sums of money investing in the crypto because of the market’s high volatility.

Keep in mind that the value of SHIB could depend on its level of buzz and popularity.

When looking for SHIB to US dollar forecasts, remember that analysts’ and algorithm-based expectations can be wrong. They are based on technical analysis and historical price action. Past performance is no guarantee of future results.

It’s essential to conduct your own research before trading. Remember that your decision to trade depends on your expertise in the market, the spread of your portfolio and how comfortable you feel about losing money. You should never trade or invest money that you cannot afford to lose.

FAQs

Is shiba inu worth investing in?

How you invest is a personal decision depending on your risk tolerance and investing strategy. You should do your own research to take an informed view of the market and decide whether shiba inu is an appropriate fit for your portfolio.

What will shiba be worth in 5 years?

Shiba inu is expected to be valued at $0.00006929 by 2027, according to Price Prediction. Meanwhile, DigitalCoinPrice said that the token’s price could hit $0.0000367 by the same time.

Keep in mind that these forecasts can be wrong and have been inaccurate in the past. Always do your own research before investing. Remember to never invest or trade more money than you can afford to lose.

Can shiba hit 1 dollar?

No one can say for sure. At the time of writing on 28 October, no analysts or algorithm forecasting sites predicted that SHIB value could reach $1. However these predictions can be wrong and have been in the past.

We recommend that you always do your own research, and consider the latest market trends, news and expert opinion before making any investment decision. And never invest more than you can afford to lose.