The Shiba Inu Coin recently saw a massive price increase again. With this, the meme coin shows that it is also able to achieve extremely high price increases out of the blue in 2022. Can the Shiba Inu soon become the meme coin of choice and even rise to the top 10 most valuable cryptocurrencies in the medium and long term?
In this article, we discuss the possibility that the Shiba Inu Coin could soon become the most important meme coin and could establish itself among the top 10 cryptocurrencies in the long term.
What is the Shiba Inu Coin?
The Shiba Inu Coin is a cryptocurrency that was launched in 2022 and is a parody of the already established currency Dogecoin. Shiba Inu ironically called himself the “Dogecoin killer”. This alluded to the term “Bitcoin killer” for the dogecoin. The symbol of the crypto currency was the Shiba Inu dog breed, but it took an aggressive form in the Shiba Inu.
Like the Dogecoin, the Shiba Inu Coin is a “meme coin”, a fun currency that has no clear benefit or a specific function, but still receives a lot of attention from investors. In 2021, the Shiba Inu Coin saw a massive gain in value and was able to climb into the top 15 cryptocurrencies.
What is 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 experienced a massive hype, which put it among the top 15 cryptocurrencies on the market. The 2021 bull market caused the Shiba Inu to experience a price explosion that turned many early investors into millionaires.
The dogecoin has shown in recent years how a parody of cryptocurrencies can become a respectable cryptocurrency itself, in which many investors invest. Especially the mention on social media and of celebrities can increase the price of these fun currencies massively. In the bull market of 2017, this was the case for the dogecoin. In 2021, the same mechanisms worked for the Shiba Inu.
How much is a Shiba Inu worth?
The Shiba Inu Coin recently experienced a massive price jump. The price gains in the last few weeks at Shiba Inu were rather low compared to other cryptocurrencies on the market such as Ether. But on August 14, 2022, the coin saw a massive jump in price from $0.000013 to $0.000018. Thus, the meme coin increased by over 30% within one day.
The big price jumps are generally not surprising. However, the timing of the increase was surprising. For the last few weeks it has been rather quiet around the Shiba Inu. Above all, a bear market usually ensures that meme coins are more likely to have a hard time. The renewed strong increase shows that the Shiba Inu Coin should remain on the radar of investors in the future.
Does the Shiba Inu Coin have a future?
The Shiba Inu Coin came almost out of nowhere in 2021 and became the phenomenon on the crypto market. Because many analysts could not believe that after the success of the dogecoin, there could be a place for another meme coin that could rise to the ranks of the most valuable cryptocurrencies.
However, the Shiba Inu showed that even the parody of the parody could cause a massive hype in the market. With the already gained notoriety, it is now very unlikely that the Shiba Inu Coin could be forgotten in the future.
Attention is the most important currency for the meme coins. Since these primarily have no function and solve no problem, they must remain in conversation with investors. Bear markets are therefore particularly dangerous for this type of cryptocurrencies. But despite massive losses in recent months, the Shiba Inu has been able to keep itself stable in the top 20 cryptocurrencies by market capitalization. As a result, he is still sure of the attention of investors.
How high can the SHIB still rise?
The Shiba Inu is a very volatile coin as a meme coin. Meme coins fluctuate much more than other cryptocurrencies. Basically, they are even riskier than other coins on the market. Compared to other investments, cryptocurrencies are already risk investments. The order of risk applies:
- Bitcoin -> “normal” alt-coins (Ether, ADA etc.) -> Meme-Coins (DOGE, SHIB etc.)
This makes the Shiba Inu a risk investment. However, the potential for massive price increases is extremely high. So how high can the Shiba Inu Coin rise in price?
There are many forecasts for the long-term development of the price. It is often said that the price can rise between the factors 10x and 100x within a bullish cycle. If the price gain is optimal in 2 cycles, we could see a Shiba Inu price of 1 US dollar in 5-10 years.
When will the price of the SHIB go up?
The Shiba Inu (SHIB) price recently rose again more strongly, which shows the unpredictability of the price development of the meme coin. Therefore, it is extremely difficult to predict the time of a price increase. But we can make some simple predictions based on our knowledge of the overall market.
At the moment, we are in a bear market for cryptocurrencies. Over the past 9 months, the values on the market have fallen extremely sharply. This happened in the history of the crypto market already in 2014 and 2018. As a result, the cryptocurrencies were able to stabilize again.
Nevertheless, a new bull market is always an event that will last for some time. The Bitcoin cycle has been a 4-year cycle in recent years. A new bull market started again and again only after the respective Bitcoin halving. This will probably take place in the spring of 2024. Only after that, therefore, there should be a new long-term bull market.
Therefore, the highest and above all sustainable price increases for the Shiba Inu Coin are only to be expected in the years 2024 and 2025. Nevertheless, we should note that the market remains unpredictable and the cycle can change at any time.
Should you buy the Shiba Inu Coin?
At the moment, an investment in the Shiba Inu makes sense from almost all points of view. However, you should only note that the SHIB is a risk investment and, above all, should only be part of your crypto portfolio. We recommend an investment of 10-15% of your portfolio in one or more meme coins.
At the moment, the price of the Shiba Inu Coin is still so low that an investment is extremely worthwhile. Therefore, you can now purchase the cheap SHIB and hope for a price explosion in the medium and long term.