SHIBA Inu is one of the most well-known cryptocurrencies out there – but how has it performed this year and how high could its price go?
After a price spike last October, Shiba Inu is largely on a downtrend into 2021.
According to CoinMarketCap, the coin is currently worth $0.000015612 and has a market cap of $8.57 billion.
After becoming one of the dominant meme currencies of 2021, the Shiba Inu’s value has plummeted in recent months.
This is mostly due to fears for the future of crypto, as some countries have threatened to ban the payments or tighten regulation.
Shibu Inu was known as “Memecoin” because it was created as an internet joke inspired by the dog cartoon Doge’s meme.
But it quickly became popular and saw its price tag accordingly.
Last year, Shiba became the first cryptocurrency firm in India to surpass $1 billion in valuation, earning coveted unicorn status.
The attention of Tesla boss Elon Musk also contributed to this.
Mr Musk has a Shiba Inu puppy and posted a picture of it on the social media page, sparking a huge rally.
On October 28, 2021, Shiba reached an all-time high of $0.00008845.
But what does the future hold for the dog meme cryptocurrency?
Myron Jobson, Interactive Investor’s personal finance campaigner, told The Sun in 2021: “It’s difficult to predict the price of something that has zero intrinsic value.
“All it takes is a tweet from high-profile individuals who have a significant impact on sentiment toward cryptos to spur demand.
“But increased regulatory scrutiny of cryptos threatens to hamper the Shiba Inu’s growth potential.”
What is Shiba Inu?
Shiba Inu is a cryptocurrency token that allows users to hold trillions of them.
Shiba Inu tokens feature the same dog as Dogecoin, which became one of the most popular cryptocurrencies last year.
Regardless of whether you have already bought or not, remember that making money from cryptocurrencies or any other investment is never guaranteed.
Cryptocurrencies are particularly volatile, so their value can plummet with little or no notice – and often for no apparent reason.
This means it’s important not to bet more money than you can afford to lose and never invest in anything you don’t understand.
Newer cryptocurrencies are also riskier than those that have been around longer, such as B. Bitcoin, and could be more susceptible to fraud.
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What will Shiba Inu be worth in 2022?
Many cryptocurrency fans have predicted the value of Shiba Inu in 2022, but you should take all predictions with caution – there are no guarantees.
For example, crypto website Wallet Investor expects Shiba to be valued at just $0.0000561 in a year.
The Coin Price Forecast predicts Shiba to trade at $0.00004266 by the end of 2022 and $0.00005546 by the middle of next year.
Anyone hoping for this cryptocurrency to get close to $1 might be waiting a long time.
In fact, it’s “impossible” for Shiba to reach $1 because there’s “just not enough money” in the world, according to Don Guo, CEO of Broctagon Fintech Group.
For the meme coin to reach $1, a market value of “one quadrillion” would be required.
Will the price of Shiba Inu go up?
Shiba has suffered from some volatility over the past year or so — and it’s difficult to predict how the price will develop from here.
Shiba is one of the most popular meme coins out there, but factors affecting its price include regulatory raids around the world, comments from high-profile individuals like Musk, and more.
Prior to October 28, 2021, the token last hit a record high of $0.00003641 on May 11, 2021.
In May 2021, Shiba Inu’s value skyrocketed after Binance announced it would list the coins on the crypto platform.
Its value also rose in September after it started trading on Coinbase.
As we have seen over the past few months, cryptocurrencies are highly volatile and their values can change rapidly.
Simon Peters, cryptoasset analyst at eToro, added: “Whether its value will increase – it is possible.
“As more exchanges begin to list the token and offer investors a chance to get exposure, it will become more routinely traded alongside Bitcoin and Ethereum like any other asset.
“Nonetheless, anyone investing in such tokens must do so carefully.”
Charlie Barton, investment specialist at comparison site Finder, also told The Sun that the broader view of the crypto market is also important right now.
He added: “Many coins are unlikely to see much growth until it is clear that sentiment is moving in a positive direction.”
But Jordan Belfort – the investor dubbed the wolf of Wall Street – has called meme coins “s**t” and insisted some of their creators should go to jail.
Mr Belfort told The Sun in November: “I’m a fan of blockchain but there’s a lot of nonsense out there, a lot of crappy coins that serve no purpose and are just there to keep people from their money.
Does Shiba Inu have NFTs?
Non-fungible tokens (NFTs) are also becoming increasingly popular in the crypto community.
NFTs are digital works of art stored on a blockchain that has a unique code, meaning they can only belong to a specific person.
NFTs can be in the form of photos, videos, or audio.
Shiba put 10,000 digitized “lovable creatures” up for sale last year, known as shiboshis.
These are NFTs and can be bought, sold or traded.
But according to Binance, its value is down around 97% year to date.
One particularly interesting development surrounding Shiba is the plan to create a “metaverse” of their own.
A metaverse is a virtual reality experience that allows users to interact with others.
Shiba said it plans to release a “Shiberse” in 2022 – it will be known as SHIB: The Metaverse.
The project will include virtual real estate and games, among other things.
Shiboshi NFT holders are also expected to have access to an exclusive area of the metaverse known as the Shiboshi Zone, reports gfinityesports.
What are the risks of investing in crypto?
Investing in any cryptocurrency is risky – here’s what you need to know.
- consumer protection: Some investments that advertise high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
- price volatility: The significant price volatility of cryptoassets combined with the inherent difficulties in reliably valuing cryptoassets exposes consumers to a high risk of loss.
- product complexity: The complexity of some products and services related to cryptoassets can make it difficult for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back into cash depends on supply and demand in the market.
- Duties and Fees: Consumers should consider the impact of fees and charges on their investment, which may be higher than regulated investment products.
- Marketing Materials: Companies may overestimate the returns of products or underestimate the risks involved.
Elsewhere, we look at what CryptoPunks are and if one really sold for $530 million.
And a crypto tycoon vows to give away his $20 billion fortune.
https://www.the-sun.com/money/3365835/shiba-inu-price-prediction-rise-volatile-worth-2022/ Shiba Inu Coin Price Prediction 2022: Can the Meme Coin Reach $1?