Shiba has the potential to be a millionaire-maker, considering the significant growth that the cryptocurrency is predicted to experience over the next couple of years.
The DOGE killer, Shiba Inu, is the new trending cryptocurrency in the market. With a Shiba Inu dog as its logo, this meme cryptocurrency is following the path of Dogecoin, aiming to be the best alternative for the same.
Being the latest to hit the market, SHIB is garnering immense attention and is emerging as a favoured choice of investors, particularly in the wake of a market drop in cryptos like Bitcoin and Ethereum. With its rising popularity, investors are curious to know whether Shiba Inu could be a millionaire-maker coin.
The SHIB coin price started seeing a massive surge from May 2021. With a tremendous rally, it hit an all-time high of $0.0000388 on May 10, 2021. The coin is relatively new to the market and has few uncertainties since it’s a meme coin.
Before we talk about Shiba's potential as an investment, let's take a look at what Shiba is, the factors that could make it a stellar investment, and a bit about its price history. Currently, Shiba is nearing its all-time high, and every prediction suggests that it could go even higher.
Shiba Inu (SHIB): What Is It?
SHIB is a decentralized community-building experiment developed within the Shiba Inu ecosystem. Also known as the Shiba token, it is a decentralized cryptocurrency modelled after Dogecoin with a market capitalization of $11 billion as of writing.
Just like Dogecoin, Shiba Inu was not designed with a purported goal, but as a parody coin created for fun, money, and making people aware of blockchain technology. Labelling itself as the DOGE killer, the meme coin has seen a price surge of nearly 80% from its all-time high.
Shiba Swap, its decentralized exchange, has listed and incentivized SHIB as its first cryptocurrency token. It is powered by the Ethereum blockchain, making it an ERC-20 token.
Is Shiba A Millionaire Maker Investment?
Soon after hitting its record high, the Shiba token overtook both Dogecoin and SafeMoon to become the most viewed cryptocurrency on CoinMarketCap. Its recently released whitepaper is humorously titled the “Woof Paper” and outlines that the token looked much like Dr. Strangelove’s Doomsday Machine.
Despite its casual themes, the meme SHIBA coin has garnered considerable community support from investors and traders who acknowledge it as a millionaire-maker investment. Further, the creators of SHIB have major goals with the project and are currently working on making an NFT network based on the Shiba Inu Network.
The Shiba Inu token was created by the anonymous creator known as Ryoshi, in August 2020. Just after the developers finished minting one quadrillion tokens, they decided to do the most unexpected thing, which helped SHIB garner much popularity.
Soon after the minting, they locked up 50% of all the SHIB tokens on Uniswap and threw away the key. Further, the remaining 50% was gifted to the Ethereum creator Vitalik Buterin. However, along with reducing its token supply, this unpredicted decision also fueled up the popularity of SHIB worldwide.
Now let's take a look at some factors that might drive SHIB to be the next millionaire-maker coin in the market.
Factors That Drive Shiba Inu Token To Be A Millionaire-Maker Coin
The Shiba token has rapidly become an investor-favourite across the globe in a brief period. Let see some of the factors that back up the prediction that the Shiba Inu token can be the next millionaire-maker coin.
Increasing Interest From Chinese Investors
China has always been a hotbed for cryptocurrency trading and mining. One significant reason for the uptrend of Shiba tokens is that several renowned Chinese investors are interested in this meme cryptocurrency. Different Chinese influencers and crypto enthusiasts are promoting the SHIB token on various platforms, fueling its price in the market.
Additionally, one of the most popular exchanges among Chinese traders, the Chinese-founded exchange Huobi is handling the largest share of SHIB’s trading volume over the past few days, propelling its rise.
The Dogecoin Killer At A Cheaper Rate
The people behind SHIB refer to it as the Dogecoin Killer. The primary reason behind this is that the price of a single SHIB token remains under a penny and can still outpace Dogecoin’s price growth. SHIB trades at a cheaper value ($0.000020, as of writing), and it allows its holders to own billions and trillions of tokens.
An ERC-20 Token
The fact that it is an ERC-20 token powered by the Ethereum network is yet another growth factor propelling the token. This makes it a secure and well-established currency in the market. Since decentralization is the highest priority for the token, Ethereum paves the way for it to remain completely decentralized.
Reduced Token Supply
The Shiba Inu token gained much traction in the market recently as the news came out that Vitalik Buterin, one of the co-founders of Ethereum, has decided to burn 40% of all the Shiba Inu tokens he had received earlier. This will eventually drive up the prices through demand.
He had burned all the 40% of SHIB token supply by sending a total of 410 trillion SHIB to an unusable and inaccessible wallet, effectively removing the coins from circulation forever. The token has a supply limit of 1 quadrillion, of which 549.063 trillion SHIB coins are already in circulation.
With the drastic change in the supply, there are bound to be significant changes in the coin price, driving it to be the next millionaire-maker coin.
Could Shiba Inu Be A Millionaire-Maker Coin?
The main aim of the Shiba Inu crypto token is to be a viable alternative to Dogecoin in the market. Its price rally and popularity have turned SHIB from a meme coin to a money-making currency within a short period.
Further, it was added to popular cryptocurrency trading platforms like OKEx, Binance, Huobi Global, and FTX. Thanks to its strategic token burn, a good chunk of coins have been burned out from the total supply. Along with fueling up the price, it will also boost the coin’s popularity among investors, making it a considerable investment option.
As per experts’ predictions, if the token can drum up enough interest from investors before the bottom falls out, there’s nothing that can stop it from being the next millionaire-maker coin.
Shiba has one of the most significant daily trading volumes, and its market capitalization is also growing exponentially. The meme cryptocurrency is extremely popular with both cryptocurrency enthusiasts and investors who think that Shiba can become the next millionaire-maker investment.
Investors are expecting big things from this joke cryptocurrency. The Shiba Inu token is more community-driven than price-driven, just like Dogecoin. Experts and crypto enthusiasts suggest that its popularity should never be ignored, as it reflects the behaviours of a new and growing class of cryptocurrency traders.
As per expert predictions, SHIB coin could rise to $0.00004 by the end of this year. Therefore considering all the factors and strong community support, Shiba Inu could be the next millionaire-maker coin for investors.
Most technical analysis and price forecasts predict that Shiba will be bullish over the next few years, cryptocurrency markets remain relatively volatile. SHIB's price could be affected by market sentiments that could change at any time, resulting in a severe loss for investors.
Cryptocurrency prices are notoriously difficult to predict, so it is prudent that you consider all factors and research well before investing in Shiba or any other cryptocurrency.
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