Should You Buy Shiba Inu Coin?
Is Shiba Inu Coin a Millionaire Maker?
Are you contemplating investing in Shiba Inu Coin? Well, you should know that Shiba Inu Coin is not only one of the most popular meme-inspired currencies in the market.
This article takes an in-depth look at Shiba Inu, its core areas of business - and most importantly for prospective investors - the pros and cons which can help answer the question: Should You Buy Shiba Inu Coin?
Shiba Inu Coin is one of the most popular meme currencies in the market. SHIB has returned more than 3,000,000% year-to-date for investors. Just like Dash (DASH), Monero (XRM), Bitcoin (BTC), Dogecoin (DOGE), Litecoin (LTC), Bitcoin Cash (BCH), EOSIO (EOS), and ZCash (ZEC), SHIB plays a primary role as a transactional currency that settles payments online.
SHIB is highly volatile as it fluctuates between new highs and new lows in a short period. This is the primary reason why several analysts believe investing in Shiba Inu Coin can lead to short and long-term gains. With the potential of the digital asset on the market, is investing in SHIB a good idea? With the crypto boom of 2021 making strides in recovering to compensate for the huge losses suffered in May, is it worth investing in Shiba Inu Coin? With thousands of people using SHIB to create a consistent stream of passive income, is Shiba Inu a good investment? With the meme-token frenzy of the last 2 months under perspective, is Shiba Inu a buy? With whispers of several countries' regulatory bodies doing everything they can to introduce central bank digital currencies, does Shiba Inu have a future?
Most importantly, for novice traders and investors - what are the pros and cons which can help answer the question: should I buy Shiba Inu Coin?
- Shiba Inu at a Glance
- The PROS of Buying Shiba Inu Coin
- The CONS of Buying Shiba Inu Coin
- SHIB Price Prediction: What Are The Experts Saying About SHIB?
- The Bottom Line - Should You Buy Shiba Inu Coin?
Shiba Inu at a Glance
In this section, we will have an overview of the beginnings of the crypto. In simple terms, what is Shiba Inu, the history of Shiba Inu, how many Shiba Inu Coins are in supply, and the price performance of SHIB from 2020 to date?
Who Created Shiba Inu?
Shiba Inu was created by a mysterious founder who goes by the pseudonym RYOSHI. Like Satoshi Nakamoto of Bitcoin, he is still unknown and has become some kind of a legend for meme-inspired cryptocurrencies and dog lovers. RYOSHI saw the creation of several cryptos after Dogecoin was created to poke fun at Bitcoin and Litecoin for trying to break into a highly centralized sector of the global economy. After Dogecoin, Dash and Ethereum followed. Ethereum headed by Vitalik Buterin who wanted the project to remain decentralized won over 6 co-founders except for the founder of Cardano, Charles Hoskinson who wanted a centralized system. Vitalik Buterin then moved to make Ethereum the first blockchain to enable smart contracts. This helped developers create decentralized applications (DAPPS) in the decentralized lending, exchange, yield aggregation, and insurance categories.
Unfortunately, there was nothing on meme-inspired currencies for Ethereum users so RYOSHI decided to make his move. As a founder, he helped create Ethereum’s version of Dogecoin by poking fun at the innovation of Jackson Palmer and Billy Markus. This time a meme-inspired currency is an ERC20 token running on a proof-of-work (POW) and soon-to-be proof-of-stake (POS) network. It is not an independent blockchain like Dogecoin.
After waiting for the right time for the market to recover from the new high lows of the coronavirus market crash of March and April 2020, RYOSHI launched Shiba Inu in August 2020. In the same month, it became a crypto trading asset with an insignificant value.
What is Shiba Inu?
Shiba Inu is a token that exists on the blockchain of Ethereum and it’s used as a digital currency to settle transactions. RYOSHI pointed out that this project is an experiment in decentralized spontaneous community building. Shiba Inu Coin has a primary ticker SHIB. According to the Shiba Inu whitepaper, social media influencers, meme makers, and leaders of international chat rooms are part of the community behind the crypto’s success.
What Is The Purpose Of Shiba Inu?
The main purpose of the creation of Shiba Inu is to create a strong competitor for Dogecoin. For a relatively long period, DOGE has enjoyed the status of a joke currency and has taken up all the hype of celebrities and dog lovers to soar to new all-time highs. Shiba Inu was also created to bring passive income to millions of people who could take advantage of the novelty of the cryptocurrency and make gains in the short and long term.
How Many Shiba Inu Coins Are In Supply?
Currently, there are 394,796B SHIB from a total supply of 1,000,000,000,000,000 SHIB.
SHIB Price Prediction 2020
SHIB opened at $0.00 on 1st August and closed at $0.00. The cryptocurrency went through September by being worth less than a cent. Several cryptocurrency experts expected things to change. Unfortunately, the boom in decentralized finance (DeFi) with the introduction of Uniswap (UNI), Aave (AAVE), and Yearn Finance (YFI) introduced crypto trading assets with huge potentials to the market, SHIB was largely forgotten. It ended the 3rd quarter of the year on 30th September at $0.000.
Whispers of a 2nd coronavirus stimulus package in December did not improve the state of Shiba Inu. At this time, the cryptocurrency was trading far below 1 cent and many analysts feared it would be headed into extinction before the end of the year. Their fears were realized as SHIB continued to trade for prices that could not purchase lower-priced goods. The meme-inspired digital currency finished the year on 31st December at a trading price still below $0.01. In the process, traders and investors of the cryptocurrency hoped for a miracle the following year as SHIB returned virtually nothing.
SHIB Price Performance 2021
SHIB opened on 1st January at $0.000000000077 and closed at $0.000000000080. The trading volume recorded for the day was $0.00037023. Times started to change for the digital asset as Shiba Inu Coin saw increased interest the following day with a trading volume of $76.49 on 2nd January. Interest in the asset started to peak as Shiba tested $599.55 for the first time as trading volume for the day, 15th January. On the day, SHIB opened at a trading price of $0.000000000127 and closed the day at $0.000000000130. With a $1,229.34 in volumes on 17th January, investor interest soared through the roof as SHIB ended 31st January with a volume of $10,989,782. The cryptocurrency opened and closed the last day of the month at $0.000000005053 and $0.000000029100 respectively. SHIB returned 37,692.2% in January.
SHIB opened on 1st February at $0.000000029100 and closed the day at a trading price of $0.000000010983. In February, investor confidence in the asset was cemented as more than $34 million was poured into the cryptocurrency on 1st February. Shiba Inu Coin reached $0.000000007120 on 15th February and ended the month at $0.000000012385 on 28th February. With Bitcoin (BTC), Ether (ETH), and Binance Coin (BNB) crossing new milestones and reaching new all-time highs, SHIB shed 57.4399% of its price. This was attributed to a huge sell-off by first-time investors who made huge gains from the proceeds recorded in January.
Trading volume in March was modest as it floated between $500,000 and $3 million. SHIB opened at $0.000000012385 and closed the day by trading for a coin at $0.000000013938. Buoyed by the announcement by Elon Musk that Tesla is going to accept Bitcoin as an option of payment, Shiba reached new all-time highs. It closed on 31st March at a trading price of $0.000000060652. SHIB returned gains of 389.721% for traders and investors in March.
In April, the daily volume of Shiba Inu Coin reached $500 million for the first time and this momentum was maintained through May where volume reached more than $14 billion on 11th May. This led to a high of $0.000038 on the day. The price was in a dip from the end of May to September, trading below $0.00001 but in October the price started an uptrend movement that led to the SHIB hitting its all-time high of $0.000088.
At the time of writing, Shiba Inu Coin (SHIB) had a trading price of $0.000055. Several analysts and experts have used fundamental and technical analysis to project the digital assets into new high highs.
What are the pros and cons of investing in Shiba that could back the predictions of these analysts?
The PROS of Buying Shiba Inu Coin
What Are The Positives Of Investing In Shiba Inu Coin?
Despite its newness on the market, Shiba has already presented early investors with high yields within a short period. This has made thousands of people believe they can also make decent gains in the future. What are the primary drivers behind a price rise that will make their dreams come true? Let us take a look at the pros of investing in Shiba Inu Coin that will see the asset cross several price milestones.
✅ Shiba Inu Is a Millionaire Maker Coin
Shiba Inu has already made millionaires out of people. In a story published on CNN on 14th May 2021, two brothers in the United States woke up on 17th April 2021 and after checking their crypto portfolio realized they had become millionaires. To preserve their identities, the two brothers revealed their first names which are Tommy (38 years) and James (42). They initially invested in Shiba Inu Coin with a couple of $100 they could afford to lose.
After conducting independent research and asking a friend who is well-versed in cryptocurrencies about the future of SHIB, they alerted their mother, father, and sister about the possibilities of the meme-inspired currency. Overall, their stake rose from $100 to $8,000 during the peak periods of the crypto boom in late February 2021.
With the pandemic messing up the brother’s regular jobs as people who shot weddings for a living, checking their portfolios in the middle of April saw their investments grow to up to $100,000. Instead of selling SHIB and making more than $92,000 profit, they decided to HODL (hold for the long term). After Elon Musk tweeted about SHIB in May which led to the cryptocurrency reaching a new all-time high, the brothers saw their cumulative investment of $8,000 worth approximately $9 million (millionaire maker).
As a trader or investor, the morale of this story is that investing in SHIB and other cryptocurrencies is risky. Taking a leaf out of the two brothers’ book, investing in Shiba Inu Coin an amount of money you can write off as bad debt after conducting your research and getting to know how far the cryptocurrency can go could lead to high returns.
Instead of selling the digital asset upon a relatively smaller price increase, you hold onto the asset for the foreseeable future. If the brothers sold SHIB in April, they would have walked away with $100,000 which looks great. Instead, they chose to walk away with millions of dollars which has given them new opportunities to help their parents, buy a house, renovate their old offices set up for consultation when people make orders for their weddings, and more importantly spread some of the investments into other crypto projects that show promise. SHIB has made some people millionaires and with calculated risk, you can become a millionaire too.
Trading Education will like to leave you with a quote from Matt Whittaker of U.S. News that goes, “Time in the market beats timing the market.”
Check Out: Will Shiba Inu (SHIB) Make Me Rich?
✅ Vitalik Buterin’s Action Has Triggered Scarcity
After creating Shiba Inu like all cryptos, there had to be a total supply of coins in the market. This can make or break the future price of a project's novel token. Unlike rival Dogecoin that does not have a finite cap, RYOSHI decided to cap the total supply of SHIB at 1 quadrillion. He deposited 50% represented by 500 trillion on a decentralized exchange, Uniswap, which is also an ERC20 token on the Ethereum network of Ethereum. The remaining 50% was sent to the founder of Ethereum, Vitalik Buterin.
Not wanting to be associated with the meme-currency project, Buterin decided to send the 90% of coins to an address that destroyed them. This wiped out more than 450 trillion off the market. In an instant, a cryptocurrency that was in abundant supply has become an asset that could soon be facing the laws of economics. In the basic laws of demand and supply, when demand for an asset exceeds its supply, price tends to rise.
If supply is abundant and demand remains the same, prices tend to fall. At first, the valuation of SHIB was called into question by several analysts who felt the cryptocurrency will never be worth 10 cents ($0.10) let alone $1.
Because of the actions of the Ethereum founder, one of the most trending questions across all search engines is, can Shiba Inu Coin reach $1?
This should inform you as a trader or investor that SHIB has crossed a mere hype or joke currency. It cannot be taken as a job anymore. There are as many as 394,796B Shiba Inu Coins in circulation. This means that there are 2,269B SHIB from the supply on Uniswap. With more partnerships to be formed and the possibility of more exchanges listing SHIB, the coins would gradually be taken off the market. This will trigger scarcity which will cause the price of Shiba Inu Coin to explode to new all-time highs.
Investing in a whim has ended in tears for thousands of people. Continue to stay updated about news about Shiba. Once the circulating supply goes up, you should know the effects of such a move on the market. It could positively affect price, increase trading volume and take SHIB from a medium-cap asset to a large-cap asset.
✅ Shiba Inu Has Huge Mileage from Its Use in India’s COVID-19 Fund
Vitalik Buterin decided to use the rest of the coins sent to him by RYOSHI to support a COVID-Relief Fund in India. Although such an action was based on an individual’s quest to help solve the negative effects of the pandemic, Shiba Inu trended across all the major financial and mainstream news outlets. This is a mileage it did not call for but its popularity has soared through the roof. Sophisticated and unsophisticated traders and investors took notice of the meme-inspired currency that aims to dethrone Dogecoin as the number one joke currency.
This is the primary reason why Shiba Inu crypto is being added to thousands of portfolios daily. This newfound popularity also bodes well for SHIBA as a humanitarian currency that is used for charitable causes and not illegal activities online. In the long term, some of the resultant effects are SHIB being listed on major cryptocurrencies (Binance, Huobi Global, OKEx, Coinbase Pro, and eToro is also considering listing the asset). Aside from this, the cryptocurrency has risen from seeing $500 as a trading volume in August in 2020 to recording as high as $19 billion as a day’s trading volume in May.
XRP benefitted from the same mileage due to its case with the Securities and Exchange Commission (SEC) although this put the company in a bad light. Shiba Inu Coin is thriving on the positive press to gradually outperform the forecasts of analysts. Investing in SHIBA at a time where it is relatively worthless could see you make huge returns someday. The name of the game is “buy and hold” for the foreseeable future and see where it would take you as per your investment goals.
Read More: Is Shiba Inu (SHIB) A Good Buy?
✅ Shiba Inu Has a Loyal Fan Base (SHIB Army)
No cryptocurrency can survive without its fans. Bitcoin (BTC) continues to see huge liquidity despite its new high lows which have cut year-to-date returns in half. Called the SHIB Army, despite few investors short selling their holdings for relatively newer projects they believed could bring them huge gains, millions of people continue to pour liquidity in the crypto trading asset across the exchanges globally.
This has contributed to SHIB being seen as an attractive investment since long-term holders have confidence in the potential of the asset. You should know that at the time of writing, there are 10,618 cryptos in the market.
If Shiba Inu Coin continues to see daily volumes of more than $2 billion, you should know that it has cemented its place in the minds and hearts of investors. In the long term, with the crypto boom of 2021, Shiba Inu with more investments from its fans could break into the top 10 cryptocurrencies in the world by market capitalization.
✅ Shiba Inu Has Endorsement from Well-Known Personalities
Well-known personalities play a key role in driving the prices of cryptocurrencies up or down. Dogecoin has well-known fans such as Elon Musk who calls himself the Dogefather. Mark Cuban is the owner of the Dallas Mavericks of the NBA and has listed DOGE as an option of payments for products offered by the franchise.
Others like Snoop Dogg use their presence to market the cryptocurrency for enlistment on all exchanges. TRON has ridden on Lindsay Lohan for some time as the star used his followers to help propel TRX to see more liquidity.
Shiba Inu Coin spiked in May thanks to Elon Musk’s tweets. Aside from Elon, Nick Carter of Backstreet Boys and Antonio Brown of the National Football League (NFL) have endorsed Shiba Inu Coin. Nick Carter uses the social media platform Twitter to promote the crypto with #Shiba and #ShibArmy. In an interview with CNN Business, he pointed out that, “I believe there is an incredible future for crypto-especially knowing how it can be used for good and more importantly, to save lives.”
On Wednesday, 12th May 2021, NFL star Antonio Brown tweeted to his one million followers that he has invested in the cryptocurrency.
Such support from the mainstream bode well for the future of Shiba Inu. Having the support of people does not automatically confirm SHIB as a good investment. But, it affirms the credibility and authenticity of the projects in the eyes of millions of traders and investors. In the short and long term, more endorsements could help lead to short and long-term gains.
✅ Shiba Inu Coin to Feature on Shibaswap
From the crypto boom of the fall of 2020 and the first six months of 2021, decentralized finance has taken the investment world by storm. One of the trending areas making waves across the space is a decentralized exchange (DEX). Popular DEXs include Uniswap, Sushiswap, JustSwap, and PancakeSwap. Some of these exchanges record more daily volumes than centralized exchanges due to their features of not knowing your customer (KYC).
The Shiba Inu Community on Twitter has made it known that SHIB will be exposed to another DEX called Shibaswap which will supplement the efforts of Uniswap. In the not-too-distant future, traders and investors will have another alternative of trading SHIB on an unregulated platform. This will increase the liquidity being thrown in the asset and result in a potential rise in price.
The CONS of Buying Shiba Inu Coin
What Are The Negatives Of Investing In Shiba Inu Coin?
Despite the pros of buying SHIB, it is not a perfect crypto trading asset. SHIB was worthless before the first 3 months of 2021. There are major pitfalls of the cryptocurrency you need to take into perspective. To put it simply, what are the cons of investing in Shiba Inu Coin that could make it a bad investment.
❌ Shiba Inu is a Highly Risky Asset
SHIB is crypto. That means it is subjected to the same features of such an asset class. Inasmuch as some people have become millionaires by holding the asset for 3 months, there are millions more who have made irrecoverable losses that have not been reported. You could lose your entire investment if there is constant negativity around cryptocurrency.
A great example can be attributed to cryptocurrencies reaching new all-time highs in the first two weeks of May. This saw thousands of people throw millions of dollars into this asset class. The last two weeks of May were hell and June has seen digital assets plunge further into new high lows. This has seen short-term investments lose their entire holdings since they do not have time for an uptrend.
This is the primary reason why as an e-learning organization, we continue to educate people about the newness of cryptocurrencies. Always set aside an amount of money that is not going to harm the payment of your bills, and personal expenses. Risking such an amount of money that does little to affect your well-being saves you from a bearish engulfing of the market. If you do not adhere to such risk alerts and fall into the fear of missing out (FOMO), your life savings could be depleted leaving you with little financial security to live on.
SHIB is a good investment and an asset worth investing in. Go about investing in Shiba Inu Coin through calculated risk, seek professional advice, or fall into the get-rich-quick schemes and suffer the penalty for it.
❌ Shiba Inu is Extremely Volatile
Volatility has been associated with assets for a long time but cryptocurrencies have taken this to a whole new level. The unpredictable nature of the Shiba Inu Coin which could increase by 30% in 10 minutes and plunge by more than 50% the following day should alert you to the danger associated with the asset. SHIB opened on Tuesday, 11th May 2021 at $0.00003469 and reached an intraday high of $0.00003793.
The following day, 12th May, SHIB opened at $0.00003043 and closed at $0.00001775. On Thursday, 13th May, Shiba Inu Coin opened at $0.00001809 and tested an intraday high of $0.000021. By the close of the week on Saturday, 15th May, SHIB had a trading price of $0.00001557. At the time it reached a high of $0.000038, investors who sold their positions made a fortune. Unfortunately for the others who invested $1000s into the asset after the new high saw a drop of 58.9507% in the space of 4 days. Relying on just news feeds from social media and positive press could lead your investments to head south in a few days. Understand that Shiba Inu Coin is a volatile crypto trading asset that cannot be timed no matter the fundamental and technical analysis conducted by a trader or investor.
❌ The Meme-Token Frenzy May Not Last
The Senior Legal Editor of U.S. Finance at Thomson Reuters Practical Law, Eric Berman, has pointed out that, “Until the point at which it begins to become accepted as a means of payment for goods and services, a crypto’s value is almost entirely a product of its social media buzz, and right now Shiba is definitely a top-10 crypto in that category.”
The cryptocurrency spike has slowed down. The decentralized finance coins craze has gradually gone down and so has the non-fungible token (NFT) mania of February, March, and April 2021. The meme-token frenzy continues to sail on with Dogecoin (DOGE) and its parody on a parody currency Shiba Inu Coin.
Other crypto projects such as Internet Computer joined the ranks in May and aims to decentralize everything on the internet. In May, Trading Education conducted studies where cryptos on the market at one point in time stood at 10,250, 10,371, 10,400, 10,500, and currently, as per CoinMarketCap, there are 10,618 cryptos in the market. Some of these projects bring innovative solutions to what’s missing from centralized finance in decentralized finance. This means that SHIB is riding a short-term craze that may burst sooner rather than later.
The Shiba Inu crypto does not add substance to the space. It does not have its blockchain to trigger smart contracts which will add more liquidity to SHIB. It continues to rely on Ethereum which indirectly emboldens Vitalik Buterin’s protocol and its novel token Ether which powers all activities on the network.
Traders and investors of SHIB will continue to enjoy the gains while it lasts but they shouldn’t be surprised if it ends in the irrecoverability of losses in the future.
SHIB Price Prediction: What Are The Experts Saying About SHIB?
There are several price forecasts about Shiba Inu. Let us take a look at the predictions that finds answers to questions such as, Shiba Inu Price Prediction for 2021, Shiba Inu Price Prediction for 2022, how much will Shiba Inu Coin be worth in 2025 / Shiba Inu Price Prediction 2025, and how much will SHIB be worth by 2030?
According to the experts at Pick A Crypto, Shiba Inu could reach $0.0002000 to $0.0005000 from 2022 to 2025 based on the continuous development and adoption of the crypto by its target audience.
According to the experts at Trading Beasts, by the end of 2022, Shiba Inu Coin could have an average price of $0.0000801, the lowest possible price of $0.0000681, and the highest possible price of $0.0001001. The crypto prediction portal forecasts SHIB to have an average trading price of $0.0000986, the lowest possible price of $0.0000838, and the highest possible price of $0.0001232 by the year’s end of 2023. In the long term, Trading Beasts believe SHIB could trade for a coin at an average price of $0.0001161, the lowest possible price of $0.0000987, and the highest possible price of $0.0001451 by the end of 2024.
According to the analysts at Digital Coin Price, Shiba Inu Coin (SHIB) could increase to an average price of $0.00010528 (2022), $0.00011402 (2023), and $0.00013869 by the close of 2024 in the short term. The accurate crypto market analysis and data prediction portal project SHIB to command average prices of $0.00016532 at the end of 2025, increase to $0.00018611 (2026), $0.00021966 (2027), and $0.00024875 by the end of 2028 in the long term.
Analyst Jay Manila at Coin Quora forecasts the best possible price of $0.0001 by the close of 2022. The crypto news and prediction website estimates the best possible price of $0.0009 for SHIB by the end of 2025.
According to the experts at Wallet Investor, SHIB could have maximum trading prices of $0.000095 (2022), $0.000122 (2023), $0.000148 (2024), $0.000176 (2025), and $0.00020 (2026).
Don't Miss: What Will Shiba Inu Be Worth in 2025?
The Bottom Line - Should You Buy Shiba Inu Coin?
YES! You can consider buying Shiba Inu Coin as per the bullish forecasts by analysts across several credible and authentic crypto prediction portals. With that said, cryptocurrencies are risky assets that could lead to losses. This is the main reason you should understand that investments can only be made after assessing risks and rewards. You must always ask the question, do the potential rewards of investing in Shiba Inu Coin outweigh the possible consequences of the risks?
Shiba Inu has lots of risk factors. Shiba Inu is highly volatile; it’s thriving on a meme-frenzy that could burst anytime, and among an asset class whose future is not certain. On the other hand, SHIBs involvement in a COVID Relief Fund has increased its popularity, has made some investors millionaires, and has scarcity to look forward to due to the actions of Vitalik Buterin to burn most of the tokens. Its relatively lower price makes it a great financial instrument for newcomers in crypto investing. What’s more, its enlistment on the major exchanges globally makes it highly accessible as well.
So, should I buy Shiba Inu Coin? YES, you can consider buying SHIBs because two brothers made an $8,000 investment in February 2021 and walked away with $9 million in May 2021. The same brothers want you to know that you should do independent research and invest in Shiba Inu Coins, an amount of money you can afford to lose. Does investing in Shiba Inu work? For the traders and investors who decided on the digital asset in its inception, some have seen more than 30,000% return on their investments. Is it worth investing in Shiba Inu? For what’s worth, experts at Digital Coin Price predict SHIB could reach $0.00010528 in 2022. This means that any investment made now could be worth at least 110% more.
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Can Shiba Make Me Rich?
YES! Investing in Shiba Inu Coin could make you rich as it already has. You must understand percentage change and price forecast. Buy some SHIB coins at a price you can write as bad debt. After that, calculate the percentage change you’d like to see. Search around credible crypto prediction websites and see if any analyst has made such a forecast that confirms the percentage change you have settled at. Read about the primary drivers that could see such a price tested.
Is Shiba Inu on eToro?
YES! SHIB is available on eToro.
What is Shib Coin?
SHIB Coin is an ERC 20 token on the Ethereum Network. It can be used to settle transactions online.