Why Shiba Inu Will Skyrocket
Cryptocurrencies and blockchain technology have been the talk of the market in recent years. The COVID-19 pandemic and consequent inflation attracted the attention of many institutional and retail investors away from the traditional space. While Bitcoin is an obvious choice for investors entering the market, others look for cheaper yet promising altcoins to add to their portfolio. For the uninitiated, an altcoin simply refers to an alternative cryptocurrency to Bitcoin. Each of these altcoins operates according to its own rules.
Shiba Inu is one such promising altcoin. The crypto token is named after the dog breed on the mascot of another popular cryptocurrency, Dogecoin, a crypto asset that started as a joke but has become immensely popular.
So will Shiba Inu skyrocket? Let us examine the asset and learn what it holds for the future.
Why Choose Shiba Inu?
Shiba Inu (SHIB) is a new breakout meme token that has captured the interests of the crypto investment community. Many view this token as a knock-off of Dogecoin. Developers created both these projects with a light-hearted approach to spread awareness.
Notably, there are many similarities between Doge and Shiba Inu. However, the latter has gained a reputation as the "DOGE killer," attracting a lot of attention. It has emerged as a popular choice among investors, especially in the wake of a bear market in assets like Bitcoin and Ethereum.
The meme coin market has been trending for a few months now. Thanks to a solid stream of positive promotion from celebrities and renowned entrepreneurs, meme coins like Shiba Inu and Dogecoin have experienced record gains. Interestingly, meme coins or "joke coins" are not a technological upgrade or revolution. They are more like a social phenomenon.
Investors and community members that missed out on the Dogecoin craze are eager to look for the next big thing. SHIB appears to have positioned its market entrance well to capture this wave as the network has seen some impressive growth since its inception.
Is Shiba Inu Going To Skyrocket in 2021?
Shiba Inu has a market cap of $11 billion at the time of writing. The project has seen an increase in value of over 1,776,000% in 2021. This incredible expansion attracted the attention of investors from around the world. These whopping gains can be attributed to the record rate at which the coin was listed on major exchanges.
Per InvestorPlace.com, the Shiba Inu coin will likely rebound in the near future. Some believe that the rise might be enough to outperform Dogecoin too.
Don't Miss: Pros and Cons of Investing in Shiba Inu Coin
Factors Leading Shiba Inu To Skyrocket
#1 Listings on various exchanges
Similar to how company stocks gain value significantly when listed on established stock exchanges such as the New York Stock Exchange, cryptocurrencies also surge in price the same way when listed on major crypto exchanges.
WazirX crypto exchange, a subsidiary of Binance, is one of the largest and most established crypto exchanges globally. It recently listed Shiba Inu after Ethereum creator Vitalic Buterin donated around $1 billion worth of crypto to support Covid-19 relief in the country. Following the listing, SHIB rose in price significantly. In addition to Binance, you can also find SHIB tokens listed on Uniswap, Huobi Global, Kukoin, and many other multinational exchanges.
The listing on these platforms means that users will not find it easy to sell their holdings if they wish to. This aspect makes the coin a worthwhile investment both in the short and long term.
#2 Support from celebrities
Meme coins like Shiba Inu and Dogecoin have been receiving a lot of support from celebrities on social media. These digital assets do not have any significant technological offerings compared to other established virtual currencies. Still, users hold and trade them for fun, which appears to be exciting investors all over. Shiba Inu is similar to a social movement or phenomenon and is creating a massive wave. This wave is driving their value further up.
Given that Shiba Inu is pegging its success on Dogecoin, trying to replace it in the long haul, it has received a following from many impressive personalities. Some celebrities that have been behind Dogecoin and who also might take an interest in its supposed successor are Guy Fieri, Mark Cuban, Elon Musk, and a few more. With such notable names behind a project, one can be sure that it has a very high chance of doing very well in terms of its value.
#3 Earning potential for holders
Shiba Inu aims to provide users with massive earning potential. The main goal behind the network was to formulate an ERC-20 token and ecosystem that was priced low enough that any user could own millions of them. They intentionally launched the SHIB tokens priced well below a penny to make the platform profitable just by hitting $0.01. To this extent, the developers have indeed succeeded.
Apart from the opportunity to earn some profits, Shiba Inu is mostly about having fun. These joke tokens are designed to help bring awareness about the blockchain sector. Coins like Shiba Inu and Dogecoin have managed to bring similar-minded investors together in a short span.
Why Shiba Inu Will Skyrocket: Expert Predictions
Like many investment assets, Shiba Inu is a volatile token, and therefore predicting its future price with utmost accuracy is unrealistic. Nevertheless, many crypto community members believe that the SHIB coin will be more valuable in the next five years. Various analyst projections expect it to be worth between $0.0001 and $0.0005 by December 2026.
The Wallet Investor expects SHIB token prices to continue rising and reach $0.00008 by the end of 2026. The Wallet Investor is a reputable technical analysis and price prediction website.
Check Out: What Will Shiba Inu Be Worth in 2025?
Should You Invest $1000 in Shiba Inu Right Now?
The decision to purchase Shiba Inu at the current low prices must be informed by more than social media hype, FOMO (fear of missing out), or your risk tolerance. Investors should inform themselves through thorough research and expert analysis of the SHIB price history.
Currently, the cryptocurrency market appears to be bullish on Shiba Inu as experts and investors expect the token prices to surge again and resume the uptrend moving forward. Additionally, there is a lot of social media hype surrounding meme coins.
That said, it is probably ideal to invest a small amount of money in Shiba Inu instead of large amounts.
There is a lot of hype around SHIB right now. The coin has a lot of room to grow. Investors with high-risk tolerance could benefit from investing a few dollars in SHIB right now as they could reap thousands of dollars in profit later if the coin performs as projected.
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Virtual currencies are highly volatile. Your capital is at risk.