Shiba Inu Price Prediction — Will SHIB Hit $0.00009 Soon?

Shiba Inu Price Prediction — Will SHIB Hit $0.00009 Soon?
  • Bullish SHIB price prediction is $0.00005085 to $0.00008973.
  • SHIB price will also reach $0.00009 soon.
  • SHIB bearish market price prediction for 2021 is $0.00000563.

In Shiba Inu (SHIB) price prediction 2021, we use statistics, price patterns, RSI, RVOL, and much other information about SHIB to analyze the future movement of the cryptocurrency

Shiba Inu Current Market Status

According to coingecko, the price of SHIB is $0.00003147 with a 24-hour trading volume of $1,061,913,650 at the time of writing. However, SHIB has decreased to 6.1% in the last 24 hours.

Moreover, SHIB has a circulating supply of 549,151,143,263,049 RVN. Currently, SHIB trades in cryptocurrency exchanges such as Binance, OKEx, FTX, Huobi Global, and Bybit.

What is Shiba Inu?

Ryoshi created Shiba Inu to create a crypto asset that combines the benefits of popular cryptocurrencies like Bitcoin, Ethereum, Dogecoin, and others. It’s the first on ShibaSwap, a decentralized private exchange.

June 6, 2021, ShibaSwap debuted. The Shiba Army is a fast-developing online group with a strong social media presence. According to a whitepaper published in April 2021, Shiba Inu’s creators distributed half of the SHIB token supply and handed the remainder to Ethereum creator Vitalik Buterin.

SHIB founders gained notoriety by revealing that Ethereum co-founder Vitalik Buterin received about half of the entire $SHIB supply. In the initial article, the creators supplied links to Buterin’s currency supply and a photograph of Buterin reportedly in Japan.

The post was aimed to attract exposure by implying close links to Buterin. Risks included Buterin “rugging” the currency, as Ryoshi noted. Buterin started dumping massive amounts of Shiba currency and trading it for Ethereum in many transactions shortly after. He stopped converting when some of the transactions failed.

Buterin also donated Shiba currency to a COVID-19 relief fund in India, about $1 billion worth. Although the coin’s value decreased by 35% following the transfer, Shiba Inu gained media exposure, attracting new members to its online community.

The SHIB token has a tremendous trading interest as compared to its trading volume. This constant volume makes Shiba Inu a genuine candidate for the altcoin title. Furthermore, the multi-billion-dollar push today gives SHIB enough market value to surpass Terra. This makes SHIB the world’s eleventh-largest cryptocurrency, as per CoinMarketCap.

Factors Influencing the SHIB Price

Etherscan data indicates that the top 100 addresses possess almost 80% of the 1 quadrillion Shiba Inu token supply. So not even the fact that Ethereum co-founder Vitalik Buterin burnt 90% of his SHIB holdings (over 400 trillion tokens) by transferring them to a dead blockchain address challenges the premise of Shiba Inu being a decentralized cryptocurrency.

Worse, if these surviving SHIB whales decide to sell, they might devalue the coin. For example, Buterin gave 50.7 trillion SHIB tokens to the India COVID-Crypto Relief Fund. These tokens will be sold to best use this contribution. If and when these huge owners go, the other holders will suffer.

Tesla Motors CEO Elon Musk inspires Shiba Inu. With the adoption of Floki, Musk has been tweeting great things about Dogecoin and the Shiba Inu breed. Buyers flock to SHIB whenever Musk mentions Shiba Inu pets in a tweet.

Shiba Inu trading has been erratic. Earlier this week, crypto fell when Elon Musk said he didn’t own it. He stated he had acquired Bitcoin, Ether, and Dogecoin, and that was all.”

On 27 October, Shiba Inu’s bitcoin value increased significantly, outpacing the market’s 6.46 percent decline. As a result, it was the #1 gainer on Coinbase at the moment. Tesla CEO Musk has a history of tweeting cryptic remarks on Twitter, causing ripples in the cryptocurrency market.

The market value of social media postings like Elon Musk’s typically rises, although not quite to its target. After billionaire Elon Musk tweeted a photo of his new Shiba Inu puppy with the caption Floki Frunkpuppy, the stock’s value jumped.

In July 2021, ShibaSwap was launched. ShibaSwap is a decentralized exchange where investors may stake SHIB for interest. Of course, staking is nothing new in the crypto world, but the opportunity to earn returns should encourage SHIB holders to hold onto their tokens for longer.

Finally, Shiba Inu is gaining momentum. When an asset grows over 5 million percent in less than 15 months, investors rush in to avoid losing out (FOMO).

Pros and Cons of SHIB

Shiba Inu has risen several hundred thousand percent since late January. Traders of cryptocurrency have earned millions in recent years.

Dogecoin (DOGE), Floki (FLOKI), and Shiba Inu (SHIB) are among the top-performing cryptos. The staggering growth in Shiba Inu is enough to cause FOMO. Before investing in Shiba Inu, investors should grasp the benefits and drawbacks. Let us examine the coin’s pros and cons.

Pros of SHIB:

Below mentioned a few pros of SHIB.

Valuable Crypto Brand

Bitcoin, Ethereum, and other popular cryptocurrencies have significant technological benefits. Effective branding is essential in the crowded cryptocurrency market. Shiba Inu has adopted Dogecoin’s meme-friendly branding strategy. Shiba Inu has been trending on social media and spreading like wildfire during its remarkable run. Without a strong technical edge, Shiba Inu may survive or perish based on its brand power.

Shibaswap

The Shibaswap decentralized exchange is one method Shiba Inu developers are trying to promote community and brand. Decentralized exchanges enable users to trade cryptocurrencies without an intermediary. It is one of three cryptos in the Shiba ecosystem. Shibaswap users may now stake their crypto to earn interest.

Users may keep track of their earnings in their “bonefolio” and exchange over 10,000 non-fungible dog-themed tokens with varying features and rarities.

Possible Robinhood Listing

The community has urged the popular trading platform Robinhood to include Shiba Inu on its list of tradeable cryptocurrencies. A Change.org petition supporting Shiba Inu has over 400,000 signatures. After introducing Dogecoin to its platform in the first quarter of 2021, Robinhood claimed $30 million in income from trading Dogecoin. The financial temptation for Robinhood to introduce Shiba Inu trading may soon be too strong to ignore.

Low-cost Shiba Inu Coin

SHIB is currently trading at $0.000026. The price of a crypto trading asset is vital because it helps traders and investors forecast potential profits based on the number of coins acquired. At this pricing, you may expect a 100% profit if SHIB rises to $0.000052. It beats investing in Ether or Bitcoin.

SHIB Exchange Listings

One shouldn’t have to explore finding a digital asset online. This is why a cryptocurrency’s accessibility affects its price. It would be thrilling to have purchasers eager to match your selling price, whether you want to buy, hold, or sell.

SHIB is presently listed on Binance, Huobi Global, OKEx, FTX, and Binance subsidiary WazirX. Moreover,  eToro, one of the world’s major exchanges, is also contemplating Shiba Inu (SHIB).

Cons of SHIB

Below mentioned a few cons of SHIB.

High Volatility

Investors are ecstatic when their investment doubles in less than a year. Regrettably, volatility swings both ways. For investors seeking an adrenaline rush or a gambler’s high, the possibility of a price drop as steep as the rise may be part of the pleasure. Coinbase says Shiba Inu investors retain their coins for an average of 13 days. Long-term investors can be crushed by the sudden abandonment of market speculators and momentum traders.

Lack of real-world utility

Unlike bitcoin and Ethereum, Shiba Inu has no real purpose for investors. Cryptwerk estimates that only 100 worldwide retailers accept Shiba Inu as payment. It’s a smattering of strange crypto-themed companies Shiba Inu’s fees, transaction speed, or structure aren’t distinguishable from hundreds or thousands of other cryptos.

Michael Burry, from “The Big Short,” recently branded Shiba Inu “pointless.” Burry criticized Shiba Inu’s enormous supply of 1 quadrillion coins, claiming it inhibits price appreciation.

Musk Does Not Own It

Shiba Inu is one among many doge-themed coins. Elon Musk, the influential Tesla CEO, has publicly endorsed Dogecoin and acquired a Shiba Inu dog called Floki. However, Musk recently upset Shiba Inu investors by revealing that the only cryptos he truly owns are Bitcoin, Ethereum, and Dogecoin. Musk supporting Dogecoin might not be good news for Shiba Inu investors.

Shiba Inu Coin is an MCAP

SHIB now has a market valuation of $10 billion and a diluted cap of $25 billion. It is important to know that $300 million to $2 billion is small-cap, $2 billion to $10 billion is medium-cap, and $10 billion or more is large-cap.

Analyst View on SHIB

In August 2020, when the meme currency initially appeared, it was purchased for around 70 trillion SHIB tokens. Shiba Inu was then worth $0.000000000189. This Shiba bull began purchasing on day one and currently owns 13% of SHIB’s entire coin supply, approaching 550 trillion.

Shiba Inu has startled even the biggest crypto bulls by edging Dogecoin off the No. 9 slot on CoinMarketCap. From $0.00002749 to $0.00007515 in seven days, the price of SHIB has risen around 170 percent. Shiba Inu has a market valuation of nearly $41 billion. Twitter, by contrast, has a market valuation of almost $42 billion.

Individual investors aren’t the only ones eager to get on board before it’s too late. Film Chain AMC Entertainment is after the meme coin. AMC CEO Adam Aron is polling his fans on whether AMC should accept Shiba Inu internet payments. So far, AMC has agreed to take bitcoin, Ethereum, Litecoin, and Dogecoin.

Michael Burry, of “The Big Short” fame, is not a fan of Shiba Inu. Burry’s tweet implies he doesn’t think Shiba Inu is a good investment due to the abundance of coins.

Consider what some analysts say on price prediction:

WalletInvestor expects SHIB will trend sideways over the next year following a new high. The site predicts SHIB at $0.000053 in October 2022. Gov Capital is marginally more positive, anticipating a $0.00008 Shiba Inu by October of next year.

CoinPriceForecast believes Shiba Inu has enough fuel left to almost quadruple by 2021. Predictions for December are $0.00009. The Economy Forecast Agency expects SHIB to reach $0.000074 by year’s end. By October 2022, that value should be $0.00016.

Shiba Inu (SHIB) Price Prediction 2022

Shiba Inu holds the 13th  position on CoinGecko right now. SHIB price prediction 2022 explained below with a daily time frame.

SHIB/USDT Triangle Pattern (Source: Tradingview)

A triangle is made of a downward diagonal upward trend line and an upward diagonal downward trend line. When there is a price increase, it will inevitably break through the upper trend line to break, and in an uptrend, the price will increase or break. A lower trend line develops a breakthrough and a downward trend in which prices drop.

Currently, SHIB is at $0.00003190. The price of SHIB might reach the resistance level to $0.00005411 and $0.00008792. If the trend reverses, then the price of SHIB may fall to $0.00003142 and $0.00002077.

Shiba Inu (SHIB) Support and Resistance Level

The below chart shows the support and resistance level of SHIB.

SHIB/USDT Support and Resistance Level (Source: TradingView)

From the above daily time frame, it is clear the following are the resistance and support levels of SHIB.

  • Resistance Level 1 – $0.00005085
  • Resistance Level 2- $0.00008973
  • Support Level 1 – $0.00002977
  • Support Level 2 – $0.00002065
  • Support Level 3 – $0.00001034
  • Support Level 4 – $0.00000563

The charts show that SHIB has performed a bullish trend over the past month. If this trend continues, SHIB might run along with the bulls overtaking its resistance level at $0.00008973.

Accordingly, if the investors turn against the crypto, the price of the SHIB might plummet to almost $0.00000563, a bearish signal.

Shiba Inu Price Prediction 2022 — RVOL, MA, and RSI

The Relative Volume (RVOL) of SHIB is shown in the below chart. RVOL is an indicator that tells traders how the current trading volume has changed over a period of time from the previous volume. Currently, SHIB’s RVOL is below the cutoff line, indicating weaker participants in the current trend.

SHIB/USDT RVOL, MA, RSI (Source: TradingView)

More so, the SHIB’s Moving Average (MA) is shown in the chart above. Currently, SHIB is in a bearish state. Notably, the SHIB price is below 50 MA (short-term), so it is completely in a bearish state. Therefore, there is a possibility of a reversal trend of SHIB at any time.

Meanwhile, the relative strength index (RSI) of the SHIB is at level 38.22. This means that SHIB is in an nearly oversold state. However, this gives confidence for the traders to trade without any fear.

Shiba Inu Price Prediction 2022 — ADX, RVI

Let us now look at Shiba Inu’s Average Directional Index (ADX). In particular, ADX allows traders to discover the strength of a trend rather than its direction. It can also be used to determine if the market is changing or a new trend is starting. Also, ADX is linked to the Directional Movement Index (DMI).

SHIB/USDT ADX, RVI (Source: TradingView)

The above chart represents the ADX of Shiba Inu. Currently, SHIB lies in the range at 18.03, so it indicates a weak trend. 

From the above chart, the Relative Volatility Index (RVI) of SHIB. RVI measures the constant deviation of price changes over a period of time rather than absolute price changes. The RVI is below the 50 level, indicating that the direction of volatility is low. In fact, SHIB’s RSI is at the 38.22 level thus confirming a potential sell signal.

Comparison of SHIB with BTC, ETH

The below chart shows the price comparison between Bitcoin, Ethereum and Shiba Inu.

BTC Vs ETH Vs SHIB Price Comparison (Source: TradingView)

From the above chart, we can identify the trend of the ETH, BTC and SHIB is moving at the same level as the trend. This indicates that when the price of BTC increases or decreases, the price of ETH and SHIB also increases or decreases respectively.

Conclusion

With continuous improvements in the Shiba Inu network, we can say that 2022 is a good year for SHIB. For this reason, the bullish price prediction of Shiba Inu in 2022 is $0.00008973. On the other hand,  the bearish SHIB price prediction for 2022 is $0.00000563.

Furthermore, with the advancements and upgrades on the SHIB ecosystem, the performance of SHIB would rise reaching $0.00005411 very soon. But, it might also reach $0.00009 if the investors believe that SHIB is a good investment in 2022.

FAQ

1. What is Shiba Inu?

Shiba Inu (SHIB) is a meme token that started as a fun currency and has now become a decentralized ecosystem. SHIB aimed to be Ethereum-based competitor to Dogecoin’s Srypt-based mining algorithm.

2. Where can you purchase SHIB?

SHIB has listed on many crypto exchanges which include Binance, OKEx, FTX, Huobi Global, and Bybit.

3. Will SHIB reach a new ATH soon?

With the ongoing developments and upgrades within the SHIB platform, it has a high possibility of reaching its ATH soon.

4. What is the current all-time high (ATH) of Shiba Inu?

On Oct 28, 2021, SHIB reached its new all-time high (ATH) of $0.00008616.

5. Is SHIB a good investment in 2022?

Shiba Inu (SHIB) seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of SHIB in the past few months, SHIB is considered a good investment in 2022.

6. Can Shiba Inu (SHIB) reach $0.00009?

Shiba Inu (SHIB) is one of the active cryptocurrencies that continue to maintain its Bullish state. Eventually, if this bullish trend continues then Shiba Inu (SHIB) will hit $0.00009 soon.

7. What will be the SHIB price by 2023?

Shiba Inu (SHIB) price is expected to reach $0.0010 by 2023.

8. What will be the SHIB price by 2024?

Shiba Inu (SHIB) price is expected to reach $0.025 by 2024.

9. What will be the SHIB price by 2025?

Shiba Inu (SHIB) price is expected to reach $0.125 by 2025.

10. What will be the SHIB price by 2026?

Shiba Inu (SHIB) price is expected to reach $0.5 by 2026.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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Monisha is a Senior Programmer in the Automotive Embedded domain. Her interest in the cryptocurrency field made her write about crypto and blockchain-related news.