The internet was never the same after cryptocurrency was introduced. I’m not joking. Everywhere you go online, you hear “crypto this, crypto that”. Heck, it even managed to find its way into everyday conversations. But one thing that can be said from all this crypto chatter going around is that crypto is here to stay. In this blog, we’ll be taking a look at the future of Shiba coin prices .
What is the Shiba Inu coin?
But before we get to the interesting part. I think I might have to explain what the Shiba Inu coin is just in case you are going in blind here. The Shiba Inu coin is a meme-influenced cryptocurrency, similar to the more famous Dogecoin. It was launched on the Ethereum network in August 2020, making it a fairly new entry into the world of crypto. Unlike other cryptos like Bitcoin, Shiba Inu coins are abundantly available. There are more than one quadrillion coins out there.
Shiba coin price prediction
Shiba coin prices have recently taken off with investors buying the coins and driving up the price, and even petitioning Robinhood, an online broker, to list the Shiba Inu for trade. It is also one of the cheaper cryptocurrencies out there.
In October 2021, Shiba Inu coins hit an all-time high of $0.00008845. This was a result of billionaire Elon Musk tweeting about it. After the fanfare died down, the current price of the coins is $ 0.0000576.
If you are waiting for the Shiba coin price to reach $1, you’ll be disappointed. Many analysts have come out and said that the Shiba Inu coin can never reach the price of $1 simply because there is not enough money to go around.
However, it can still be a good long-term investment. According to Wallet Investor, Shiba Inu is predicted to reach $0.000185 in five years which is around a 224.56% increase. Trading Beast also predicts Shiba Inu to reach $0.0000715 by May 2022. And with the current prices, if you continue to hold on till 2027, the price will reach $0.0001143, a 300% increase.
Shiba coin risk factors
Before investing, you should always take into account risk factors and make proper judgments. The Shiba coin price is highly dependent on what happens on social media and the media attention it gets. If more people talk about it online, there will be an increase in investors which could increase the price. But if there is little to no chatter on the media, then the coins could crash. It has a very loyal fanbase which in most cases might be favorable but in this case, it becomes a very risky investment. Especially, if the fanbase dwindles and moves on to the next big crypto.
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Since the Shiba Inu is fairly new, it is still too early to tell whether it will give long-term gains or not. The above predictions are just that, predictions. We have no idea how it will turn out in the end. But if it gains popularity on social media, it stands to gain which could lead to big returns. At the same time, cryptocurrencies, in general, are risky investments. So, if you are averse to taking risks, then you can refrain from investing in Shiba Inu.