Shiba Inu is the popular memecoin inspired by Dogecoin that came onto the scene in 2020 and made a lot of digital currency speculators rich in 2021. Somehow it has managed to continue to hold on to its spot as the second largest memecoin by market cap through the crypto winter months, only trailing behind the aforementioned Dogecoin.
However, right now in 2024, it appears the current bias in the general public is that the winter months are behind us and we are revving up for a new bullish season. With this renewed optimism in the air, it’s crucial to examine how Shiba Inu, as a frontrunner in the memecoin space, could potentially perform in this anticipated bullish season.
First a brief intro and refresher to the Shiba Inu token and ecosystem.
What Is Shiba Inu
Shiba Inu (SHIB) is an ERC-20 Ethereum-based token created and launched in August 2020 by the anonymous entity known as Ryoshi. It is named after the popular Japanese breed of hunting dog which also happens to serve as its mascot. The SHIB token had a max supply of 1 Quadrillion at inception (i.e. 1 followed by 15 zeros).
The $SHIB token went on to rise 27,000,000% in 2021 and had since gone from being a simple meme token to developing its layer-2 on the Ethereum blockchain known as ‘Shibarium’. According to their website, Shibarium was created to curb congestion on the blockchain, introduce staking, lower gas fees, and support the development of decentralized applications (Dapps) and the general proliferation of Web 3.
The introduction of Shibarium also saw the launch of two other tokens into the ecosystem; $LEASH and $BONE, their governance token. The initial token supply for $LEASH was limited to 107,646 and that of $BONE was 250,000,000. The developers also launched their own DeFi platform in 2023 called Shibaswap. where users can go to provide liquidity, stake any of their Shibarium tokens, swap the tokens, or trade ‘shiboshis’, the ecosystem’s unique collection of NFTs.
Recent News And Developments With Shiba Inu
Shiba Inu, just like almost every other digital currency out there, has given a wild performance in 2024 already. A measurement of the peak to trough on the price of $SHIB this year shows a growth of over 320%, while the year to date (YTD) performance at the time of writing this article is 167%.
This volatility in price action in the SHIB token can be mostly ascribed to the increase in the price of the apex digital currency ‘Bitcoin’. As it is well established by history wherever Bitcoin goes the larger altcoin market tends to follow. The approval of the spot bitcoin ETFs by the SEC earlier in 2024 may have also played a part directly and indirectly. Directly, because the SEC’s approval of the spot Bitcoin ETFs would be seen by many as general validation of the entire digital currency market, even though that might be overreaching on their part.
Plus the increased speculation due to the upcoming Bitcoin halving event may have a little to do with it too. However, with all of this volatile price action, SHIB is yet to reach or break its previous all-time high that was set in 2021, unlike BTC. Now this could mean it still has a lot of upside objectives to reach for. But it could also be that the hype engine driving the growth is now running on fumes and is no longer enough to drive the price much further.
According to coincodex on April 13th, here is the Shiba Inu price prediction.
| Year | Yearly Low | Yearly High |
| 2025 | $ 0.00002446 | $ 0.000116 |
| 2026 | $ 0.00002037 | $ 0.00006530 |
| 2027 | $ 0.00002235 | $ 0.00004602 |
| 2028 | $ 0.00003311 | $ 0.00007841 |
| 2029 | $ 0.00006341 | $ 0.000158 |
| 2030 | $ 0.00006259 | $ 0.000101 |
The Good News Looming For Shiba In
In recent developments, the SHIB token has experienced a recent uptick in burn transactions. Stats released by Shibburn revealed a notable transaction that saw 25 million SHIB burned, followed by additional burns of 2.4 million and 1 million SHIB in subsequent transactions. On April 9, a separate report indicated a surge in SHIB burning, with 135.5 million SHIB burned across 12 transactions within 24 hours, marking a remarkable 1344.1% increase in the burn rate.
Also, about 9,000 $BONE tokens were permanently burnt by users trying to purchase the new $DAMN token that launched on the Shibarium blockchain. Additionally, the recent launch of the $DAMN token has led a radical increase in active and new accounts on the Shibarium blockchain. Data from Shibariumscan showed that active accounts on the blockchain went from 667 to 2,482 in the days following the launch of the project. This surge includes a staggering 12,854% increase in total blockchain interactions
This could spell good news for all SHIB holders cause the token burn generally improves the tokenomics of the token. This should ideally lead to an increase in the price of the remaining circulating supply of the token. Also, the renewed interest in the ecosystem as is evident in the recent uptick in blockchain activity could be a positive feedback loop for the future price potential. The surge in blockchain activity increases demand for the tokens and that lays the groundwork for a significant uptick in token value. This could in turn attract a fresh wave of investors, reigniting the cycle and fueling further potential for price appreciation.
In other news, Lucie, Shiba Inu’s marketing lead took to her X account (formerly known as Twitter) to announce some upgrades that were coming to the Shibarium ecosystem, particularly The Shiba Eternity project. Shiba Eternity is a strategic multiplayer card battle game launched In October 2022, where players engage in tactical battles using thousands of SHIB-inspired cards ‘Shiboshis’. Lucie stated that the developers had recently made some updates to the game and were continuing to work on new features to introduce. This development could without a doubt affect SHIB’s tokenomics.
Experts Opinion And Future Predictions
In a recent analysis by popular crypto analyst @rektcapital on X, he highlighted that Shiba Inu ($SHIB) is currently retesting a crucial level at $0.000028, which aligns with a support level from early 2022. He posited that this retest is a significant event for SHIB because it mirrors a similar pattern observed in late 2021 when the cryptocurrency experienced a substantial surge after successfully retesting a support level.
So if we extrapolate from @rektcapital ‘s perspective of the historical performance, combined with their current technical analysis, it would suggest that SHIB could be gearing up for a significant market resurgence in the near future.
However, none of this is a giving or any sort of investment advice. Investing in cryptocurrencies should be done with a high level of caution, thorough research, and proper understanding of the risk involved. This is even more so with memecoins which Shiba Inu still essentially is.
Pros and Cons of Shiba Inu
Pros
- + Strong Group and Promotion: Shiba Inu has a vast and active local community of token holders. These massive rallies of allies can easily drive the token’s value higher due to sheer fervour and publicity, particularly during bull runs.
- + Shibarium Environment: Shiba Inu’s layer-2 layout, Shibarium, provides several benefits. It aims to reduce exchange costs, increase adaptability, and make it possible for the Shiba Inu blockchain to support decentralised apps. For SHIB, this could result in a more powerful and beneficial biological system.
- + Token Consumption: The amount of SHIB tokens available for use is decreasing because of the new rise in consume exchanges, which could raise the cost of the tokens that are left. Besides, consuming techniques, for example, those utilized with $BONE can uphold a more vigorous symbolic economy.
- + Expansion in The Blockchain Action: The flood in action on the Shibarium blockchain shows developing interest in the environment. This can prompt expanded interest for SHIB tokens and possibly drive up the cost.
Cons
- – Memecoin Instability: Shiba Inu is still primarily a memecoin, and its value is highly dependent on publicity and virtual entertainment trends. This makes it a risky venture.
- – Restricted Utility: While the Shibarium biological system is expanding, SHIB itself has fewer genuine applications than other cryptographic forms of money. Its future worth is primarily determined by hypothesis and local opinion.
- – Competition: The memecoin market is crowded, with Dogecoin being the most established participant and picture tokens being more widely integrated into other blockchains like as Solana and Binance Brilliant Chain. SHIB faces a difficult struggle in separating itself and gaining wider acceptance.
- – Centralised Leadership Concerns: While Shiba Inu started as a decentralized project, the recent upgrades and burns are overseen by a central team. This could raise concerns about the project’s long-term decentralization goals.
Conclusion
Overall, Shiba Inu (SHIB) has maintained its position as an unmistakable memecoin despite fluctuations in the cryptocurrency market. With critical advancements like as the release of Shibarium and Shibaswap, as well as the new wave of consumer exchanges, it is not unreasonable to expect $SHIB to appreciate in value in the near future. The professionals’ feelings, essential appraisal, and technical analysis all appear to emphasize the same point.
In any event, investing in cryptographic forms of money has a significant risk of disaster for any investor, and $SHIB is no exception. So the phrase ‘Do Your Own Research can never be overstated.
If you’re interested in finding out more information on the Shiba Inu ecosystem, you can follow updates on platforms like X and checkout their weekly magazine issue on their official website. This way you can make informed decisions in the ever-changing crypto
FREQUENTLY ASKED QUESTIONS (FAQs)
What is Shiba Inu?
Shiba Inu (SHIB) is a memecoin created by Dogecoin and released in 2020. It has its own biological system, which includes a token ($SHIB), a Layer-2 solution (Shibarium), and a DeFi stage.
What are Shiba Inu’s pros?
Shiba Inu’s strengths include a creative atmosphere (Shibarium), constant symbolic consumption to reduce supply, and developing blockchain action.
What are the disadvantages of Shiba Inu?
Shiba Inu is a memecoin with low stability and few certifiable use cases. It competes with other memecoins and has some centralization concerns.
Is Shiba Inu a wise investment?
Shiba Inu is a risky endeavour because of its memecoin nature. Before you begin managing your money, conduct your own research.
Where can I find out more about Shiba Inu?
A: You may get updates on Shiba Inu’s social media (X) and website, where they produce weekly magazines.
