It's quite common for successful projects to see imitators pop up, so it's understandable that the well-known cryptocurrency Dogecoin wasn't able to avoid this fate. The creators of the Shiba Inu cryptocurrency tried to repeat Doge's success, which was based on the Shiba Inu dog meme. This article will walk you through important facts about Shiba Inu, help you assess its prospects and show you price predictions for it.

What is Shiba Inu (SHIB)?

Shiba Inu (SHIB) is a fairly young cryptocurrency created in August 2020 by an anonymous developer under the pseudonym Ryoshi. The coin's creator positions it as the "Dogecoin killer" and chose the Shiba Inu dog as its logo, which is also the Dogecoin logo.

While SHIB strives to emulate and possibly surpass Dogecoin's success as a meme cryptocurrency, they have several differences. SHIB is based on the Ethereum blockchain and is an ERC-20 token. Moreover, in the future, the SHIB coin itself should become an internal token of the developed decentralised Shiba Inu ecosystem, which, among other things, will include the ShibaSwap decentralised exchange.

When Shiba Inu was created in August 2020, the developers sent half of SHIB 1 quadrillion tokens to the decentralised Uniswap exchange, and the keys to the wallet were thrown away. This means that 50% of tokens are in circulation, but the developers cannot dispose of them. According to the developers, this was done to provide users with an open market for exchanging and fairly distributing tokens. The second half of the token issuance was sent to the public wallet of Ethereum founder Vitalik Buterin. In May 2021, Vitalik donated a portion of his Shiba Inu tokens, worth $1.2 billion, to fight COVID-19 in India. After that, on 16 May 2021, he sent 90% of his remaining SHIB tokens to an inaccessible address that burned them.

I don’t want to be a locus of power of that kind. Better to just print the coins into the hands of a worthy charity directly.— Vitalik Buterin

As such, the developers didn’t keep any tokens for themselves. To get any, they’d have to buy them on the market just like ordinary users.

Shiba Inu (SHIB) price analysis

At the time of writing, SHIB ranked 40th among cryptocurrencies by market capitalisation at $2,837,852,563.

SHIB price statistics (as of 09/06/21)

SHIB’s price history

Although the coin appeared in August 2020, its price remained negligible until April 2021, when it jumped to $0.0000042. A subsequent correction pushed the price down to the range of $0.00000085-$0.0000022. It remained at that level until the beginning of May.

In the first ten days of May, the price rose sharply in response to the coin's listing on several large exchanges and reached an all-time high on 10 May 2021 after being listed on the largest crypto exchange Binance.

On 12 May, Vitalik Buterin spent part of his SHIB tokens on charity, after which the price fell by over a half. The subsequent burning of 90% of his remaining tokens didn’t have a noticeable effect on the price. On 18 May, the price fell again, entering the range of $0.00000620 - $0.00001220, where it remains as of the time of writing.

SHIB technical analysis

Despite SHIB’s relatively short history on large crypto exchanges, we can already draw certain conclusions about it. The coin is currently in a sideways consolidation phase. The most promising event will be a breakout through the strong resistance level of $0.00001220, which could be the beginning of a bullish trend. There’s currently a strong support level at $0.00000630.

Shiba Inu price prediction 2018-2019

The SHIB was created in August 2020 and did not trade before that date.

Shiba Inu price prediction 2020

The SHIB token was not traded on large crypto exchanges in 2020, and its price was negligible.

Shiba Inu (SHIB) price prediction for 2021, 2022, 2023, 2025, 2030

Now is the time to find out what popular cryptocurrency experts think about the SHIB token’s prospects. As usual, we’ve compiled for you SHIB mid-term and long-term price predictions made by the most renowned of these experts.

WalletInvestor’s SHIB price prediction for 2021, 2022, 2023, 2025, 2030

WalletInvestor considers Shiba Inu to be a profitable investment. According to their calculations, the coin has the potential to rise to $0.000019 in 1 year. According to their estimates, the price of Shiba Inu will reach $0.000061 in 5 years.

DigitalCoinPrice’s SHIB price prediction for 2021, 2022, 2023, 2025, 2030

Digitalcoin also predicts gradual growth for the SHIB token. Their forecast sees the coin costing as much as $0.00001303 in a year, $0.00001364 in 2 years, $0.00001875 in 3 years, $0.00002702 in 5 years and $0.00003617 in 7 years.

PickACrypto’s SHIB price prediction for 2021, 2022, 2023, 2025, 2030

PickACrypto is even more optimistic about Shiba Inu's prospects. According to their calculations, the token's price may reach $0.00005 within the next few months. They predict a possible price increase to $0.0005 in 2022-2025.

Shiba Inu (SHIB) overall future value predictions

Shiba Inu is a controversial project. It was created as a competitor to Dogecoin, a coin that achieved popularity through hype. And although the developers intend to expand the project by building an ecosystem around it, to date, their specific plans are mostly unknown to the crypto community. The project doesn’t even have a detailed roadmap. Although investing in such projects can bring substantial profits, doing so is highly risky, even compared to investments in other cryptocurrencies.

Will Shiba Inu go up?

Many cryptocurrency experts think so, but it's worth bearing in mind that if the developers abandon the project or the hype doesn't support its popularity anymore, the token's price may decrease significantly.

How high can SHIB go?

It will be difficult for Shiba Inu’s price to reach high absolute values due to the huge number of tokens issued. However, its relative growth can be quite significant. As mentioned above, some experts predict a possible price increase to $0.0005, which is many times higher than its current price.

Shiba Inu price prediction today

The coin is currently in a sideways consolidation phase. A breakout through the resistance level of $0.00001220 would most likely mean the beginning of a bullish trend.