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ARTICLE SOURCE 👉https://coinmarketcap.com/alexandria/article/the-future-of-shiba-inu-price-prediction-and-market-expectation
Published on: September 1, 2021
Written by: Hassan Shafiq
The Future of Shiba Inu: Price Prediction and Market Expectation
Shiba Inu (SHIB), the self-proclaimed ‘Dogecoin killer’, is a meme-coin that has a lot of social media hype behind it. Shiba Inu (SHIB) is based on Ethereum, the world’s second-largest cryptocurrency after Bitcoin.
Shiba Inu’s Journey
Created by an anonymous person named ‘Ryoshi,’ Shiba Inu became an internet sensation as it gained 12505887.6%, since its inception in the crypto market. Many people who had bought billions of SHIB tokens for a few bucks became multi-millionaires. Here is a story of two brothers who put in $200 as an initial investment and saw it reach hundreds of thousands of dollars in a matter of weeks.
Shiba enjoyed a lot of success stories when the token exploded in the crypto market, however, after reaching an all-time high of $0.00003791 on May 10, 2021, Bitcoin witnessed a steep downfall and took the entire crypto market with it. Shiba Inu was also engulfed in the bearish market and kept falling for the next two weeks or so. From May 22, Shiba Inu’s price stabilized at $0.0000083 and kept it maintained at this level for the next two months. As of August 30, 2021, Shiba Inu is priced at $0.000007023 with a trading volume of $221,677,612.22 in the past 24 hours, which is a 6.31% drop from yesterday.
Shiba Inu (SHIB) runs on the Ethereum network, which is why Shiba Inu, like Ethereum, is also transitioning from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Shiba tokens are ERC-20 tokens, which are fungible and each token holds equivalent value.
Will Shiba Inu Take Over Dogecoin?
Unlike Dogecoin (DOGE), Shiba Inu lacks the support of Elon Musk, the founder of SpaceX and Tesla. Musk’s Twitter is considered a place of mystery in the world of cryptocurrencies. The multi-billionaire’s tweets hold immense traction in the crypto world to such an extent that a 5-20% drop in crypto prices has been witnessed. A great example of this would be the environmental issue surrounding Bitcoin. When Musk tweeted about it in May, BTC went down by 20%, however, with a single tweet in support of BTC, it immediately went up by 4%.
It is clear to everyone now that Elon Musk’s opinion about crypto holds immense value and his support for Dogecoin is valuable. His quotes like ‘Dogecoin is Money’ sent the meme coin up by 20% in 2021!
Now, it’s clear that the “Doge-coin killer,” Shiba Inu, doesn’t have the same support, however, crypto market analysts still believe that it can overtake Dogecoin in the coming years.
It is crucial to think about the tokenomics of crypto investments at all times. Compared to other crypto assets, Dogecoin’s supply method is rather unique. Dogecoin has an infinite supply, which implies that, unlike Bitcoin, which has a limitation of 21 million coins, there is no cap to the number of Dogecoins that can be generated.
Shiba Inu does not follow Dogecoin in the matter of market capitalization as the token has a limited supply, with the total standing at 1 quadrillion tokens, which is also a pretty huge number. So, in conclusion, neither Dogecoin nor Shiba Inu has a limited supply that can be filled in a short period of time.
The founder of Ethereum, Vitalik Buterin owned about half of SHIB tokens’ supply. However, he opted to burn 90% of them (an act that spiked SHIB’s price for a limited period), which amounted to 410 trillion tokens, valued at around $6.7 billion.
This decrease in supply may kick-start a new bullish run for the coin. Another important factor to keep in mind is market capitalization. Both Dogecoin and Shiba Inu have huge market capitalizations, which may limit the possibility for greater increases. It does, however, imply that they are both quite popular in the crypto world. With a market cap of $36,313,515,624.72, Dogecoin is comfortably among the top 10 cryptocurrencies (ranked at #7) in terms of market capitalization. Shiba Inu, meanwhile, is in the top 50 with a market capitalization of $2,762,340,296.49, which is a great number for a relatively new token in the crypto world.
At this time, the market capitalizations of the two tokens are vastly different. Nonetheless, the SHIB community is fervent, and the possibility of another big price increase cannot be ruled out. Many investors have rushed to it in the hopes of discovering the next Doge. Dogecoin is already up a lot, and even if it does hit the $1 mark, it wouldn’t be a huge rise in terms of percentage from where it is now.
