The Dogecoin killer Shiba Inu coin has generated a lot of buzz. It may still be worth selling for several obvious reasons. Shiba Inu, a cryptocurrency created by Ryoshi in 2020, was developed anonymously by a person or persons.
Its explosive expansion has been attributed to billionaire Elon Musk and its inclusion in major crypto exchanges. Because cryptocurrencies have experienced such rapid growth, it's a good idea to sell them before they crash. We'll walk you through the process of selling Shiba Inu coin, starting with the reasons you should do it.
Start Investing in SHIB now With ByBit!Shiba was officially launched as a cryptocurrency in August 2020. The platform is a meme project dedicated to the Shiba Inu dog. The start-up is built on the Ethereum blockchain (ERC 20), and the consensus algorithm is Proof-of-Stake.
About 1 quadrillion tokens were issued at the time of launch, and they were distributed as follows:
About 50% of the tokens, or 505 trillion coins, were sent to Vitalik Buterin, the founder of the Ethereum platform. This could mean the transfer of the project management authority to him. By doing so, the developers tried to attract the attention of investors to the platform. Buterin decided to irrevocably burn 90% of the tokens from his share.
About 50% were transferred to the decentralized exchange Uniswap, and it was among the first exchanges that added the token to the listing. Most of them are currently blocked to maintain liquidity. With a total supply of 589 trillion tokens, only about 549 billion are in free circulation.
The SHIB ecosystem consists of the decentralized ShibaSwap exchange. The ecosystem also includes the NFT art incubator, which offers artists from around the world who love shiba-inu dogs to create their own NFTs with them.
Who owns Shiba Inu coins? The creators of the platform are unknown as are their true motives, including those that prompted them to transfer 50% of their assets to Buterin on a non-refundable basis. The founder is "RYOSHI," but whether it is one person or a group of developers is unknown. According to one version, "RYOSHI" mentions the participation of another very influential person in the project of whom contacts were made at the 2019 Ethereum DevCon Сonference in Japan. There is indirect evidence that this person is Vitalik Buterin, with whom an agreement was reached on the mandatory burning of the tokens after their transfer.
Shiba was initially conceived as a project that would compete with one of the oldest Dogecoin meme coins. The startup was a kind of a response to the joke coin DOGE; the developers were going to focus on the decentralized exchange ShibaSwap, which was launched at the same time. "DOGE killer" - that's how the developers positioned the coin. Nevertheless, the SHIB token managed to become the second most popular meme coin. Today, the token is ahead of Cardano, Solana, and Kraken by the number of Twitter followers.
| Ticket | SHIB |
|---|---|
Max supply |
N/A |
Circulation supply |
549,063.28B |
Total supply |
589,735,030,408,323 |
1-year price low |
$0.00000656 |
1-year price high |
$0.0000147 |
Current Price |
$0.00000921 |
Market cap |
$5420250553.4256 |
Markets |
Binance, Coinbase |
You now know why Shiba Inu is a good cryptocurrency investment. However, no investment is foolproof. It's essential to be aware of Shiba Inu's risks before investing.
One of Shiba Inu's most significant disadvantages is the slow rate of tech development. The Shiba Inu team has not been active in developing the Shiba Inu protocol, and the Shiba Inu team has not released a roadmap or any technical updates since the project was launched. As a result, Shiba Inu lags behind other meme coins regarding technological advances.
Shiba Inu is a meme coin, and its price is highly volatile. The price of Shiba Inu has been known to fluctuate rapidly, and it could continue to do so in the future. Shiba Inu is risky, and you should only invest what you can afford to lose.
Shiba Inu has few distinguishing features compared to the thousands of other cryptocurrencies on the market. Because of this, SHIB has a low adoption rate, especially among corporations outside the crypto market.
As of 2023, fewer than 100 organizations use SHIB as payment. Shiba Inu's growth value may be curtailed due to this challenge, which occurs mainly when Shiba Inu competes with other high utility cryptocurrencies, such as Bitcoin and Ethereum.
TOP 10 Best Penny Cryptocurrency to Invest| Shiba Inu Price 1y Return | -20.19% |
| Shiba Inu Price 1m Return | -8.99% |
If you're wondering whether Shiba Inu is worth investing in, here are some reasons why investing in SHIB can be profitable.
Shiba Inu has a very passionate and active community. The Shiba Inu community is one of the most welcoming communities in cryptocurrency. There are over 137,000 members in the Shiba Inu Discord group and over 789,000 followers on Twitter.
Shiba Inu is one of the popular discussions on Twitter right now, with billionaire influencers such as Elon Musk, Mark Cuban, and Chamath Palihapitiya talking about it. Shiba Inu's community is very friendly and helpful, which is why the coin has rapidly grown.
The price of Shiba Inu has corrected significantly over the past few months. Recent price movements of SHIB have been positive, which suggests it could be an excellent long-term investment.
For example, in October of 2021, Shiba Inu reached an all-time high of $0.00008, and following that, it fell continuously, eventually going to $0.0000077 by June of 2023.
But since then, throughout the last few months, the Shiba Inu has been on a tear, and the price has risen significantly.
Cryptocurrencies have recently gained the attention of celebrities. One such celebrity who shapes market sentiment is Elon Musk. Musk claims not to own Shiba Inu coins, but his tweets have impacted the price of Shiba Inu and Dogecoin. In the past, Musk's tweets about his dog named Floki with a Shiba Inu logo have positively impacted Shiba Inu prices.
Since Musk maintains that he is still pro-crypto despite the market collapse and a lawsuit over Dogecoin, he may continue to influence SHIB's price in the future positively.
Shiba Inu is a deflationary cryptocurrency, which means that the supply of Shiba Inu coins decreases over time. Shiba Inu has a burning mechanism that destroys Shiba Inu every time someone buys or sells Shiba Inu coins on ShibaSwap.
The burning mechanism reduces the supply of Shiba Inu coins, which could increase the price of Shiba Inu (SHIB) in the future.
In the world of meme coins, Shiba Inu has strong competition from Dogecoin. Shiba Inu was created as a parody of Dogecoin and has become a significant competitor. Shiba Inu is only $2.5 billion behind Dogecoin in market capitalization, but it remains to be seen if Shiba Inu can dethrone Dogecoin as the king of meme coins.
Dogecoin has been around for much longer and has a more established community. Shiba Inu also has a lot of work to do before it can be considered a serious competitor to Dogecoin. However, Shiba Inu has a lot of potential and could eventually dethrone Dogecoin as the king of meme coins.
SHIB price prediction for 1 day and 1 weekTo find a better entry point, also find out what TradingView technical analysis tool signals for the Shiba Inu Coin to Dollar (SHIB/USD) price. "Sell" or "Strong Sell" means that most of the signals are bearish. "Buy" or "Strong Buy" means that most of the signals are bullish. For short-term signals, it is recommended to use settings from 15 minutes to 2 hours. For long-term signals, it is recommended to use settings from 4 hours to 1 week.
We have compiled Shiba Inu coin long term price predictions, which can be useful. But it is worth remembering that the predictions are often inaccurate.
The TU analysts also do not expect substantial growth of the Shiba inu coin price. According to their forecast, SHIB price can reach a range of $0.0000139 – $0.0000204 by the end of 2023.
| Month | Minimum Price | Maximum Price | Average Price |
|---|---|---|---|
| March 2024 | $0.000008216 | $0.000009129 | $0.000010042 |
| April 2024 | $0.000008307 | $0.000009230 | $0.000010153 |
| May 2024 | $0.000008398 | $0.000009331 | $0.000010264 |
| June 2024 | $0.000008490 | $0.000009434 | $0.000010377 |
| July 2024 | $0.000008584 | $0.000009538 | $0.000010491 |
| August 2024 | $0.000008678 | $0.000009642 | $0.000010607 |
| September 2024 | $0.000008774 | $0.000009749 | $0.000010723 |
| October 2024 | $0.000008870 | $0.000009856 | $0.000010841 |
| November 2024 | $0.000008968 | $0.000009964 | $0.000010961 |
| December 2024 | $0.000009066 | $0.000010074 | $0.000011081 |
| Year | Price in the middle of the year | Price at the end of the year |
|---|---|---|
| 2024 | $0.000009434 | $0.000010074 |
| 2025 | $0.000010757 | $0.000011487 |
| 2026 | $0.000012266 | $0.000013098 |
| 2027 | $0.000013987 | $0.000014936 |
| 2028 | $0.000015949 | $0.000017031 |
| 2029 | $0.000018187 | $0.000019421 |
| 2030 | $0.000020738 | $0.00002214 |
| 2031 | $0.000023647 | $0.000025252 |
| 2032 | $0.000026965 | $0.000028794 |
| 2033 | $0.000030748 | $0.000032833 |
| 2034 | $0.000035061 | $0.000037439 |
| 2035 | $0.000039979 | $0.000042692 |
Now, we’ll look at how to sell Shiba Inu Coin. eToro is one of the best cryptocurrency exchanges available, so we’ll use it as an example in the below instructions.
Fund your wallet. In order to fund a wallet on eToro, you must first create an account. After you verify your account, you can fund your wallet. eToro allows instant deposits. eToro allows you to easily transfer funds from external wallets. You can do this by clicking on the wallet-to-wallet transfer option.
Create a selling strategy. Creating a selling strategy simply involves determining the best times and places for selling. How you’ll manage the entire process should be part of the strategy as well. It is important to trade at a favorable time in order to be satisfied with the exchange. The prices of all coins and commodities fluctuate on the market. At times, coins reach their highs and at other times, their prices fall. You can maximize the value of your exchange by targeting a price high.
Estimate funds equivalent. Putting something on the market without knowing its value is never a good idea. Withdrawal limits vary between brokers. Before placing a trade order, you should have an estimate of your coins' cash equivalent. You can do this by signing into the platform, navigating to the portfolio section, and clicking on it. The platform will display an asset page that shows the corresponding asset values.
Close the trade. Navigate to the portfolio section of the website to complete the trade. Next to the trade button is a feature that allows you to sell Shiba Inus. You can execute the sell order by clicking the button.
Withdraw your funds. When you have completed an exchange on eToro, click the icon at the top left of the screen to withdraw your funds. At the bottom of the pop-up menu, you will find the withdrawal column. Click on it and follow the instructions on the screen.
The Shiba Inu coin is a risky investment that has no proven track record. It is also highly speculative and has fluctuated significantly in value over the past few weeks. The coin is attempting to capitalize on the growing popularity of the Shiba Inu breed. However, the coin has no real purpose or implementation at present.
Until it is integrated into more platforms and used by a larger number of people, it is difficult to determine how valuable it really is. Shiba Inu coin investors should proceed with caution before buying into the new fad. So, that means you should be sure to research the token and its price history, stay up-to-date on Shiba Inu coin news, and create a strategy for selling your coins so that you can minimize risk and maximize your profit.
The following tools and instruments were used for making the prediction:
Basic instruments of technical analysis. The forecast relies on basic technical indicators. The analysis was performed mostly on medium and long-term time frames for more accurate results.
Statistical tools that allow experts to evaluate the probability of an event that may influence the prices of cryptocurrencies.
Individual features of a cryptocurrency startup and its competitiveness: number of tokens in free circulation, restriction of emission, potential usefulness of the startup for the society, roadmap and development plans of the startup, potential vulnerability of the startup’s blockchain, examples of hacks, failures in the entire history of cryptocurrency existence, capitalization dynamics compared to key competitors, share of major coin holders and other subjective factors.
Note:
This price prediction is based on current information and historical data. Strong fundamental factors capable of radically changing the overall situation in the cryptocurrency markets, impacting the prices of certain cryptocurrencies and subsequently changing the price trend, may appear in the future. The price predictions are updated regularly based on the latest data.
This article is created for informational purposes only and does not constitute investment advice. Be aware of the high volatility of cryptocurrencies and consider these risks when making investment decisions.
Individual vendors set Shiba Inu's price according to available supply and demand. Due to Shiba Inu being a globally traded asset, the price may differ across the world based on order books, volume, exchange rates, and service fees of each Shiba Inu exchange.
Unlike traditional trading options, cryptocurrency allows you to make fractional purchases. So, you can invest as little as $1 in Shiba Inu and other digital currencies.
Safe investing should be approached as a shared effort. Using a reputable exchange is the first step to buying Shiba Inus safely.
Yes. With different crypto exchanges, you can convert your Shiba Inu to fiat money instantly. On certain exchanges, you can also withdraw money to your bank account for free with no withdrawal limits.
Ivan is a financial expert and analyst specializing in Forex, crypto, and stock trading. He prefers conservative trading strategies with low and medium risks, as well as medium-term and long-term investments. He has been working with financial markets for 8 years. Ivan prepares text materials for novice traders. He specializes in reviews and assessment of brokers, analyzing their reliability, trading conditions, and features.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.
