Is Shiba Inu Coin (SHIB) a Good Investment in 2024?
In August 2020, Shiba Inu (SHIB) launched to overtake Dogecoin. Shiba was nicknamed "the Doge Killer." Shiba Inu flipped Dogecoin's market cap on October 27th, becoming the alpha pup. However, Dogecoin has now reclaimed the title of most valuable meme coin. However, SHIB remains one of the largest cryptocurrencies in the world, beating out a wide range of other cryptocurrencies.
With its incomparable value compared to more significant coins, Shiba Inu has remained in the spotlight for the past two years. The coin has maintained its status as an outstanding choice for crypto investors for years and is now becoming a valuable currency.
So, is Shiba Inu (SHIB) a good investment in 2023? Some analysts believe Shiba Inu can reach new highs in the future, but others are skeptical. So, is Shiba Inu (SHIB) a smart investment in 2023?
If you're struggling with this question, you've come to the right place. Find out the top pros and cons for buying Shiba Inu in this Traders Union article and decide whether to invest in it.
Start Investing in SHIB now With ByBit!What is the Shiba Inu coin (SHIB)?
Shiba Inu was created in August 2020 by an anonymous individual or group called Ryoshi. This start-up was built on top of the Ethereum blockchain, and the consensus algorithm used in this start-up is Proof-of-Stake (PoS).
In the same way as other cryptocurrencies, Shiba Inu runs on a decentralized computer network. Each transaction is tracked and recorded in this blockchain database, which tracks and manages crypto coins. As a result, the database provides a permanent record of the cryptocurrency movement.
ShibaSwap is a decentralized exchange created by the team behind the tokens that lets users provide liquidity, stake coins, retrieve tokens from Uniswap or SushiSwap, and conduct coin swaps. It is similar to other Ethereum exchanges such as Uniswap and SushiSwap.
Shiba Inu was initially known as an alternative to Dogecoin, but there is one key difference. Smart contracts can be run on Shiba Inu because it is built on the Ethereum Blockchain. Using smart contracts, Shiba Inu can run decentralized applications, unlike Dogecoin. Dogecoin does not have this capability, making it far more limited.
Shiba Inu Price Performance
| Shiba Inu Price 1y Return | 29.27% |
| Shiba Inu Price 1m Return | -17.11% |
SHIBA INU Chart
Top 5 reasons to buy Shiba Inu coins in 2024
If you're wondering whether Shiba Inu is worth investing in, here are some reasons why investing in SHIB can be profitable.
Strong Community
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 has corrected significantly
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.
Shiba Inu is one of Elon Musk’s favorite tokens
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
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 meme-coin world, Shiba Inu could dethrone Dogecoin
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 weekTop 3 reasons not to buy Shiba Inu coins (SHIB)
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.
Slow tech development
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 whose price is highly volatile
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.
3. Low adoption rate
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 InvestTop tips for buying Shiba Inu tokens
Invest gradually at different prices
A smart idea if you consider buying Shiba Inu is to invest gradually at different prices. Doing this can average your purchase price and reduce your risk. Because Shiba Inu is a volatile asset, its price can fluctuate significantly.
Don't invest more than you can afford to lose
It's always advisable to invest only what you can afford to lose. This is especially true when it comes to buying volatile assets like crypto. Shiba Inu (SHIB) is a volatile asset whose price can change rapidly. This means you could lose all of your investment if the price falls sharply.
Use technical analysis to identify key levels on the chart to increase positions and wait for them
If you're considering buying Shiba Inu (SHIB), it's a good idea to use technical analysis to identify key levels on the chart. By doing this, you will be able to make informed decisions about when to buy and sell.
Make Shiba Inu part of a wider investment portfolio of cryptocurrencies, stocks, and other assets
Shiba Inu (SHIB) is a high-risk investment. Diversifying your investment portfolio is therefore important. This means investing in various assets, including cryptocurrencies, stocks, and other assets.
Litecoin is a high-risk investment. Diversifying your investment portfolio is therefore important. This means investing in various assets, including cryptocurrencies, stocks, and other assets.
Where to buy SHIB?
When to buy Shiba Inu? SHIB price analysis
Shiba Inu price prediction by TU is prepared automatically on the basis of technical analysis of moving averages and indicators for each timeframe (interval) separately. Select the timeframe you need to find out Shiba Inu price prediction today.
NOTE!
Signals may differ on different timeframes. If you want to buy SHIB and hold the cryptocurrency for longer than one week, it is best to use the signals on daily and weekly timeframes. Timeframes from 5 minutes to 1 hour are best suitable for short-term transactions.
How high can Shiba Inu go in 2024, 2025, and 2030
The following is a list of Shiba Inu's long-term price forecasts. While it is true that these predictions can be helpful, it is important to keep in mind that they aren't always accurate.
Shiba Inu price prediction in 2024
We also reviewed the forecasts by Trading Beast, an analytical portal. The portal’s analysts also do not expect substantial growth of the Shiba inu coin price. According to their forecast, SHIB price can reach a range of $0.0000124 – $0.0000182 by the end of 2023.
| Month | Minimum Price | Maximum Price | Average Price | Change |
|---|---|---|---|---|
| October 2023 | $0.0000126 | $0.0000185 | $0.0000148 | 38.29 % |
| November 2023 | $0.0000125 | $0.0000184 | $0.0000147 | 37.31 % |
| December 2023 | $0.0000124 | $0.0000182 | $0.0000146 | 36.02 % |
Shiba Inu price prediction in 2025, 2030, or 2033
Coin Price Forecast provides a long-term Shiba inu coin price prediction for the period from 2023 until 2033. According to the forecast, the cryptocurrency won't break its 2021 high even in a decade. The table shows the average annual forecast.
| Year | Price in the middle of the year | Price at the end of the year | Average growth, % per year |
|---|---|---|---|
| 2023 | $0.00001033 | $0.00001181 | +9% |
| 2023 | $0.00001179 | $0.00001340 | +24% |
| 2024 | $0.00001616 | $0.00001840 | +70% |
| 2025 | $0.00002116 | $0.00002388 | +121% |
| 2026 | $0.00002657 | $0.00002923 | +171% |
| 2027 | $0.00002779 | $0.00003006 | +178% |
| 2028 | $0.00003231 | $0.00003455 | +220% |
| 2029 | $0.00003677 | $0.00003363 | +211% |
| 2030 | $0.00003507 | $0.00003693 | +242% |
| 2031 | $0.00003878 | $0.00004062 | +276% |
| 2032 | $0.00004245 | $0.00004427 | +310% |
| 2033 | $0.00003765 | $0.00003887 | +260% |
| 2034 | $0.00004033 | $0.00004178 | +287% |
Should I invest in Shiba Inu coins (SHIB) right now?
Investing in cryptocurrencies involves risk. When deciding, taking calculated risks and being prepared for losses are essential, even if you believe you have made the right decision.
Shiba Inu (SHIB) is a promising cryptocurrency with much potential. It's important to remember that the price of Shiba Inu is highly volatile, and you should only invest what you can afford to lose.
However, Shiba Inu might succeed in the long run because of a strong community and Elon Musk's support. So, if you're considering investing in Shiba Inu, research and ensure you're comfortable with the risks before investing.
FAQs
Should I invest in Shiba Inu coins right now?
It depends. Shiba Inu coins are a high-risk investment, and you should only invest what you can afford to lose. However, Shiba Inu has a lot of potential and might succeed in the long run.
Does Shiba Inu have a future?
According to most experts, Shiba Inu tokens have a bright future in the cryptocurrency world, as they have active support from the community. It will be an incredibly worthwhile investment if the Shiba Inu price continues to rise at its current pace.
How can I buy Shiba Inu tokens?
There are several ways to buy Shiba Inu coins. You can buy Shiba Inu coins through cryptocurrency exchanges (centralized), decentralized exchanges, or e-wallets.
What are Shiba Inu coins used for?
Shiba Inu coins are primarily used as meme coins. However, the Shiba Inu team is planning to use the coin for various purposes in the future, such as a decentralized exchange, a Shiba Inu-based social network, and a Shiba Inu payment gateway.
Team that worked on the article
Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses who want to improve their Google search rankings to compete with their competition.
Over the past four years, Alamin has been working independently and through online employment platforms such as Upwork and Fiverr, and also contributing to some reputable blogs. His goal is to balance informative content and provide an entertaining read to his readers.
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Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
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