Shiba Inu SHIB Price Live, SHIB to AUD today, chart and marketcap

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Shiba Inu is a digital currency whose price skyrocketed in 2021, multiplying by many, but it still trades for minuscule fractions of a cent. According to CoinMarketCap, despite its price decline in 2022, Shiba Inu is still one of the most prominent cryptocurrencies worldwide. However, distinguish this coin from the Japanese dog breed that inspired its name. Below is what Shiba Inu is, how it functions, the SHIB price prediction, and more.

What is Shiba Inu (SHIB)?

Shiba Inu (SHIBUSD) is an alternative cryptocurrency founded on Ethereum that depicts the Shiba Inu, a Japanese hunting dog breed, as its symbol. Shiba Inu is commonly viewed as an alternative to Dogecoin; its supporters call it “the Dogecoin killer.”

Meme coins are cryptocurrencies associated with a theme, such as the Shiba Inu dog in the case of Shiba Inu and Dogecoin. Still, they are typically launched as a parody or inside jest rather than as a digital product with actual utility.

While Dogecoin was introduced in December 2013, Shiba Inu was created by an anonymous individual or group named Ryoshi in August 2020.

According to its website, Shiba Inu’s initial supply of tokens was one quadrillion. The other half was sent to Ethereum co-founder Vitalik Buterin “for safekeeping.”

How Does Shiba Inu Coin Work?

SHIB offers more DeFi features than other meme currencies, despite its dog-themed meme. The guiding principle behind the development of Shiba Inu crypto was to establish a community-controlled endeavour. 

In 2020, Shiba Inu also launched ShibaSwap, a decentralised exchange (DEX). ShibaSwap enables users to “dig” (i.e., provide liquidity), “bury” or stake digital assets, and exchange tokens for rewards (“woof returns”).

The Shiba Inu ecosystem includes three tokens:

• SHIB coin, an Ethereum-based ERC-20 token, powers the Shiba Inu community. The coin has a fixed supply of 1 quadrillion. Of which Uniswap SHIB/ETH liquidity pool held 50%. Uniswap is a decentralised platform where buyers can trade asset pairs like SHIB/ETH. Vitalik Buterin received the other 50%. He sold some coins and donated the proceeds to an Indian COVID-19 aid fund. Buterin burned 40% of all SHIB.
• Leash (LEASH), the second token in the Shiba Inu ecosystem, represents the opposite end of the ecosystem’s continuum, with a total supply of only 107,646 tokens, in contrast to the trillions of Shiba Inu tokens.
• In terms of supply, Bone falls between the other two tokens, with a total supply of 250,000,000 tokens. As a governance token, it enables the SHIBArmy to vote on forthcoming proposals.

In addition to the three tokens and ShibaSwap DEX listed above, the Shiba Inu platform includes the following:

• The Shiba Inu Incubator seeks to discover methods to foster the creativity of artists and unite those who produce art and other forms of creative content.
• Shiboshi is an Ethereum blockchain-based NFT with distinct characteristics.
• The non-profit Shiba Inu Rescue Association is dedicated to rescuing abandoned, neglected, and tortured Shiba Inu.

Shiba Inu Coin Price History

In August 2020, SHIB began its price journey with a price lower than $0.00000001. These exceptionally low values persisted throughout 2020 and into early 2021.

On 10 May 2021, investors became interested in the Shiba token after its price soared 2,405% in three days to $0.000039. Elon Musk, CEO of Tesla and entrepreneur, expressed enthusiasm for the coin, sparking the rally. However, he later appeared on the American television program Saturday Night Live, where he referred to cryptocurrency as a “hustle”, triggering a DOGE sell-off.

Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf

— Elon Musk (@elonmusk) October 4, 2021

During the summer of 2021, SHIB struggled to gain ground. On 28 October 2021, the token peaked at $0.00008845 in the fall. SHIB garnered traction after Musk tweeted a photo of his Shiba Inu in a Tesla on 4 October 2021, as well as news of a possible listing on the Robinhood cryptocurrency exchange.

Nonetheless, as adverse sentiment dominated cryptocurrency markets in 2022, SHIB was unable to maintain its gains at the beginning of the year. As of 16 November, the SHIB/USD exchange rate was trading close to 90% below its all-time maximum. The all-time low price for a Shiba Inu was $0.000000000082 on 1 September 2020.

On 15 August, the token’s value increased by as much as 30%, which can be attributed to both the hype surrounding a new Shiba Inu-focused game called Shiba Eternity and the recent rise in the price of Ethereum, which provides SHIB’s underlying blockchain.

The fact that billionaires appear to be accumulating SHIB indicates a bullish trend has acquired some traction. On 16 November 2022, CoinMarketCap ranked SHIB as the fourteenth largest crypto, with a market capitalisation of $5.1 billion. The current circulating supply of SHIB was approximately 549 trillion tokens.

Shiba Inu Price Prediction

As of 16 November, CoinCodex’s Shiba Inu coin price forecast showed that the token is on a bearish trend in 2022, with a one-month SHIB price eyeing a further decrease of nearly a third, to $ 0.000006454. However, the long-term projections are more optimistic, with a Shiba Inu price prediction for 2025 between $ 0.00002524 and $ 0.000131, the latter representing a rise of more than 1,000%.

The algorithm-driven website WalletInvestor predicts that Shiba Inu will trade at an average price of $0.000000972 by the end of 2022 and $0.000000172 in five years, indicating that the token is a “bad long-term (one-year) investment”.

DigitalCoinPrice was optimistic about SHIB’s future price performance. According to DigitalCoinPrice’s Shiba Inu price forecast for 2030, the coin is anticipated to trade at an average price of $0.0000519 in that year.

According to Gov Capital’s SHIB price forecast as of 16 November 2022, the token will trade for $0.000340 in five years.

What to Consider before Investing in Shiba Inu?

Investing in cryptocurrencies is sufficiently hazardous due to their extreme volatility and absence of regulation. Due to a lack of differentiation and most of their value based on frantic trading by their fanatical adherents, investing in altcoins and meme coins presents an additional difficulty. Even after its remarkable gains, Shiba Inu (SHIB) costs a fraction of a cent, so a few hundred dollars can purchase millions of SHIB tokens. At its peak price of $0.00007482 (on 29 October 2021), one hundred dollars would have purchased over 1.5 million SHIB tokens. At the current price of $0.00002925, $100 will purchase more than twice as many SHIB tokens, 3.4 million.

Although Shiba Inu-based NFTs are now available, and its Ethereum base may facilitate smart-contracting capabilities in the future, Shiba Inu has minimal utility and no compelling use case.

The peak Shiba Inu market capitalisation of $41 billion makes it larger than several S&P 500 companies and has increased sales and profits for most of that period. In fact, the combined value of Shiba Inu and Dogecoin (as of 28 October 2021, $79 billion) exceeded the market capitalisation of 388 S&P 500 companies. On 2 August 2020, SHIB was trading at $0.00000000051, so at its all-time high price of $0.00007482 (on 29 October 2021), it has skyrocketed 14,670,488%!

This astounding return demonstrates that Shiba Inu has accomplished its founder Ryoshi’s goal of creating something from nothing in spades. Those gains may have been fueled by speculative fervour propelled by social media as cryptocurrency enthusiasts seek the next great thing. Retail investors who invested at the peak may be left holding the bag if the bubble collapses.

Where to Buy SHIB Tokens?

Shiba Inu is available on most centralised exchanges, including CoinSpot, Coinbase, Kraken, and Gemini. If you do not possess cryptocurrency, you will likely need to purchase SHIB with fiat currency on one of these exchanges.

If you possess cryptocurrency, you will have more purchasing options for Shiba Inus. While some centralised exchanges permit transactions involving SHIB and other cryptocurrencies, it is available on many decentralised exchanges, such as Uniswap. Even Shiba Inu has its own decentralised exchange called ShibaSwap.

There are numerous ways for Ethereum holders to acquire SHIB. For example, the ubiquitous MetaMask wallet allows direct conversion of ETH to SHIB.

Regardless of the method to acquire a Shiba Inu, be aware of the associated costs. Decentralised exchanges require you to pay network fees on the Ethereum blockchain, which can sometimes be quite expensive.

The Future of Shiba Inu Coin

Shiba Inu has pledged additional network enhancements and the introduction of new features. One of these features will be their own L2 on Ethereum and a Decentralised Autonomous Organization (DAO) called Doggy DAO, to engage the community in determining the future of SHIB.

There are also intentions to create an NFT-only marketplace on Shibarium. Users can purchase and sell non-fungible tokens on the platform using their SHIB tokens if it occurs. This will be created using their metaverse — SHIB: The Metaverse — and other games, such as Shiba Eternity, within the ecosystem. Shiba Inu has also launched the Shiba Artist Incubator, through which they intend to recruit artists to produce works that can then be issued as official Shiba NFTs.

Some experts believe that Shiba Inu's price will constantly increase in the long run due to active enhancements, while others think it will remain a novelty coin forever. Additionally, Shiba Inu is significantly influenced by Ethereum, as it is built on the Ethereum network. This is likely after the L2 Shibarium and Ethereum upgraded their blockchain to Ethereum 2.0, and Shiba Inu changed.

FAQs About Shiba Inu Coin

How many are Shiba Inu coins left?

There is an upper limit of 589,735,030,408,323 SHIB. By the middle of 2022, over 549 trillion billion dollars had been mined, meaning less than 7% of SHIB remains to be mined.

Why was Shiba Inu called Dogecoin Killer?

According to Shiba Inu’s founder Ryoshi, the value of SHIB has earned the nickname “the Dogecoin killer” because it is prepared to surpass the value of Dogecoin. Even if SHIB never reaches $0.01, according to Ryoshi, its publicity and utility will make it worth proportionally more than Dogecoin.

What was SHIB’s highest price?

Shiba Inu (SHIB) began trading at $0.000000000056 and reached $0.00003791 on 10 May 2021. Since then, the Shiba coin has experienced a steep decline, and its current value is approximately $0.000006453.

Is Shiba Inu a risky investment?

Certainly, Shiba Inu is a highly speculative and hazardous investment. Cryptocurrencies can be highly volatile, and SHIB’s recent gains may make them susceptible to a substantial decline. The value of the Shiba Inu is primarily founded on a social-media-fueled speculative mania, though it has very limited utility.

Will Shiba Inu prices go up?

Whether or not SHIB has a future depends on whether or not it finds a use that leads to widespread adoption and activity in the crypto space. With new coins being introduced frequently, a rival meme coin could emerge and attract the interest of investors.

Can the Shiba Inu price reach $1?

By calculation, the SHIB coin would have a market capitalisation of $550 trillion if it were worth $1. As the global GDP for all countries is approximately $100 trillion, it is theoretically impossible for the Shiba Inu price to reach $1. At its zenith, the total market capitalisation of all cryptocurrencies was slightly more than $3 trillion.

Final Thoughts

Investing in cryptocurrencies is risky, especially memecoins such as the Shiba Inu (SHIB). Whether or not SHIB has a future depends on whether or not it finds a use that leads to widespread adoption and activity in crypto markets. With new coins being introduced frequently, a rival meme coin could emerge and attract the interest of investors.

Always conduct your research, and keep in mind that your decision to trade or invest should be based on your risk tolerance, market expertise, portfolio size, and investment goals.