Shiba Inu is one of the most popular meme coins in the crypto space today. Following in the footsteps of its big brother, Dogecoin, Shiba Inu is a community-driven coin that reached popularity when its developers donated half of the supply to Ethereum founder Vitalik Buterin. Buterin then donated his SHIB to a COVID-19 fund that battles the effects of the pandemic in India. This article looks into Shiba Inu price predictions for 2021.
What is Shiba Inu?
Shiba Inu is a meme coin initially known as the Dogecoin killer, thanks to its explosive growth right after the launch. Launched by its anonymous founder Ryoshi, the dog-themed Shiba Inu coin has since grown its own little ecosystem, with two more tokens accompanying the SHIB coin: LEASH, a coin with a total supply of only 107,646 tokens, and BONE, a governance token for the #ShibArmy, the Shiba Inu community. It will be used in the Doggy DAO that is used to govern the Shiba Inu coin.
Shiba Inu’s historical price
After launching in August 2020, the price of SHIB traded flat for a long time. Only in April 2021 did SHIB see any significant price appreciation when the entire crypto market experienced explosive growth and Bitcoin reached its all-time high so far. At its peak, Shiba Inu coin traded at $0.000039, an impressive achievement given its 1 quadrillion total supply of SHIB. The market capitalization at its all-time high was more than $6 billion and put Shiba Inu coin in the top 20 most valuable cryptocurrencies by market cap.
Shiba Inu’s future price
The future price of SHIB will depend on a number of factors, such as how the crypto market performs as a whole and if its bigger brother Dogecoin can attract more interest from retail investors. Predicting cryptocurrency price movements is already notoriously difficult since price swings are pretty wild, even though the long-term trend can be positive. Predicting the price of a meme coin like SHIB is almost impossible because emotions almost entirely drive the market. Another factor impacting the future price of Shiba Inu coin is the possible addition to Coinbase. There has been a great deal of speculation about this, and it would certainly drive the coin’s trading volume up by exposing it to more retail investors. However, until now, there has been no confirmation of when SHIB will be added to Coinbase Pro.
The Shiba Inu price prediction 2021
After the price of SHIB collapsed from its all-time high, it has traded mostly sideways, around $0.000008. A positive sign is that the drama around burning half of SHIB’s supply to Vitalik Buterin’s wallet has been resolved. Moreover, the entire cryptocurrency market seems to be recovering from its recent price correction. This should lead to price appreciation of SHIB, also because Dogecoin already managed to bounce off its lower-level price resistance. If Bitcoin manages to keep its level around $50,000 or even rise from there, SHIB could easily double or triple in price, as meme coins generally react strongly to Bitcoin price increases. The bull target for SHIB for the end of 2021 thus should be $0.00002-$0.00003.