Shiba Inu is one of the most popular meme coins out there. However, the self-proclaimed “Dogecoin killer” has proven to be more than just a hoax coin. As it attracts more investors, many are trying to decode the Shiba Inu coin price prediction and the prospects for the asset going forward. So the question arises: What does the Shiba Inu Coin forecast look like?
Below is some expert opinion, as well as our own analysis of the Shiba Inu price prediction and where the market sees the asset over the next few years.
Shiba Inu price predictions for the foreseeable future
Until the end of 2022: Shiba Inu (SHIB) is likely to remain in a neutral range through the end of the year. While cryptocurrency is making progress internally, it cannot start a positive trend movement due to the overall market. The Shiba Inu price will likely continue to trade around the $0.000010 level.
By the end of 2023: There should be more functionality for Shiba Inu. The asset will be a critical component in both Shibverse and ShibaSwap, and these use cases could help push it to $0.000040.
By the end of 2025: With Shiba Inu’s developers still working on their Metaverse and decentralized exchange and the Shiba Inu community expected to continue to grow, expect SHIB to surpass $0.0001 by the end of 2025.
Shiba Inu Coin forecast up to date
The Shiba Inu price remains under pressure, posting a week-on-week loss of -1.24%. After this move, the cryptocurrency trades at $0.000009043, close to the critical support level of $0.000009000.
Shiba Inu (SHIB) continues to find itself in a difficult position as the current market environment tends to be against risky investments. Above all, the high inflation rate, a possible recession, and the crisis surrounding the crypto exchange FTX are causing problems for Shiba Inu (SHIB).
When is a good time to start buying SHIB?
Because of this market situation, it is unlikely that Shiba Inu (SHIB) will start a short-term rally. The price is more likely to move neutral or continue falling. In that case, SHIB’s price could slide below the $0.000009000 level, and it might find support at $0.000008500. If surprising developments do lead to price growth, the following key resistance would be $0.000010000.
On the downside, SHIB remains floating below the EMA 20 of $0.00001006. SHIB is also below the 200-day EMA of $0.00001394. We expect that SHIB will not be able to start a positive move in the next few weeks and will continue to move below the 200 EMA.
At the same time, SHIB’s 38.2 Fibonacci retracement level is currently showing a value of $0.00001129. This could serve as a short-term price target for the coin.
This year, we expect the Shiba Inu crypto price to reach a maximum price of $0.00001300. The market remains cautious, so there is not much optimism. Nevertheless, the project is constantly evolving and can continue to count on an active community. This point could prove crucial in the following market phase and ensure exponential growth for Shiba Inu.
Shiba Inu forecast: ups and downs
Meme coins are said to be a means of bringing more investors into the crypto space. The growing use case of digital assets and the innovative approach to integrating new crypto sub-sectors are notable positives. If the best meme coins continue to see rapid adoption due to their lower entry bar, Shiba Inu could appreciate in value by almost a penny. However, a bearish flip could lead to a drop to $0.00000964.
Shiba Inu has emerged as a significant medium of exchange after doing remarkably well last year when several companies accepted the Dogecoin killer for settlements. It is commonly used for peer-to-peer (P2P) digital payments, and over 600 businesses receive payments in Shiba Inu. With SHIB tokens, you can easily find a provider to exchange them for tangible assets.
Shiba Inu may be a parody coin, but the dogecoin rival has constantly sought to establish itself outside the shadow of its more famous competitor. To that end, the core development team known as ShibArmy launched a decentralized exchange (DEX) platform called ShibaSwap.
SHIB, LEASH, and BONE token holders can exchange their tokens without a central governing body. DEX platforms are now the rave of the moment as users can exchange decentralized finance (DeFi) tokens effortlessly.
Further, ShibaSwap has since expanded its exchange capabilities, allowing other Ethereum-compatible tokens to exchange on its platform. ShibaSwap is just one of Shiba Inu’s powerful voices in a crowded meme coin space.
The crypto space has expanded dramatically over the past two years. Several sub-sectors, such as the DeFi, NFT, and Metaverse ecosystems, have seen and are still enjoying massive adoption. The Metaverse generates the most excitement of the three, and multiple suitors and protocols tap into the booming space.
Realizing the unique potential that a virtual world would bring, the Shiba Inu Project has since launched its own line of non-fungible tokens (NFTs) to unlock the metaverse.
According to the development team, SHIB would play a crucial role in what is expected to be the “Shiberse.” Here, SHIB tokens would facilitate the purchase, sharing, development, and subsequent monetization of Shiba Lands. These virtual properties would include NFTs and should spark a new wave of excitement surrounding the Shiba Inu project.
An innovative approach to his struggle for supremacy could see Shiba Inu subsequently overtake Dogecoin as the crypto-on-steroid for the crypto space.
Shiba Inu coin price: What drives the price of Shiba Inu?
Increase iconShiba Inu Coin, like other digital assets, primarily struggles with volatility. In general, however, the Shiba Inu Coin price is determined by supply and demand.
However, meme coins are also influenced by other factors, unlike other altcoins. Most meme coins are primarily driven by social media hype. Public support from major celebrities and social media figures has seen meme coins like Shiba Inu soar by as much as 21,000% in two weeks.
Given this, several analysts believe that social media activity is heavily influencing Shiba Inu’s price action. Bitcoin’s price movements also play a role in its rallies and frequent falls. However, the SHIB price action is primarily tied to social media mentions.
Trying to break out of this temperamental way of life, the Shiba Inu team is developing robust use cases to support the growth of its ecosystem.
It’s worth noting that SHIB had already received a lot of marketing buzz. Elon Musk tweeted about getting a Shiba Inu dog in March 2021, and famed Wall Street investor Jordan Belfort backed the asset in April. Still, the listing on Binance was a big boost for the dog-themed meme coin.