Shiba Inu price prediction: do barking dogs bite?

If you’re looking for Shiba Inu price prediction 2024, there’s probably something that has caught your eye. Maybe it’s the bumpy Shiba Inu price history: its meteoric rise and disheartening fall, only to be followed by another rise. Maybe you’re wondering if it’s too late to buy SHIB. Or maybe it’s the cute canine namesake of the currency. 

Whatever it is, you’re not alone: launched in August 2020, SHIB has gained enough interest to go from an unknown token to a solid place in Top 15 cryptos by market cap. What’s so special about this crypto: is it all bark or does it have some real bite? Let’s find out in this blog post.

Getting started with Shiba Inu

As always, before we get to any long-term price predictions, let’s start with an overview of the crypto we’re looking at. 

Now, there are many cryptos that aim to do some truly impressive things. There are tokens that aim to revolutionize file storage, decentralize the financial system, and provide simple payments for the world’s unbanked population – all truly worthy goals we’ve covered in previous blog posts.
At first, Shiba Inu appears much simpler – although, spoiler alert, this old dog can learn new tricks. It is a type of crypto known as a meme coin. In many ways, it started out as an unabashed copycat – or copydog, if you will – of another crypto token, namely, Dogecoin. To understand SHIB, therefore, it’s a good idea to take a step back and look at Dogecoin.

Dogecoin’s creator is very active in the crypto community, offering his often acerbic takes on Twitter, and he has repeatedly stated that Dogecoin started as a joke. It was never meant to be more than a parody on crypto: a simple token, coupled with the universally beloved Doge meme.

Turns out, however, that the Internet loves a good meme. Dogecoin soon amassed a devoted group of followers who appreciated the joke. The community quickly established a very active subreddit, even gaining a number of celebrity converts. 

The celebrity endorsements eventually sent Dogecoin to new heights, and a number of people who had bought it as a joke suddenly found themselves a lot richer. The joke turned out to be a very lucrative investment.

This, in turn, launched meme coins as a new category of crypto.

Dog days of meme coins

A meme coin is just that: a crypto token based on memes. 

All meme coins share many similarities with the original meme coin, namely, Dogecoin. They depend very much on their community and exposure – after all, a meme must be shared and widely circulated to gain any currency. They are often volatile – a single tweet can send them higher or lower. And, remarkably enough, they are very often dog-themed.

This all applies to SHIB. Moreover, it also has an active and dedicated community, nicknamed SHIBArmy – and a community is a must for any meme coin.

Here’s where things get different with Shiba Inu. Dogecoin started out as a joke and was never intended to become successful. Shiba Inu, on the other hand, was explicitly designed to succeed as a meme coin. It pushes all the right meme buttons, and, with some luck, this has helped it take off.

For starters, it goes with tried-and-tested memes. The popular Dogecoin mascot is a Shiba Inu dog, so the currency simply chose SHIB as its name. 

Its creator is only known by his Japanese pseudonym Ryoshi, much like Satoshi Nakamoto, the creator of Bitcoin. Ryoshi also claims he doesn’t own any SHIB himself and the entire project depends on its community. As already noted, communities are vital for meme coins.

There’s also plenty of SHIB to go around; the total supply of SHIB is set at a whopping one quadrillion tokens – that’s 1000 trillion. The actual supply is lower, but it still means that the average SHIB transaction runs into millions. So, if you ever wanted to have a million of something, Shiba Inu is an easy way to do just that.

It’s also good at generating publicity – another essential skill for meme coins. In fact, to a huge extent, publicity has determined Shiba Inu price history, so that’s what we’ll look at next.

Shiba Inu price history: attracting attention

To make this easier to follow, you might want to open our Shiba Inu price chart in another tab and find the events we discuss.

From zero to hero: it has been a wild year for SHIB. Chart: Paybis

Much like most meme coins, Shiba Inu started low, its price hovering somewhere at the USD 0.0000000001 mark – that is, a single US dollar got you no less than 10 billion SHIB!

It is worth noting that the total supply of SHIB was already created at launch – all one quadrillion of them. It is an ERC-20 token, meaning that it can be sent to any ERC-20 compliant wallet – and that’s what its creators did.

In May 2021, the anonymous creators of Shiba Inu sent half of the total SHIB supply – 500 trillion – to the public ERC-20 wallet of Vitalik Buterin, the creator of Ethereum and a major crypto celebrity. 

Now, if you check the SHIB price tracker, you’ll see that this publicity stunt put Shiba Inu on the map: it soared all the way to USD 0.000035. This may not sound like much, but, for the lucky buyers who got SHIB at USD 0.0000000001, this must have felt like winning the lottery.

Buterin’s next move first sent the SHIB prices lower, but eventually proved to be a huge boon for the crypto. He donated 50 trillions of SHIB to charity and burned another 410 trillions, that is, sent it to an inactive wallet that cannot be accessed, effectively destroying the tokens. According to Buterin, the remaining tokens will also be donated to charity.

This move accomplished two things. First, it massively increased the visibility of Shiba Inu, moving it from an unknown upstart to something that’s associated with one of the biggest names in crypto. In fact, there are persistent rumors that Buterin himself is among the creators of SHIB, if not Ryoshi himself. He has denied these claims, but the rumor itself has been positive exposure for the token.

Second, it restricted the absurdly huge amount of SHIB in existence. Coupled with increased demand from its growing visibility, this has pushed the price of SHIB several decimal points higher. Even though it has retreated from its highs, it still is worth much more than it was before May 2021.

Shiba Inu price prediction 2024: more publicity stunts?

Of course, any story of meme coins in particular and canine-themed cryptos in particular would be incomplete without the patron saint of silly memes, namely, Elon Musk.

Here’s one piece of investment advice we can give: if you HODL meme coins, it’s a good idea to keep an eye on Musk’s Twitter account. Dogecoin owes much of its success to his support for the token, and plenty of meme coins have tried harnessing some of that star power themselves, ranging from pretty successful to utterly absurd.

As to Shiba Inu, it’s clearly in the “pretty successful” camp. Here’s an example. On October 4, 2021, Musk shared a picture of his pet Shiba Inu named Floki. It could be seen as support for Dogecoin, but the puppy bore a striking similarity to the Shiba Inu mascot, leading crypto enthusiasts to wonder if this means support for SHIB.

Again, look up this particular date on the SHIB price tracker. The token was already trending higher but the tweet must have helped as it really took off after that.

The story continued a couple of weeks later, when an intrepid Shiba Inu HODLer asked Musk how much SHIB he had. His answer “None” went on to be widely quoted, retweeted and mentioned in crypto blogs, such as, well, this one.

Now, if looking at dog pictures on Twitter isn’t exactly your idea of crypto analysis, don’t worry; the correlation between Elon’s tweets and Shiba Inu rate isn’t absolute. You’d expect that a tweet like this would immediately send the rate lower but it didn’t. In fact, SHIB was already on the rise and hit its all-time high of USD 0.0008 a few days later. It did decline after its ATH, but this may well have reflected the general sentiment in the crypto market, rather than any particular tweet.

Still, Shiba Inu’s penchant for publicity stunts has served it well so far. Any Shiba Inu price predictions, especially in the short term, must take this into account. Provided the market conditions are favorable, another headline-grabbing event may well push it higher again.

Shiba Inu price prediction 2025: burn, baby, burn

Coin burning is one example of a noteworthy event that also happens to follow one of the fundamental laws of economics: supply and demand. And it didn’t stop with Vitalik Buterin’s massive burn: in fact, burning SHIB is increasingly popular.

There’s even a Shiba Inu burn tracker called Shibburn. Unsurprisingly, the overwhelming majority of burned SHIB can still be traced back to that single 410 trillion burn. It didn’t stop there, though: at the time of writing, the community had burned more than 310 billion additional SHIB. Try plugging in the latest burn numbers in our handy Shiba Inu calculator to see exactly how much it’s worth at current prices – even if the rate is down, it’s still a substantial amount of money.

In fact, if you feel like it, you can even burn some SHIB yourself. It’s as simple as sending the SHIB you want to burn to a wallet that cannot be accessed. You’ll find the addresses on the Shibburn tracker, and you may even pick the same wallet that Buterin used.

And why would anyone do such a thing? It’s actually a calculated move: if you have a large amount of SHIB, you may consider burning some of it. This will reduce the total amount of SHIB in circulation, which, according to the law of supply and demand, should increase the price of your remaining tokens.

SHIBArmy is actively looking for new ways to increase the burn rate, for example, by burning some SHIB with every transaction. There are even calculations how much this could impact the SHIB price. Again, none of this is set in stone, but coin burning definitely is another thing to keep in mind when making long-term price predictions.

Shiba Inu price prediction 2030: ShibaSwap

Remember how we said that Shiba Inu appears simple but actually has a few tricks up its sleeve? Let’s take a look at them.

Unlike Dogecoin, SHIB is an ERC-20 token, which means it can take advantage of the massive ERC-20 ecosystem. And it has done just that: in fact, it’s built its own ecosystem, complete with dApps and additional tokens.

For starters, SHIB has its own native decentralized exchange or DEX called ShibaSwap that offers many things commonly associated with ERC-20 tokens.

Just like the name suggests, you can use ShibaSwap to exchange other ERC-20 tokens for SHIB or vice versa. This was an important feature in the early days of the token when it wasn’t yet available on many crypto exchanges. Now, however, you can buy Shiba Inu at most leading fiat-to-crypto exchanges – including Paybis.

Fortunately, ShibaSwap has other features that help it stay relevant. For one, it offers staking your SHIB, that is, locking them to earn additional passive income. 

It has also jumped on the NFT bandwagon, offering a collection of Shiba Inu-themed NFT mascots called Shiboshis. Much like other popular NFTs, it aims to be more than just a pricey JPEG – it comes with access to the Shiboshis Social Club, which, in turn, provides direct access to SHIB developers and team members. Eventually, it also plans to launch an online game with Shiboshis as its characters.

The Shiba Inu ecosystem has additional dog-themed tokens: LEASH and BONE. Unlike SHIB, LEASH has a remarkably limited supply and, correspondingly, a much higher price. BONE is used as a governance token, and its holders can vote on different Shiba Inu ecosystem proposals.

To top it all off, Shiba Inu is even working on its own Level 2 blockchain called Shibarium that promises lower transaction fees.

It must be noted that the ecosystem still relies heavily on the popularity of the Shiba Inu meme. If it fizzles out, SHIB has few, if any, distinguishing features setting it apart from the rest of the crypto pack. Still, it is working to be more than just a funny dog coin, and that’s a step in the right direction.

Estimates from the best Shiba Inu prediction tools

So far we’ve considered many pieces of the puzzle: community, celebrity endorsements (or at least basking in their glow), coin burning and ShibaSwap. Let’s try putting this together and look at some specific price points.

Of course, the usual disclaimer that predicting the future is hard is doubly true for something as volatile as a meme coin. It is, then, little surprise that Shiba Inu price predictions 2025 are all over the place.

• Coin Quora, as it often does, takes an extremely bullish view, boldly predicting that SHIB will not only reach one US cent but smash this important psychological level, rising to USD 0.09 by 2025. It doesn’t quite explain, however, how SHIB will reach this level;
• Motley Fool provides a reality check, pointing out that the most optimistic scenarios would require either massive coin burns or making SHIB the single most valuable asset in the world many times over. It maintains that even USD 0.01 by 2025 is almost impossible;
• PricePrediction, which relies on machine learning to provide its estimates, puts the average SHIB price in 2025 at $0.00009777, which is above its 2021 all-time high but firmly within the technically attainable range.

It’s up to you to decide which one of these sounds more plausible. We can suggest you temper any optimism with some real-world data and, of course, consider the fundamentals of the token.

Shiba Inu price prediction 2040: the long-term fundamentals

So what are the fundamentals of Shiba Inu? Let’s recap its strengths and weaknesses.

Here’s what Shiba Inu has going for it:

• It has the first thing any crypto needs: a strong and dedicated community. This is even more important for meme coins;
• It has picked its meme well, allowing it to benefit from the publicity surrounding Dogecoin;
• It is moving beyond its meme coin status, launching an entire platform with other tokens, NFTs and even its own blockchain;
• It has a coin burning mechanism in place that restricts its massive supply, making it more valuable;
• And, of course, it has delivered massive returns over a very short period of time, comparable to winning the lottery – and arguably just as predictable.

And here are some issues it could face:

• It is still a meme coin; if the Doge/Shiba Inu meme is no longer trending, the token has limited, if any, value;
• Its meme coin status also limits interest from institutional investors – it probably won’t appear on any retirement funds anytime soon;
• Important psychological levels such as USD 0.01 are really hard to reach, and the community may eventually lose interest if SHIB fails to attain them;
• It faces strong competition, not least from Dogecoin, which benefits from celebrity endorsements;
• It’s true that SHIB has delivered massive returns, but this may lead would-be investors to decide that it’s had its run and has no further potential left.

As always, all investment decisions are ultimately up to you. Can SHIB rise above its status of a meme coin and reinvent itself as a community-built ecosystem? Or has SHIB had its run and is now headed for the doghouse? We’ve looked at both sides of the argument so you can make an informed decision.

What do you think? Are you a Shiba Inu optimist – or even a proud member of SHIBArmy? Do you prefer other meme coins – or maybe you believe meme coins are a fad? Let us know in the comments and, as always, check back for more crypto analysis!

Useful links

• Shiba Inu Wallet
• Shiba Inu Calculator
• SHIB to USD Converter

FAQ

What can you do with Shiba Inu?

The simplest answer is HODL, that is, buy it and keep it, hoping to sell it at a profit. Thanks to ShibaSwap, you can also stake it, that is, invest it to earn additional passive income.

Is it too late to buy SHIB?

This is something you have to decide yourself. Look at the SHIB price chart, evaluate the overall state of the market, and, of course, consider the Shiba Inu community. If SHIBArmy is going strong, the token will also remain relevant.

Can SHIB reach USD 0.01?

It is highly unlikely at the current supply of SHIB: this would make it the most valuable crypto in the world many times over. It is, however, theoretically possible if the supply is reduced considerably through active coin burning. 

Will Shiba Inu crash and disappear?

Meme coins depend on their communities. Shiba Inu already has a strong and active community, and it won’t disappear overnight. It is, however, possible that the community eventually moves on to something else.

Is it a good idea to invest in Shiba Inu?

Again, this depends on what you’re trying to achieve. If you’re looking for a relatively safe and reliable investment, SHIB is not the best choice. If you want to have some fun with your investments, are ready to accept high risk and really love Shiba Inu dogs – SHIB may be worth a shot.

Written by

Didzis Veinbergs

Didzis Veinbergs has been writing about finance for more than 10 years, with experience in forex, crypto, and payments. You may find him rambling about things on Twitter, looking all professional on LinkedIn and hanging around on Facebook.