Memecoins have always enjoyed a cult following of sorts, but with the recent crypto market rally driven by Bitcoin (which has its recent peak at over $73,000 in March 2024), memecoins are enjoying their own share of increased popularity. SHIB or Shiba Inu is one of the most popular memecoins, and it has seen a notable surge lately. As a crypto investor, should SHIB be on your radar? Our Shiba Inu price prediction and analysis is specially designed for you!
What is Shiba Inu (SHIB)?
Let’s start with the basics. Dogecoin (DOGE) is often called the original memecoin; it was created back in 2013 following the Doge meme, initially as a joke. However, it found its audience who saw potential in what started as simply a fun project, and many memecoins followed. SHIB, or the Shiba Inu, is an Ethereum-based crypto that entered the crypto world in 2020.
Since its inception, many have called SHIB a DOGE-killer, as both inhabit the same space and enthusiasts veered from DOGE to the newcomer SHIB.
The pseudonymous Ryoshi created SHIB back in August 2020, creating a common link between SHIB and the OG Bitcoin- we don’t know the identities of either creator. Anyway, the SHIB coin has the Japanese Shiba dog breed as its mascot.
Before we get to the Shiba Inu price prediction and analysis, here are some interesting facts about the memecoin:
- SHIB happens to be the first token whose community is responsible for 100% its operations. This takes decentralization to another level.
- The Shiba Inu whitepaper outlined that the goal of the project is to develop a community called the Shib Army, with the goal of spreading the principle of decentralization. The coin set sail with no centralized team to back it and no funding either.
- SHIB is based upon the Ethereum blockchain and therefore uses the same proof of stake consensus mechanism Ethereum currently uses, since The Merge back in 2022.
- SHIB is an ERC-20 token, a standard for fungible tokens on Ethereum.
- The maximum cap of SHIB tokens is at 1 quadrillion SHIB- quite a massive number.
- The founder of SHIB sent 50% of the native tokens to Vitalik Buterin- Ethereum’s founder. The rest of the SHIB supply was locked upon Uniswap.
- As of the end of March 2024, SHIB is priced at $0.0000308 per token, with a market cap of over $18 billion.
Shiba Inu price prediction: analysis
If you look at the past year’s price chart for SHIB, the Shiba Inu price has recently seen a boom, alongside the rest of the crypto market. In the past 30 days- which includes the entirety of March 2024 save a couple of days- the Shiba Inu price has seen a 127.68% rally.
Further, the Shiba Inu token’s burn rate has gone up by 1200%, which is an excellent move from the SHIB community to keep SHIB prices healthy.
More events have brought the Shiba Inu price to the spotlight. Here’s a quick sum up:
- A popular crypto exchange recently made an X post calling everyone NFTs (non-fungible tokens), and the Shiba Inu X handle fired back with a funny response, which got the crypto community’s attention.
- The SHIB community, as mentioned above, has burned a large amount of token recently, which led to many applauding the decision to maintain price growth.
- Shiba Inu has entered the NFT market through SHEBoshi non-fungible tokens, increasing excitement for the crypto world.
Shiba Inu price prediction:
Getting to the Shiba Inu price prediction, analysts believe Shiba Inu prices have recovered from their recent slump and are now ready for a sustained bullish move. As a crypto analyst on X pointed out, SHIB might see a 141% hike soon enough, and the prices might hover around $0.000081 as Bitcoin halving comes closer and the entire market is expected to go on a major rally soon.
If the bull market sustains, a Shiba Inu price prediction of $0.0001553 may come into play before 2024 ends.
Since the Shiba Inu community is a truly decentralized one dedicated to building an open future for the benefit of the user, the SHIB token leads a good cause. This may serve as a major reason for a positive Shiba Inu price prediction in the coming days, along with, of course, the broader rally the world of crypto is witnessing.
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