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Launched in August 2020 by a group of anonymous cryptocurrency users, the SHIB token is based on the same Shiba Inu dog meme as rival dogecoin, which itself was created as a joke or meme coin. The developers of Shiba Inu describe it as “an experiment in decentralised spontaneous community building”. Based on the Ethereum blockchain, SHIB is an ERC-20 token that will be the first listed on the ShibaSwap decentralised exchange (DEX).
SHIB has a total supply of one quadrillion, reports Capital, which is designed to allow users to hold billions or even trillions of tokens according to the developers.
That means that SHIB’s value can remain well under one penny but still generate bigger returns for its holding investors due to the volume.
There are understood to be 394.79trillion tokens in circulation, with total market capitalisation of $2.6billion as of June 11, according to Coin Market Cap.
SHIB’s price really took off on May 8 when Tesla (TSLA) and SpaceX CEO Elon Musk appeared on SNL, which prompted in a selloff of Dogecoin after he branded the coin a “hustle”.
SHIB traded at an all-time high of $0.0000388 on May 10, but dropped back to a low of $0.00000642 on May 19.
The price moved up to $0.00001195 on May 24, before plummeting back down to $0.00000732 just five days later.
SHIB hiked higher up toward the end of MAy at $0.00000928, with the price as of the time of writing on June 11 standing at $0.000006704.
However, this is understood to be a relatively normal level of fluctuation considering the volatility of the crypto market and the fact most alt-coins spike quickly upon launch before quickly losing value.
Can Shiba Inu hit $1 by 2025?
Some analysts predict SHIB could reach the $1 mark, while others remain sceptical for the future outlook.
Market Realist laid out one plan for how the coin could reach the dollar benchmark, which is a principal goal for investors.
SHIB would need to climb about 12million percent to hit $1.
Since January, the coin has jumped about 2million every month, so it could – in theory – hit $1 by the end of 2021 only if it continues on its current growth trajectory, predicts Market Realist.
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They write: “If Shiba maintains the level of growth, it could reach $1 in 2021.
“However, if it grows at the rate of 20 percent per month, it would require five years to hit the $1 milestone, which points to 2025 at the earliest.”
Per the current predictions given the state of SHIB at the moment, the coin could reach a value of $0.000019 in 2022 and later hit $0.000061 in 2025.
That would mean a near 620 percent increase from where the coin is at now.
Predictions from WalletInvestor suggest more modest gains for SHIB by 2025.
The market forecaster suggests SHIB will reach $0.000019 a year from now and hit $0.000061 in five years, indicating a 620 percent upside potential.
Digital Coin Price expects the Shiba Inu coin to rise about 50 percent from the current level to close 2021 at $0.0000125.
The long term forecast suggests SHIB will rise steadily in the coming years to reach $0.000029 in 2025, implying a 245 percent upside potential.
This information doesn’t equate financial advice. Make sure you’re aware of all the risk and dangers of cryptocurrency investing before putting your money in.
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