Bitcoin, Ethereum, and other cryptocurrency prices have hit highs not seen since the 2017 bull run. Will this new momentum continue? What are some of the factors that could halt or reverse it?
The “will shiba inu coin reach $1” is a difficult question to answer. There are many factors that contribute to the price of cryptocurrencies such as market cap, supply and demand, and even government regulation. However, there are some signs that show the future of this cryptocurrency might be bright.
Most people will remember 2021 as the year of NFTs (Non-Fungible Tokens), which exploded in popularity in the same way that DeFi did in 2020. People are still finding new use cases for NFTs and gaining new ideas on how to utilize them, just as they were for blockchain between 2015 and today, so there will be a lot more development in the years ahead.
However, 2021 was also a year of memecoins, which surged even more after Dogecoin’s rapid climb in the year’s first few months. DOGE has harnessed the strength of its incredibly dedicated and supportive community, Elon Musk, and even a GameStop short squeeze event to increase its price and grow to greater heights than ever before.
Memecoins were developed as a result of this, which encouraged the birth of a whole new crypto industry. DOGE was nearly alone in this sector just a year ago, but there are now at least a dozen prominent currencies on the market. Despite this, none is clearly larger than Shiba Inu (SHIB), with the exception of Dogecoin itself. However, in light of SHIB’s recent meteoric growth, even DOGE’s leadership is being called into doubt.
What exactly is a Shiba Inu?
Shiba Inu, like Dogecoin, is a meme cryptocurrency. This suggests it was made as a joke, with no precise use case in mind or a real issue to solve. It was created as a result of a meme, or rather, another cryptocurrency based on a meme — DOGE.
While most memecoins appeared following DOGE’s large price spike in early 2021, SHIB is a little older, having first appeared in August 2020, possibly due to DOGE’s exposure at the time due to Elon Musk’s participation in the crypto industry. But, for some reason, it’s generating more buzz and interest than DOGE. SHIB is now the 8th most valuable cryptocurrency by market capitalization, while DOGE has slipped to 11th.
Shiba Inu has also taken over news media sites, having surpassed large currencies like as LINK, UNI, and DOT.
The pricing performance of the Shiba Inu
Shiba Inu emerged as a DOGE killer, and although it appeared implausible at the time, the currency had already exceeded Dogecoin in terms of market capitalization. On the other hand, its cost is a different matter.
SHIB’s pricing was so low when it first appeared that it was nearly non-existent. Its volume fluctuated from a few hundred to a few thousand dollars for months after its publication. Things began to shift in mid-April, when it saw its first tiny price increase, jumping from $0.0000002159 to $0.0000003768.
The currency then saw a correction, which saw it drop for a few weeks before skyrocketing again in early May. SHIB, on the other hand, took off this time, hitting $0.00003389. At this time, SHIB was widely acknowledged as one of the most popular memecoins, if not the most popular, after Dogecoin.
Unfortunately for the cryptocurrency, this was the point at which the mid-May price fall occurred, driving it back below $0.00001, which subsequently served as its key resistance for the remainder of May, as well as June, July, August, and September. When Bitcoin began to rebound in early October, SHIB began to rise as well, showing that the currency had a strong link with BTC, or maybe the whole crypto market.
Around October 4th, the barrier at $0.00001 was easily broken, and the currency soared to the next level of resistance, which had previously been faced, at $0.00003. After battling this level from October 7th to October 23rd, it eventually broke through and surged during the previous 5 days, hitting a new all-time high only hours ago.
SHIB has reached a new high of $0.0000826, after a weekly price increase of more than 130 percent. The currency has gained more than 20% in the previous 24 hours, albeit it should be noted that it saw a substantial pullback after attempting to break through the barrier at $0.00008. Despite this, it is presently trading at $0.00006, a significant increase from a week ago, much alone a month ago.
Why did SHIB become so popular?
Digital currencies that are not stablecoins, as is commonly known in the crypto world, lack an underlying asset that gives them value, which means they are only worth what people believe they are worth. The value of most cryptos is determined by how helpful or sophisticated they are.
Memecoins, on the other hand, don’t have any specific use cases – at least not beyond what Bitcoin could give on its first day, save from faster speeds. So, with these coins, it’s all about the memes and popularity, which Shiba Inu has mastered.
Only behind Bitcoin and Ethereum, the coin was recently listed as the third most Googled cryptocurrency in 2021. SHIB was also introduced to Coinbase’s exchange as a result of community demand, which helped to increase its price even more, but more significantly, it made it more accessible and popular. As a result, other exchanges, including maybe Robinhood, have continued to add it.
The increase is the result of a petition to have the currency listed on Robinhood’s platform, with the community stating that exchange listings make it simpler for investors to buy the coin, and that a debut on Robinhood might assist to push SHIB’s enthusiasm among traders even higher.
While nothing is confirmed at this time, Robinhood seems to be contemplating adding it to its platform, which is not surprising given that the currency, which was meant to be a joke, has risen by over 777 percent in the previous 30 days.
Many people have speculated that because of its popularity, Shiba Inu may hit $1, but Don Guo, the CEO of Broctagon Fintech Group, feels this is unrealistic. He claims that “there isn’t enough money in the world” to drive the price of SHIB to $1. He noted earlier this month that for Shiba Inu to reach $1, it would need “one quadrillion market value,” and although the crypto sector has accomplished some great things, this is something that is, and will stay, above its capabilities.
In any case, the SHIB price created history today by surpassing DOGE, entering the top 10 cryptos by market cap list (with a market value of over $40 billion), and all of this occurred in the same day. This is the second time a joke currency has ceased being a joke, and it is likely to encourage a boom and maybe the production of additional memecoins, with investors paying much more attention and care to them from now on.
Visit our How to Buy Shiba Inu guide or our Investing in Shiba Inu guide to learn more about this project.
The “shiba inu robinhood” is an interesting cryptocurrency that has seen a lot of growth recently. The price has also increased significantly, and the only reason why is because of its popularity.
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