Shiba Inu cryptocurrency price: How high will Shiba Inu go? Is it really the Doge killer?
Dogecoin ‘is pure speculation and will end badly’ says Yusko
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SHIB is a decentralised spontaneous community-building experiment within the Shiba Inu ecosystem. Also known as Shiba Token, it was created by an anonymous crypto user known simply as ‘Ryoshi’ in August 2020. The coin’s creators are understood to be intending to release the next coin, Bone Dogecoin Killer, within the near future according to Good Returns. The ‘Doge Killer’, as it’s been dubbed, was modelled after Dogecoin and has a market capitalisation of more than $7billion (£4.9billion) as of May 2021. With nearly 400 trillion coins circulating around the world, SHIB’s price is low-less than two-hundredths of a cent, thereby enabling users to “hold billions or even trillions of them”.
SHIB started gaining traction in the markets again within recent days after news emerged that Ethereum co-founder and Russian-Canadian programmer Vitalik Buterin burned 40 percent of all Shiba Inu token supply.
As a result, prices have been drastically driven up through increased demand.
According to reports, Vitalik Buterin got through 40 percent of the stash by sending 410trillion SHIB coins to an unusable and inaccessible wallet, thereby effectively removing these coins from circulation forever.
With such a huge change in the supply, there are bound to be ramifications and changes for Shiba Inu’s price.
How high will Shiba Inu go?
Crypto price predictions can be very difficult to make and are not always accurate due to the volatile nature of the market, so figures should always be taken with a pinch of salt.
Many crypto experts predict Shiba Inu won’t go too far in terms of price, despite it being listed on some crypto exchange platforms.
Digital Coin Price estimates the highest price SHIB can rise to is $0.00004607 by the end of 2025.
The Wall Street Investor has a more negative forecast, predicting SHIB will fall to between $0.000029 and $0.000016 by the end of 2022.
Is Shiba Inu really the Doge Killer?
The Shiba |nu coin chart overshadowed all other alt coins last week as it soared through the roof, gaining 1600 percent in the seven days leading to May 14.
Following the massive spike, two major exchanges took quick action and listed Shiba Inu coins – industry leader Binance being one of them.
As soon as Binance listed the coin on its coveted platform, the price doubled and the SHIB market cap rose to $12,485,110,719 (£8.7billion).
But despite this intense growth, many analysts don’t see the SHIB price nearing the $1 mark any time soon, which could spell bad news for the so-called Doge Killer’s future.
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Speaking to Express.co.uk, founder of Traders of Crypto Antony Portno explained the hype around SHIB overtaking Doge will likely be short-lived.
Mr Portno said: “The Shiba Inu coin I one of many new coins to try and take advantage of the Dogecoin hype.
“While Doge was around for many years and has some actual merit as one of the ‘fun coins’, Shiba Inu is a far more manipulative and cynical asset.
“It, again, has no real purpose or use case other than to make the founders money and has been created with a huge supply, allowing for a very low price per coin in the hope that people who don’t understand these things will think it’s cheap relative to Doge.”
Mr Portno said the origins of the coin are opaque, which decreases its trustworthiness in relation to other cryptos.
He added: “It’s also very unclear who is behind the coin and what the circulating supply is, which are both red flags to any sensible investor.
“Whilst it is good to see cryptocurrency breaking new boundaries and coming into the mainstream, it is important to make sure you make educated decisions on whether to invest.”
In a warning to hopeful investors, Mr Portno said he found it “hard to see the benefits that come with the Shiba Inu coin”.
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