Like many other cryptos, SHIB, the token of Shiba Inu, took a pounding in the last week losing a third of its value in 24 hours before pulling back some of that loss.
It had already been a hectic October and November for the SHIB cryptocurrency, its downward wedge continuing into December.
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However it was bouyed in late November when it was listed on the Kraken exchange and announced the appointment of gaming veteran William Volk which signals a move into that direction.
Hints of where that move will take it were given on 8 December when Shiba Inu revealed it had signed a strategic work-for-hire contract with Playside, the Australian video games developer. Under the deal, described as a “fixed-price, milestone-based agreement” the pair will develop a multiplayer Collectable Card Game.
On the same day the exchange Bitstamp announced it would be listing SHIB from today (9 December).
So, what is shiba inu all about, and what is the outlook for its price?
In this article, we take a look at the latest developments to help you consider if the shiba inu could be a suitable coin for your investment portfolio.
Shiba inu price soars and plunges in response to Musk tweets
The so-called “meme coin”, shiba inu, was launched in August 2020. It’s a play on the dogecoin (DOGE) meme, which is itself a parody on the cryptocurrency space. Coins themed around the Shiba Inu dog breed have gained popularity as investors look for the next bitcoin (BTC) to invest in.
The shiba token attracted the attention of investors in May, when it spiked by 2,405% in three days to hit a peak of $0.0000388 on 10 May, in a rally caused by Elon Musk’s appearance on the Saturday Night Live television show. His appearance prompted a sell-off in DOGE as he referred to the cryptocurrency as a “hustle”, having talked it up in previous weeks.
The shiba coin price quickly fell back and largely traded between $0.000006 and $0.000008 over the summer.
A petition on nftgamef.com demanding the Robinhood exchange list Shiba citing the presence of rival dogecoin keeps building signatures but is it making a difference? The petition notes that Binance, another exchange, has listed Shiba which caused a 16% price uplift. At the time of writing there were around 545,000 signatures.
Prices of the shiba inu (SHIB), dogecoin (DOGE) and shiba floki (FLOKI) cryptocurrencies jumped after Elon Musk tweeted a photo of his Shiba Inu puppy in a Tesla on 4 October reigniting interest in the coin. Then Musk admitted he did not own any of the cryptocurrency and it dropped 7%.
But over the next few days it recovered – in fact it rose by more than 40%. Then over November the share price dropped 23%. The news of the Kraken listing and Volk’s appointment led to another sharp rise. Now the coin now stands at $0.0000366 giving a market capitalisation of $20.01bn ranking it 13th.
On 29 November eCommerce retailer Newegg said it would accept SHIB as payment on its platform. Previously it has agreed to take BTC, LITE and DOGE.
The anonymous developers of shiba inu announced on 7 August that they had initiated a coin burn to reduce supply of SHIB in response to a request from the community. Digital coin burns destroy coins to remove them from circulation, slowing down the rate of inflation.
SHIB developers added two new trading pools to the ShibaSwap decentralised coin exchange, Perlin and Ryoshi, and burned $25,000 in both SHIB and LEASH coins.
The developers have formed an ecosystem around the shiba inu coin, creating other tokens such as LEASH and BONE. ShibaSwap, which runs on the Ethereum blockchain, launched on 6 July. Burning coins to reduce the supply in circulation creates the potential for the price to move up further.
The developers are preparing to launch a collection of non-fungible tokens (NFTs) next week, which will contain 10,000 images of Shiboshi characters. They will initially only be available to purchase on ShibaSwap, with a secondary market on the OpenSea NFT platform.
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While the NFTs will be priced in LEASH and ether (ETH), buyers can name their Shiboshis for an additional fee of $100 paid in SHIB. The remaining funds will be burnt to the SHIB burn wallet.
There are currently 549,014 billion shiba inu coins in circulation, with the maximum supply set at one quadrillion, according to data from CoinMarketCap.
As always, you should be aware that the past price performance is no guarantee of future returns.
So, what’s the outlook for shiba crypto after the rally? What do forecasts indicate for the remainder of 2021 and beyond?
Shiba coin price prediction: Will SHIB return to record highs?
The SHIB price has fallen its October all time high of $0.00008841 to $0.00003649 (9 December). Can it maintain that price?
At the time of writing, technical analysis showed that short-term sentiment on SHIB was bearish, according to CoinCodex, with nine indicators giving off bullish signals compared with 15 bearish signals. The daily simple and exponential moving averages were giving sell signals. The Relative Strength Index (RSI) was at 42.07 is neutral. The RSI moves between zero and 100, and is considered overbought above 70 and oversold below 30.
The SHIB crypto price prediction from Wallet Investor considered the coin to be an “awesome” long term investment. Its shiba inu price prediction for the start of 2022 is $0.000039 but thinks the price could rise to $0.0001 by the end of 2022 and surpass these highs by the end of 2025, where the algorithm predicted SHIB could be trading at $0.000284.
The shiba inu (SHIB/USD) forecast from DigitalCoin predicted that the price could hit $0.000054 in 2021, rising to an average of $0.0000691 in 2022 and $0.000075 by 2023. The algorithm suggested the price could reach an average of $0.00011 by 2025.
For the longer term, the shiba inu coin price prediction for 2025-2030 from Coin Price Forecast suggested it could remain volatile, moving from $0.00044 at the end of 2025 to $0.000445 in 2026, then it could climb to $0.00064 by the end of 2028 before rising to $0.000735 in 2030.
It’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to predict accurately what a coin’s price will be in a few hours, and even harder to give accurate long-term estimates. As such, analysts and online forecasting sites can get their predictions nftgamef.com recommend that you always do your own research, and consider the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decisions. Never invest more than you can afford to lose.
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