Shiba Inu: the cryptocurrency that challenges Bitcoin and Dogecoin
Shiba Inu defines itself as “a decentralized, community-driven experiment” that seeks to create an ecosystem of tokens, platforms and projects related to art, culture and entertainment. Its symbol is that of a Shiba Inu dog, the same one that inspired Dogecoin, but with a more cartoonish and friendly style. Was launched on the market in August 2020, with an initial supply of one trillion (one million million) tokens, of which 50% was sent to Ethereum founder Vitalik Buterin as a way to burn them and reduce the offer. The other 50% was made available to the public on the decentralized exchange Uniswap, where SHIB could be bought and sold with other cryptocurrencies.
During his first months of life, Shiba Inu did not have much impact or value, and remained at a very low level, close to zero. However, everything changed in May 2021, when the coin experienced a spectacular increase of more than 2,000,000% in its price, reaching its all-time high of $0.0000388 on May 10.
This jump was due to several factors, among which the following stand out:
The viral effect on social networks, especially on Twitter and TikTok, where a large community of Shiba Inu fans and followers was created, who call themselves “Shibarmy”.
The influence of famous personalities, such as the founder of Tesla and SpaceX, Elon Musk, who with his messages and comments about cryptocurrencies generated great expectation and demand from investors.
The inclusion of Shiba Inu in renowned platforms and exchanges, such as Binance, Coinbase, Crypto.com, Huobi, KuCoin, among others, which facilitated access and liquidity of the currency.
The creation of its own ecosystem, called ShibaSwap, that allows users to exchange, store and obtain rewards for their SHIB tokens, as well as access other related tokens, such as LEASH and BONE.
Buterin's donation of more than $1 billion in SHIB to India, to help combat the COVID-19 pandemic, generated widespread publicity and recognition for the currency.
However, not everything was rosy for Shiba Inu, as he also had to face several challenges and obstacles, such as:
The high volatility and strong correction that the SHIB price suffered after reaching its all-time high, losing more than 80% of its value in a few weeks.
Competition and rivalry with other cryptocurrencies, especially with Dogecoin, which also had a great boom in 2021, and which has the support of Musk and other celebrities.
The technical and security problems that affected the operation of ShibaSwap, which received criticism and warnings from experts and auditors.
The uncertainty and lack of transparency about the team behind Shiba Inu, which remains anonymous and does not offer much information about its plans and objectives.
What is expected of Shiba Inu in 2024?
Despite the difficulties and risks, Shiba Inu remains one of the most popular and promising cryptocurrencies on the market, and many analysts and experts predict a bright and profitable future for it.
According to Shiba Inu price predictions based on technical analysis, trend and market sentiment, the coin is expected to have bullish behavior in the coming years, and may reach new all-time highs.
According to data from CoinMarketCap, a platform that provides information on the price, volume, market capitalization, supply and percentage change of over 13,000 cryptocurrencies, the current price of Shiba Inu is $0.00000736, with a market capitalization of $4,147 million, and a circulating supply of 563,602 million tokens.
- According to projections by Cointelegraph, a media outlet specialized in news, analysis, opinions and education about the world of cryptocurrencies and blockchain technology, the price of Shiba Inu could reach $0.00001309 by the end of 2024, which would mean an increase of 77.86% compared to the current price.
- According to estimates by Cryptopredictions, a statistics portal that offers data and reports on various topics, including cryptocurrencies and their importance in the financial market, the price of Shiba Inu could reach $0.00001636 by the end of 2024, which would represent an increase of 122.28% in relation to the current price.
- According to forecasts by Business Insider, a business magazine that covers economics, technology, finance, politics and lifestyle, with special attention to cryptocurrencies and their potential, the price of Shiba Inu could reach $0.00005564 by end of 2024, which would mean an increase of 655.98% compared to the current price.
These predictions are based on different methods and sources, and may vary depending on scenarios and market conditions. Therefore, they should not be taken as a guarantee or investment advice, but rather as a reference or guide.
What factors can influence the price of Shiba Inu in 2024?
The price of Shiba Inu, like that of any other cryptocurrency, depends on supply and demand, and is subject to the influence of various factors, both internal and external, that can positively or negatively affect its value.
Among the internal factors that can influence the price of Shiba Inu in 2024 are:
The development and innovation of the project, which can provide new functionalities, improvements and solutions to existing problems, as well as attract new users and partners.
The adoption and acceptance of the currency, which can increase its use and utility, as well as its exposure and reputation in the market.
The supply and burning of tokens, which can affect the scarcity and availability of the currency, as well as its inflation and deflation.
Community and marketing, which can generate greater interest and demand from investors, as well as greater loyalty and trust from users.
Among the external factors that can influence the price of Shiba Inu in 2024 are:
The behavior and trend of the market, which can determine the climate and general investor sentiment, as well as price volatility and stability.
Competition and rivalry with other cryptocurrencies, especially Dogecoin, which may pose a threat or an opportunity for Shiba Inu, depending on its performance and popularity.
The regulation and legislation of the authorities, which can favor or hinder the development and expansion of Shiba Inu, depending on its degree of openness or restriction towards cryptocurrencies.
The influence and opinion of famous personalities, such as Elon Musk, which can have a great impact and a great impact on the price of Shiba Inu, depending on their tone and intention.
What are the advantages and disadvantages of investing in Shiba Inu in 2024?
Investing in Shiba Inu, like any other cryptocurrency, has its advantages and disadvantages, which must be evaluated and weighed before making a decision. Among the advantages of investing in Shiba Inu in 2024 are:
The potential for growth and profitability that the currency has, which can offer great benefits to investors who bet on it in the long term.
The popularity and demand for the currency, which can increase its value and liquidity, as well as its exposure and reputation in the market.
Innovation and development of the project, which can provide new functionalities, improvements and solutions to existing problems, as well as attract new users and partners.
The diversification and protection offered by the currency, which can serve as an alternative or complement to other more traditional or riskier investments.
Among the disadvantages of investing in Shiba Inu in 2024 are:
The volatility and uncertainty of the currency, which can cause large fluctuations and losses in the price, as well as making market prediction and analysis difficult.
The competition and rivalry that the currency has, especially with Dogecoin, which can pose a threat or limitation for Shiba Inu, depending on its performance and popularity.
Regulation and legislation by authorities, which may hinder or restrict the development and expansion of Shiba Inu, depending on its degree of openness or restriction towards cryptocurrencies.
What advice and recommendations can be given to investors interested in Shiba Inu in 2024?
Investors interested in Shiba Inu in 2024 should take into account a series of tips and recommendations that can help them make a more informed and correct decision. Among these tips and recommendations, we can mention:
Do prior and exhaustive research on the Shiba Inu project, team, community, market and competition, to have a clearer and more complete view of the coin and its prospects.
Establish a strategy and an investment plan, which defines the objectives, deadlines, risks, benefits and available resources, to control and monitor the investment.
Diversify and balance the investment portfolio, including different types and levels of assets, to reduce dependence and exposure to a single asset or market.
Stay informed and updated on news, events, trends and changes that may affect the price and performance of Shiba Inu, in order to anticipate and react in time.
Be prudent and responsible with the investment, which does not exceed the capital you are willing to lose, and which is not based on emotions or impulses, but on data and criteria.
Investors interested in Shiba Inu should take into account a series of tips and recommendations that can help them make a more informed and correct decision. Among these tips and recommendations, we can mention doing prior and exhaustive research, establishing an investment strategy and plan, diversifying and balancing the investment portfolio, staying informed and updated, and being prudent and responsible with investment.
Shiba Inu is a cryptocurrency that challenges Bitcoin and Dogecoin, and offers a unique and unmatched opportunity for investors who want to be part of a revolutionary and visionary project. Shiba Inu is the future of digital finance, and the future is now.
