SHIBA INU (SHIB) Price Prediction

Summary of this article:

Shiba Inu (SHIB), a popular memecoin, has recently gained nearly 10% in weekly charts, showing strong growth since October after facing challenges in 2023. While SHIB struggled to overcome the $0.000008 resistance, it is now approaching $0.000009.

Despite growing by about 10% since January 2023, SHIB's performance falls short compared to altcoins like Solana (SOL) and Bitcoin (BTC), which have seen higher percentage gains.

The question arises: Can SHIB reach $0.00001 this week? Currently pursuing this price level last seen in August 2023, SHIB's price movement, despite the highly anticipated Shibarium launch, was minimal, possibly due to Bitcoin's lack of movement. SHIB gained momentum only after Bitcoin reached a new yearly high.

According to PricePredictions, SHIB is not expected to reach $0.00001 soon, with projections of trading at $0.000008 for November and possibly reaching $0.000009 by early December.

CoinCodex also does not anticipate SHIB reaching $0.00001 in November, predicting a maximum price of $0.000009777 on November 28, 2023.

The potential for SHIB to hit $0.00001 may be influenced by Bitcoin's performance, as its ongoing rally could impact SHIB positively, potentially leading to a decrease in the value of zero.

SHIBA INU (SHIB) Price Prediction:

Shiba Inu (SHIB), one of the most popular meme coins, has surged by nearly 10% in the weekly charts. Although the token's price has struggled for most of 2023, it has shown strong growth since October. SHIB struggled to overcome the $0.000008 resistance level, but now it is getting closer to surpassing $0.000009.

 

Since January 2023, Shiba Inu (SHIB) has grown by about 10%. On the other hand, altcoins such as Solana (SOL) have surged by over 400% in the same time frame. Bitcoin (BTC), the original crypto, has surged nearly 120% since January. Hence, SHIB's performance has been a little underwhelming so far in 2023.

 

Can Shiba Inu (SHIB) reach $0.00001 this week?

 

SHIB is now chasing the $0.00001 price level, last seen in August 2023. Despite having the highly anticipated Shibarium launch earlier this year, the asset's price did not move much. The lack of price movement after the launch of Shibarium is most likely due to BTC not moving. SHIB's price began to generate steam only after BTC reached a new yearly high.

According to the machine learning algorithm at Price Predictions, SHIB will not reach $0.00001 anytime soon. The platform predicts SHIB to continue trading at the $0.000008 level for the rest of November. However, Price Predictions does anticipate the token to reach $0.000009 by early December.

 

Furthermore, Coin Codex does not anticipate Shiba Inu (SHIB) to reach $0.00001 in November. As per the platform, SHIB may attain a maximum price of $0.000009777 on November 28, 2023.

 

If BTC continues its winning streak, SHIB may also follow. BTC is currently leading the crypto market, and its rally may lead to SHIB deleting a zero.

SHIBA INU Coin:

In 2021, Shiba Inu coin gained popularity alongside Dogecoin, driven by the WallstreetBets subreddit and Elon Musk's support for meme coins featuring dogs. The Shiba Inu token (SHIB) benefited from the trend. In 2023, SHIB's support grows, as data from Nansen's crypto analytics platform reveals it as the most common non-stablecoin in new wallets. Trading activity soared, with over $1 billion in SHIB traded within a 24-hour period in January. This surge might be linked to the impending launch of Shibu Inu's layer 2 blockchain, Shibarium, focusing on the metaverse and gaming applications. This development could strengthen the fundamentals of SHIB, BONE, and LEASH, the three ecosystem tokens of Shiba Inu. To understand BONE and LEASH, let's start with the basics of SHIB.

 

What is SHIBA INU?

Shiba Inu Coin (SHIB), an Ethereum-based ERC-20 token, gained popularity due to its dog-themed ecosystem, speculation by retail investors, and active community engagement. With over 3.6 million Twitter followers, SHIB outpaces major crypto companies. Inspired by the viral meme trend of the Japanese Shiba Inu dog in 2013, SHIB is part of the category known as "meme coins." Unlike many meme coins, SHIB aims to provide value, as evidenced by initiatives like the decentralized exchange ShibaSwap. Despite being dubbed the "doge killer," SHIB is the second-most popular meme coin, narrowing the market cap gap with Dogecoin and building a substantial community.

What are the SHIBA INU features?

Shiba Inu coin has a fixed total supply of 1 quadrillion SHIB tokens, minted during the project's 2020 launch. Half of this supply, 500 trillion SHIB, was locked in the Uniswap SHIB/ETH liquidity pool, employing an automated market-making system. The remaining 500 trillion SHIB tokens were initially sent to Ethereum's founder, Vitalik Buterin. He burned the majority by transferring them to a dead crypto wallet. The remaining tokens, valued at $1.2 billion, were donated to various causes, including Indian COVID-19 relief and other charities.

 

Shiba INU Key Takeaways:

Shiba Inu (SHIB) is a meme-inspired cryptocurrency named after the Shiba Inu dog breed. Its popularity surged through associations with Dogecoin and Ethereum founder Vitalik Buterin's holdings. Operating on the Ethereum blockchain, SHIB features unique tokenomics, including a sizable supply and a burning mechanism to enhance scarcity. Although primarily a speculative asset, the Shiba Inu ecosystem has expanded to incorporate use cases and utility for the coin.

What is the SHIBA INU Coin?

Shiba Inu (SHIB), commonly known as Shiba, is a cryptocurrency that has garnered considerable attention in recent years. Originating in 2020 and named after the Shiba Inu dog breed associated with the popular Doge meme, the coin started as an experimental project and has evolved into a notable phenomenon within the realm of meme coins.

Who was created by Shiba INU?

In 2020, an anonymous individual or group known as Ryoshi introduced a token named after the Shiba dog meme to extend the series of dog-themed meme coins. Often dubbed the 'Dogecoin killer' by its enthusiasts, the SHIB coin gained prominence in 2021, emerging as a leader among other canine coins such as Floki Inu, Akita Inu, and Dogelon Mars.

Why is Shiba INU popular?

In the span of a year, from its creation in August 2020 to October 2021, SHIB experienced a remarkable surge, reaching an all-time high of US$0.0000819—a staggering +8,420,000% change. Upon its launch, Shiba Inu's creators sent 50% of the token supply to Ethereum co-founder Vitalik Buterin, creating significant project hype. This move effectively reduced SHIB's circulating supply by almost half, contributing to its increased popularity. Another pivotal moment occurred when Buterin sold around 9% of his SHIB holdings, with the proceeds donated to aid in the fight against the widespread impact of COVID-19 in India.

How does the SHIBA INU Coin work?

SHIB functions as a decentralized cryptocurrency, utilizing the Ethereum network for security and functionality as an ERC-20 token. Unlike Proof of Work (PoW) cryptocurrencies like Bitcoin, SHIB is not mined; it operates on Ethereum's Proof of Stake (PoS) consensus mechanism. The initial supply of 1 quadrillion SHIB tokens was pre-mined at its August 2020 launch.

Instead of mining, SHIB is obtained through trading on decentralized and centralized exchanges or by engaging in the Shiba Inu ecosystem. A substantial portion of SHIB's total supply is held in reserves, and a percentage of each transaction is burned, actively reducing the token's overall supply. These deflationary measures contribute to SHIB's increasing scarcity over time.

The Future of Shiba Inu Crypto:

The Shiba Inu ecosystem and community are expanding, with the development team actively enhancing token functionalities and considering potential partnerships. As the crypto market evolves and new trends arise, the adaptability of Shiba Inu and its ability to sustain popularity will be intriguing to observe. Despite SHIB's significant attention and popularity, it is crucial for individuals to conduct thorough research before investing funds.

 

 

The SHIBA INU Ecosystem and Use Cases:

The Shiba Inu ecosystem comprises multiple tokens, each serving distinct purposes inspired by the Shiba Inu dog breed:

Shiba Inu (SHIB):

As the main token, SHIB aims to be an Ethereum-based alternative to Dogecoin (DOGE). It has a total supply of one quadrillion tokens, with 50% burned to Vitalik Buterin's wallet and the other 50% locked in Uniswap's liquidity pool.

Leash (LEASH):

Initially designed as a rebase token pegged to Dogecoin's price, LEASH later adopted a fixed supply of 107,566 tokens. Known for its high volatility and scarcity, it appeals to certain traders.

Bone (BONE):

Functioning as the governance token for ShibaSwap, a decentralized exchange (DEX), BONE allows users to swap, stake tokens, provide liquidity, and earn rewards. With a total supply of 230 million, only 3% were minted at launch, and the rest were generated through various mechanisms on ShibaSwap.

SHIBA INU Swap (SHIBASWAP):

This DEX facilitates token swapping, staking, liquidity provision, and reward earning for SHIB, LEASH, BONE, and other ERC-20 tokens. ShibaSwap also includes Shiba Art, an NFT art incubator where artists create and sell their NFT artworks.

Where to Trade Shiba Inu Crypto:

Shiba Inu (SHIB) is now featured on the Crypto.com App, joining over 250 supported cryptocurrencies and stablecoins, including Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), USD Coin (USDC), and Cronos (CRO). Users of the Crypto.com App can purchase SHIB with various fiat currencies and use it globally at over 80 million merchants through the Crypto.com Visa Card. Alternatively, SHIB can be traded on the Crypto.com Exchange. It's important to note that all information provided here is for informational purposes only and should not be considered legal, tax, investment, financial, or other advice. Users are encouraged to conduct thorough research and due diligence before engaging in any crypto asset transactions. The availability of products and services on the Crypto.com Exchange may be subject to jurisdictional limits, and past performance does not guarantee future results in the volatile crypto market. Users should be aware of potential tax implications in their jurisdiction related to crypto asset transactions.

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