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What’s Next For Shiba Inu Coin In 2022?

shiba inu coin

The last few years have been about different cryptocurrencies getting introduced. Shiba Inu Coin is one such decentralized cryptocurrency that came into existence in 2020. A lot has been happening around Shiba Inu Coin and we are going to cover most of it in this blog. Where did Shibu Inu Coin come from, what it exactly is, where you can purchase it from and more. Let’s get started, shall we?

Table of Contents

The Origin of Shiba Inu Coin:

Shiba Inu Coin or SHIB is decentralized crypto created in August 2020 by an anonymous person or a group known as ‘Ryoshi.’ The creator of Shiba Inu Coin is still unknown, just like in the situation with Bitcoin and Satoshi Nakamoto. The actual creator of this Crypto is still unknown. But we can say that ‘Ryoshi’ could be a group of people for creating this cryptocurrency. The creator may not be a single individual but a group of people. Shiba was created to poke fun at dogecoin, which led to its gaining high popularity among people. Some points about Shiba are as below:

  • The name of this crypto is based on the Japanese Dog Breed, Shiba Inu.
  • It got insanely popular among several crypto exchanges due to its memes, persistence, and cute dog.
  • Shiba is an altcoin of Dogecoin, whereas Dogecoin is itself an altcoin of Bitcoin. Therefore, ultimately we can say that SHIB is also an altcoin of Bitcoin.
  • In terms of value, Shiba Inu started in 2021 with a price of $0.000000000119 and hit a peak of $0.00008845 that year. 
  • Shiba Inu was partnered with David Folk to develop it just like a cryptocurrency gaming project.

What is the Shiba Inu Coin?

Shiba Inu Coin is a Cryptocurrency also known by the name SHIB. The Cryptocurrency meme coin is based on the Doge meme, i.e., Shiba Inu Dog. Shiba Inu coin is also known as the ‘Dogecoin Killer’. It was first known as an alternative to Dogecoin Cryptocurrency with a key difference. The difference is that Shiba Inu is built on the Ethereum blockchain while Dogecoin is built on Bitcoin Blockchain. Shiba Inu can work with decentralized applications, while dogecoin can’t work with decentralized applications, limiting it in terms of what it can do. 

Some projects such as an NFT art incubator and a decentralized exchange known as Shibaswap are also supported by the Shiba Inu ecosystem. SHIB is intentionally available in abundant quantity with the initial circulating supply of 1 quadrillion SHIB coins. 

Shiba Inu coin

Shiba Inu’s price peaked tenfold in October 2021, which increased its market capitalization to $41 Billion resulting in one of the top ten meme cryptocurrencies. 

There are not many crypto assets to beat Bitcoin in any segment, but there was one Crypto that achieved the unattainable – Shiba Inu. It got 43 million more views than Bitcoin. 

The key point differentiating Shiba Inu from other coins is that other coins have their blockchains, while Shiba doesn’t have its blockchain. And that’s the reason Shiba Inu is a token, not a coin. But it can be called a Coin as it is forked from the coins that are further forked from Ethereum. 

Why is Shiba Inu Coin So Popular?

Shiba Inu coin’s popularity may be due to its Meme, which showed a cute dog of the breed Shiba Inu. The other reasons for its popularity can be as follows:

  • The Founder of Tesla once tweeted, showing his interest in owning a Shiba puppy, which created a hype in the Crypto market that led its prices to rise by 300 percent. 
  • The prices of Shiba coins fell up to 40 percent when the founder of Ethereum Blockchain Network, Vitalik Buterin, donated 50 trillion Shiba Inu coins for the Covid relief fund of India, which was founded by an Indian crypto entrepreneur named Sandeep Naiwal.
  • SHIB comes on 11 numbers in popularity based on the relative market cap for trading assets on Coinbase. The reason behind this is the enthusiasm for the asset among people.
  • Shiba is popular among significant crypto exchanges due to its crowds, persistence, and memes – a cute dog (Shiba Inu).

How and Where Do I Buy Shiba Inu? 

There are several platforms nowadays where you can easily buy Shiba Inu coins. Investment in crypto and stocks became easy as various platforms provided crypto investments. The craze of cryptocurrency significantly increased in the market when the prices of Bitcoin rose to a peak of $65,000. The rise in Bitcoin prices attracted people to invest in cryptocurrencies. Therefore, several platforms are coming up to give an investment platform for its users. However, some platforms already providing investments in stocks also started providing a platform where users can also buy cryptocurrencies. But there are only a few reliable platforms. 

  • Popular platforms where you can buy Shiba inu coins include Crypto.com, Binance, KuCoin, WazirX, and Atomic Wallet.
  • Another reliable platform includes Uniswap, where you can easily exchange Ethereum for Shiba coins. 

Let us see now How you can buy Shiba Inu coins on any of these platforms:

The steps for buying Shiba coins include the following:

  1. Create an account on any of these platforms.
  2. Add money to your wallet for buying coins.
  3. Some platforms don’t support directly adding money to the wallet, and they support it through other wallets such as Mobikwik, etc.
  4. You need to add money to these wallets and connect them with your account.
  5. After that, you need to add money to your investment account. And bravo, now you can buy/sell/send crypto.
  6. After adding the money, you need to search for SHIB crypto and can buy from there.

Steps To Buy Shiba Tokens

Below are the steps given by Shibatoken.com:

  1. Create a MetaMask Wallet: Creating a MetaMask wallet will allow you to buy, sell, send, and receive Shib or Leash inu tokens. You can create a MetaMask Wallet either on your desktop or mobile/ios device.
  2. Send Ethereum to your wallet: On MetaMask wallet, you can directly purchase Ethereum and transfer it directly from exchanges such as Binance, Coinbase, etc. You need to make sure that you use the ERC-20 network when transferring ETH.
  3. Connect your wallet to ShibaSwap: After creating a MetaMask wallet, you need to connect it with ShibaSwap. You can do the same by clicking ‘Connect to a Wallet’ by selecting MetaMask.
  4. Swap ETH for SHIB, Leash, or Bone: After connecting your wallet with ShibaSwap, you can start swapping when you have ETH available. You need to press ‘Select a token’, and after entering the token address, you can easily do swapping. 

The Future of Shiba Inu Coin

The Shiba Inu coin or SHIB is a well-known meme coin, and it’s gaining popularity with time. People are showing high interest in participating in purchasing this coin and making investments in SHIB. It is currently one of the most popular meme coins, and it is expected that SHIB will explode in 2022. 

Some platforms analyzed its dazzling future and predicted that the Shiba Inu coin would rise in the future.

Although there isn’t much movement in the market about this crypto, active buyers are potentially helping to raise its value. 

The future of the Shiba Inu coin is dazzling and may influence a large number of investors in the crypto market. All this is because of its popularity. 

The future success of Shiba Inu lies in market capitalization and speculation. Shiba is indeed capable of becoming the next dogecoin. The current market capitalization of Shiba Crypto is $2,762,340,296.49. It is a huge and healthy number to take into the count of Shiba as a new cryptocurrency. 

Market Analysts Opinions on Shiba Inu’s Price

Some experts say that the popularity of dogecoin is due to the support of Elon Musk. But Shiba isn’t likely to get the multi-billionaire’s support soon.

Experts in Crypto Market are divided when we see SHIB’s potential to reach the highest peak. Different experts give different opinions that will give you some idea to invest, while some opinions will suggest you avoid investing in SHIB.

However, let us see some Expert forecasts about this crypto:

  • According to market Realist, Shiba Inu may get up to $0.000064 in 5 years. It is also possible if Shiba maintains that level of growth of 20% per month, then it would require some time to hit the $1 milestone.
  • According to a Wallet Investor, if you invest $100 now in SHIB coins, it can be more than $900 in 2026.
  • A crypto expert also gave his views and said:

“I don’t say that Safemoon, Doge, or Shiba Inu coin are baseless projects. But I am saying that these projects rose because of hype on social media and the community momentum. Dogecoin itself is the epitome of the hype play, and if Elon Musk didn’t support it, it would unlikely be in the place it is today.”

Some experts say that Dogecoin’s popularity is due to Elon Musk’s support on Twitter. But Shiba Inu coin has no such support, and therefore, it isn’t likely to get that peak in the upcoming time. 

However, it is also true that the Shiba Inu coin has a limited supply with a total of 1 quadrillion tokens which is a huge number that can easily take in a significant number of investors. Still, a finite number may help to speculate spark in the future.

Technical Analysis and Fundamental Analysis

Technical Analysis

The price of Shiba Inu has maintained a noticeable depleting pattern since the start of November 2021, which is flipped as of late after a failed attempt. Since the last few days of January 2022, Shiba has been maintaining a healthy consolidation that may result in a significant breakout very soon. However, the higher time frame chart is pretty much suspicious in a short time. The analysis for a short period shows that the asset is very bullish, and it seems, by all accounts, to be poised to surge and sustain above $100. 

The technical analysis for Short, Mid, and Long term buy Shiba tokens shows that:

Short-term: The cost of Shiba Inu tokens, after going through a huge negative pattern, flipped and is presently rising high, amassing a remarkable purchasing volume.

The price of Shiba Inu is presently swinging in an ascending triangle, but it is still different from the apex of the triangle.

Mid-term: For the mid-term, the cost of Shiba tokens is almost there to flip from an unfavorable well, and consequently, a remarkable upturn might be seen in upcoming days.

Long-term: For the long-term, the cost of Shiba tokens shows a consistent pattern such that swinging inside an exceptionally narrow range. Thus the next leg may depend on the forthcoming volume of SHIB tokens. 

An eminent flip may be expected in the wake of swinging. Or else the price fails to maintain a deeper plunge may be expected.

Based on Yahoo Finance analysis, the chart pattern of the Shiba Inu coin shows a bullish triangle that shows its potential for a breakout. But, if no breakout happens, the price of SHIB tokens may tank. 

Fundamental Analysis

The development team of Shiba cryptocurrency says that the main competitor of Shiba is DOGEcoin which allows its users to buy billions of SHIB tokens easily. Shiba Inu also claimed to replace Dogecoin in the short term. Shiba Inu tokens were put for sale at their decentralized exchange called ShibaSwap.

As per this Shiba Inu analysis for today’s investment, it has a 5.8 score out of 10 based on safety rank, and the expected return is +402.6%. The ranking factor also depends on its volume ratio. 

To fundamentally analyze its potential profit in 2022, its algorithm should be analyzed with the daily prices of the coin for the past 6 months. However, the character of this asset is wavy, which means that it has a high chance to hit near all-time value again in the upcoming time. 

Anyone who wants to invest in Shiba Inu securely based on analysis can use Shiba inu research to verify if it is worth investing in this crypto or not. The analysis tool for Crypto has set SHIB in the position of 12 out of 4138 other cryptocurrencies by the safety rank and 870 out of 4138 by Profit rank. 

Newegg tech r-retailer and AMC Entertainment are the first two merchants that started accepting SHIB payments, and it was recently announced by Flexa to accept Shiba coin as a payment token which means users can purchase While foods, Lowe’s, and GameStop by using the Shiba Inu coins. 

In the final analysis of Shiba Inu, the investors are recommended to have patience and restraint and notice consistently if the coin experiences another potentially rich bull market or not. 

Difference Between Shiba Inu Coin and Dogecoin

Some people believe that Shiba Inu tokens are a knock-off of Dogecoin, and it keeps them motivated to invest in this crypto. The founder of Shiba Inu embraces the “Dogecoin Killer” label, which is significantly more unpredictable. 

Dogecoin is fundamentally fourth-era Bitcoin, and it’s made through a similar proof-of-work (PoW) mining system to Bitcoin.

On the other hand, Shiba Inu Coin is an Ethereum-based token with a Proof-of-stake (PoS) system as opposed to PoW. 

Some key differences between Shiba Inu Coin and Dogecoin are as follows:

Development

Shiba Inu coin was built on  Ethereum Network in 2020, while Dogecoin was built on Bitcoin Technology in 2013.

Initial Purpose

The Dogecoin is created as a joke spoof of Bitcoin with a Doge meme. The initial purpose of the Shiba Inu coin is to create a medium of exchange and other tokens with a self-governing community. 

Use-cases

Shiba Inu coin gained excited popularity rather than its utility, and therefore it is still working on more price. However, Dogecoin is established for online payments for some platforms. 

Value

The current value of the Shiba token is $0.000026. On the other hand, the value of Dogecoin is $0.14.

Availability

The availability of Shiba in coins is 394 Million, while Dogecoin is available in 130 Billion.

Approx. Market Capitalization

The market capitalization of Shiba Inu Coins is $27 Billion, while Dogecoin has a $24 Billion market capitalization. 

Maximum Number of Coins

The number of Dogecoin is unlimited, but it is limited to issuing only 5 Billion coins in a year. However, Shiba Inu coins are available in 1 Quadrillion, where more than 40% have been irrevocable eliminated. 

The point that should be noted when you are trading in cryptocurrencies is that you need to understand what you’re buying because all cryptocurrencies are not the same. Some features of any specific crypto may make it famous, but when new crypto is introduced, the previous popular cryptocurrency becomes yesterday’s news. Therefore, it is essential to understand the groundswell of interest that could push a cryptocurrency quickly higher. 

Shiba Inu Coin FAQs

Q1. Is investment in Shiba Inu a good decision?

A. No answer fits this question because it depends on the investor’s circumstances. Before you invest in any crypto, pause and evaluate the risk and the money you will invest in the crypto. Make sure you adequately research and never invest more money that you can not afford. So, investing is a good decision, but investing in excellent crypto is essential, depending on your research. 

Q2. Will the prices of Shiba Inu coins increase in the future?

A. It depends on the volume and the craze of people to invest in this crypto. As of now, it can’t be clearly said that the prices of SHIB may increase in the future. You can analyze the past growth of this crypto and decide for yourself whether it is an excellent option to invest in this crypto or not. 

Q3. How can I buy or invest in Shiba Inu coins?

A. You can use cryptocurrency exchanges like Binance, Huobi, and Uniswap, where you can buy, sell, send, or receive cryptocurrencies. You can also transfer your purchases to any software or hardware wallet to keep them secure. 

Q4. What is the Shiba Inu token?

A. Shiba Inu token is a meme coin that has become a great ecosystem!

Q5. What is unique about the Shiba Inu coin?

A. Shiba Inu coin is based on Ethereum altcoin that features a Shiba Inu Dog as its mascot, a Japanese dog breed. Shiba is known to be an alternative to Dogecoin and is also called ‘The Dogecoin Killer’ by its supporters and the community. 

Q6. How many Shiba Inu coins are there?

A. Shiba Inu has a total supply of 1 Quadtrillion tokens. Half of the coins are locked into Uniswap, and the other half was given to Ethereum co-founder Vitalik Buterin.

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Source: GreatLearning Blog

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