How High Can Shiba Inu (SHIB) Go? • Benzinga Crypto

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How High Can Shiba Inu (SHIB) Go? • Benzinga Crypto

Decided you want in on the action? You can buy Shiba Inu on eToro and Voyager.

Emerging onto the crypto scene in August 2020, a revolutionary blockchain concept quietly prepared to take the altcoin market by storm. First described in a masterfully sarcastic blog post, the creator of this simple meme coin outlined a method for seeding decentralized communities in the cryptocurrency space. And with all the tenacity of a lovesick puppy, Shiba Inu (SHIB) lingered on the market for the rest of the year as a nearly unheard of project.

But something happened in the first half of 2021 that would turn the cryptocurrency market on its head. People actually started trading the Shiba token. A growing contingent of loyalists began believing in the project. And as WallStreetBets was publicly stifled by the bureaucratic powers of traditional finance (ala GameStop), a truly decentralized alternative presented itself to the investment world. 

And as trading picked up, the gains created for hodlers of Shiba Inu became legend. 

Though the bubble that propelled Shiba Inu into the headlines has since burst, the token’s supporters have managed to keep the project alive. And as Shiba Inu breaks through yet another resistance level, experienced traders are asking themselves if the potential for massive gains still exists. 

But what is Shiba Inu, exactly? What could cause this currency to move higher in today’s market? And most importantly, how high can Shiba Inu go?

What is Shiba Inu?

Easily dismissed as a joke, and often treated as such in the mainstream press, Shiba Inu (SHIB) represents a vision so avant-garde, few have grasped the market implications associated with its development. A truly decentralized cryptocurrency, the seeding of Shiba Inu began with the distribution of its entire supply. 

Described in detail in the company’s Woof Paper, after locking half of all created tokens on Uniswap, more than half of the available supply was sent to Vitalek Buterin, the founder of the Ethereum blockchain. 

Heralded as the Dogecoin (DOGE) Killer, the Shiba token represents the 1st currency available on ShibaSwap. A decentralized exchange (DEX), ShibaSwap is a unique trading platform for just 3 tokens: SHIB, LEASH and BONE. Each currency has unique characteristics and prices based on their individual tokenomics. Together these decentralized finance (DeFi) tokens make up the Shiba Inu ecosystem.

Shiba Inu Market Capitalization

Shiba Inu has a current market cap of over $3 billion, which has fallen dramatically from its highs near $14 billion in May 2021. Though trading has picked up again alongside the market, reaching the prices experienced earlier in the year may be tricky for a token with a circulating supply of over 394 trillion.

While there is definitely room to grow, trading expectations should remain tempered by the tokenomics of Shiba Inu. Lacking in solid products, Shiba Inu has little more than a cult-following and a 3-token exchange to hang its hat on. 

Sadly, the over 1,000% gains of yesteryear may have come and gone. Nevertheless, the opportunity to make money with Shiba Inu probably still exists. As participation increases in the altcoin market, and novice traders begin to purchase their 1st coins, Shiba Inu’s army of marketing specialists are sure to place their mascot front and center when facing a new investor class. 

Bull Case for Shiba Inu

Shiba Inu may not be the Dogecoin (DOGE) killer it claims to be. Still, a number of recent developments have traders taking a second look at the coin.

With a focus on artists in the space, Shiba Inu may have captured the heart of the market with its new NFT collection available on OpenSea. 

Pushing heavily for mainstream adoption, Shiba Inu has also been making headway with several exchanges. A strong push by the ShibArmy to have the currency listed on Coinbase as well as Robinhood have pressured the exchanges to consider the move. 

These developments bode well for the fledgling currency, and speak to the liveliness of the community attached to this memecoin. 

Bear Case for Shiba Inu

Unfortunately, Shiba Inu’s best days are likely behind it. The massive bubble and subsequent burst we witnessed earlier in the year was a predictable consequence for a multibillion-dollar company without a product. 

While new exchange listings and an NFT collection are certainly developments of interest, investors may need something more to justify committing fiat to the project again. Besides, with so many tokens in circulation, traders burned by the last bubble will likely be quick to let go of their Shiba Inu if the price increases much further — putting downward pressure on the token. 

Where to Buy Shiba Inu

Shiba Inu has made its way onto a number of popular exchanges. If you’re located in the U.S, then eToro and Voyager are 2 great exchanges for purchasing the Shiba token. Both of these exchanges offer industry leading security measures, so rest assured your funds are in safe hands. If you want extra protection and true ownership of your cryptocurrency, you should consider using a cryptocurrency wallet alongside your exchange of choice.

Commissions

FREE

Account Min

$10.00 USD

1 Minute Review

Voyager is a leading name in the sphere of cryptocurrency investing, giving you access to over 50 tokens and coins. Buy, sell and swap assets using Voyager Crypto’s simple mobile platform available as a free download for iOS and Android users. 

When you invest through Voyager, you’ll pay nothing in commissions, which is a major benefit when compared to other cryptocurrency brokers. Voyager is also one of the only brokers we’ve seen that allows users to earn interest on their crypto investments. 

Though the broker could do more to improve its customer service, it’s an excellent option for beginner investors and seasoned professionals alike.

Best For
  • Cryptocurrency investors looking for a wide selection of supported projects.
  • Investors who prefer mobile trading.
  • Anyone interested in earning interest on their crypto investments.
Pros
  • Simple, straightforward and intuitive mobile platform
  • Wealth of investment opportunities
  • Allows users to earn interest on select crypto investments
Cons
  • Only available for mobile users — no desktop platform
  • Limited routes to contact customer service team

Commissions

Depends on security and leverage

Account Min

$50 for US and Australia; $200 everywhere else

1 Minute Review

eToro, headquartered in Cyprus, England and Israel, has provided forex products and other CFD derivatives to retail clients since 2007. A major eToro plus is its social trading operations, including OpenBook, which allows new clients to copy trade the platform’s best performers. Its social trading features are top notch, but eToro loses points for its lack of tradable currency pairs and underwhelming research and customer service features

Best For
  • U.S. based cryptocurrency traders
  • Social and copy traders
  • Simple user interface
  • Community engagement and following other traders
Pros
  • 25 cryptocurrencies
  • Expansive network of social trading features
  • Large client base for new traders to imitate
Cons
  • U.S. traders can only buy cryptocurrency

How Long Will it Take for Shiba Inu to Reach $.01?

Shiba Inu currently sits near $.000008 at the time of writing. With a price so low, many novice traders are eager to get in on this potential moonshot, believing the token may reach ridiculously high levels in the near future. Unfortunately, $.01 may be too lofty an investment goal for serious traders.

To put these numbers in perspective, consider that $.01 is 1,250 times the current value of Shiba Inu. The increase in price would send Shiba Inu’s market cap to $3.75 trillion, making it the largest company or cryptocurrency to ever exist.

Keeping our expectations a bit lower, the potential for the coin to outperform the market grows with every ShibArmy meme spammed over the interwebs.

Where to Store SHIB Safely

To truly take ownership over your purchase, you’ll need to move your tokens from the exchange they were purchased to a wallet that suits your needs. Whether you’re looking for cold storage or mobile access and connectivity the following choices are perfect for storing your SHIB tokens.