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One of the most well-liked meme tokens in the cryptocurrency market is Shiba Inu (SHIB). As a self-described “Dogecoin killer,” it was introduced in August 2020 and has since amassed a devoted following and a substantial market valuation.
SHIB is renowned for its ambitious vision, which calls for the creation of a decentralized exchange called ShibaSwap and its own blockchain network, Shibarium.
However, what does the future hold for SHIB? Will it be able to maintain its remarkable growth and set new records in 2024? This post will discuss some of the variables that may affect SHIB’s pricing over the following three years and offer our own estimate of the price of a Shiba Inu for 2024 based on a number of different sources and situations.
August 2020 saw the launch of SHIB at a very low price of US$0.00000000008; it stayed mostly stable until April 2021, when it started to rise in tandem with other meme tokens like Dogecoin (DOGE).
On May 10, 2021, SHIB hit an all-time high of US$0.0000388 after being listed on well-known exchanges like Binance, Coinbase, and Huobi and getting support from well-known figures like Vitalik Buterin and Elon Musk.
Buterin, who was given 50% of the SHIB supply as a contribution by the developers, chose to burn 90% of his shares and give the remaining 10% to an Indian COVID-19 relief fund, which caused SHIB’s value to quickly collapse. Additional dog-themed coins like Dogelon Mars and Baby DogeCoin (BABY DOGE) competed with SHIB.
According to coinmarket.com, SHIB is currently trading at US$0.000009799 as of January 20, 2024.
This is a rise of 3.41% from the previous day and 17,600,000% from its inception price. With 589.3 trillion tokens in circulation, SHIB has a market valuation of US$5.7 billion.
By market capitalization, SHIB is the second-largest meme token behind DOGE and the eighteenth-largest cryptocurrency.
In the next three years, a number of factors could impact the price of SHIB, including the creation and uptake of Shibarium and ShibaSwap, the level of competition and innovation in the meme token market, the general mood and trend in the cryptocurrency space, the legal and regulatory landscape, and the impact of social media and influencers.
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We have gathered some of the most well-liked and reliable Shiba Inu pricing projections for 2024 from a variety of sources and scenarios based on these factors:
Based on past price movements of SHIB and current market conditions, Changelly, a cryptocurrency trading platform, projects that by the end of 2024, SHIB will reach a minimum of US$0.000015686, an average of US$0.00001925, and a top of US$0.000022826.
A video by analyst Austin Hilton is cited by Coinpedia, a website that covers cryptocurrency news and analysis.
Hilton projects a conservative price target of US$0.0000417 for January 2024, based on the supposition that SHIB will grow similarly to DOGE and profit from the introduction of Shibarium and ShibaSwap.
According to CoinPriceForecast, a service that predicts cryptocurrency prices, SHIB will climb by 16% from its current price and 26% from the end of 2023 to reach US$0.00001206 by the end of 2024.
According to Bitcoiva, a blog specializing in cryptocurrencies, the development of Shibarium would enable SHIB to become even more safe, scalable, and autonomous by 2024, propelling the network to new heights.
These forecasts lead us to the conclusion that SHIB’s price range, with an average of US$0.0000245, will be between US$0.00001206 and US$0.0000417 in 2024.
This implies that SHIB’s price may rise by 200% by the end of 2023 and by 150% from its current level.
Over the past year, Shiba Inu, a meme token, has seen a significant increase in both popularity and value.
It has a devoted following and a bold roadmap that attempts to elevate it above lightheartedness.
Notwithstanding, SHIB encounters numerous obstacles and unpredictabilities, including rivalry, laws, and fluctuations in the industry.
As a result, it is difficult to anticipate SHIB’s price for 2024, thus it should be regarded with caution.
We think that SHIBA has room to develop over the next three years, though not as much as some of its fans would want, based on our study and analysis.
We believe that SHIB will not reach US$1 or even US$0.01 in 2024 since such a rise in demand and market capitalization would be unachievable and unsustainable.
Nonetheless, we believe that SHIB may hit US$0.0000245 by the end of 2024, which would still give investors a sizable return.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial advice.
Cryptocurrency investments are inherently risky, and readers should conduct their own research and seek professional advice before making any investment decisions.
