Shiba Inu has undoubtedly become one of the symbols of the cryptocurrency boom of 2021. On October 28, the token marked ATH at $ 0.00008, and the whole world lived its spectacular success. Half a year later, in April 2022, despite the announcement of newer and newer initiatives, the SHIB price remains below $ 0.00003 and is currently trading at $ 0.000026. So is a return to growth possible? How far can quotes travel and what must happen for the cryptocurrency to regain its former glory?
The Shiba Inu price, despite better sentiment, still has not managed to return to the quotations from the end of 2021
Cryptocurrency has a dedicated community, but still lacks innovation
According to numerous forecasts, SHIB may record another rally. What must happen for it to happen?
The original article was prepared by Capital.com analysts, and all its content is available here
In the article you will learn, among other things:
Could SHIB cost $ 1?
After the optimistic second half of March, in which the SHIB quotations soared to the area of $ 0.000028, April brings relaxation and a return to the region of $ 0.000026. The cryptocurrency, like other altcoins, follows Bitcoin’s quotations, thanks to which it managed to beat the 50-day moving average in the last 2 weeks. In addition, the project announces new utilities and extends cooperation with other companies in the USA. However, this is definitely not enough to be spectacularly successful. Although SHIB tokens are regularly burned as part of various grass-roots initiatives, the supply of the network is still large enough (already counted in trillion) that the previous attempts to limit it do not bring any changes in the token value. Despite the devoted community, project critics argue that the low price of the token is due to the lack of utility and common features of the project. Just like Dogecoin or Floki, SHIB is another token based on a large community and memes that has not yet presented a new quality.
SHIB / USD quotes as of 04/01/2022 – The biggest problem Shiba Inu faces is the lack of differentiation and competitive advantage. Although it cannot be denied its popularity on social media, it is in fact nothing more than an ERC-20 token built on the Ethereum blockchain – wrote Sean Williams on March 26 on the website dedicated to Motley Fool investment guides. Williams doubts that the SHIB coin will hit the $ 1 mark by 2025. However, he stated that for this to be possible, the project needed to be a great Shibarium success, develop its own metaverse, and drastically reduce supply by further burning coins. “While advanced testing is underway with Shibarium, the project should reach end-users as soon as possible without any technical issues,” Williams said.
Shibarium and metaverse will ensure Shiba Inu’s growth?
Shibarium is to revolutionize the network thanks to fast and cheap transactions, which will optimize blockchain-based applications. In this case, the transaction fees will be crucial to increasing the usefulness of the Shiba Inu. “Additionally, Shiba Inu’s own metaverse has to hit the bull’s eye,” he added, stressing that competing projects would be merciless and that priority could provide the project with world-wide publicity fueling growth. The Metaverse Shiba Inu project is to consist of 100,595,000 virtual plots, some of which will not be for sale, to be used as a meeting place. Plots will be unlocked in stages and their prices range from 0.2 ETH to 1 ETH depending on the level. Co-founder Billy Markus, however, argues that selling fictional land using Ethereum will not increase the utility of the cryptocurrency, and such commercialization of the project will not find enough buyers and partners.
Estimated risk of the project
According to the Is This Coin A Scam website researching the foundations of blockchain projects, Shiba Inu received a rating of 7.53, which corresponds to a high level of trust. On the 10-point rating scale, SHIB received 9 points for trading volume, 8.67 for market sentiment and 7.87 for community ratings. Two indicators: awareness and credibility were given 5.5 and 5, respectively. The weakest was the evaluation of development and it was only 2.7. According to the same website, SHIB is suitable for brave investors, ready to take above-average risk.
Shiba Inu long term forecast based on algorithms
One of the oldest cryptocurrency price forecasting sites, TechNewsLeader, predicted that the SHIB price would reach new highs in the next few years. According to TechNewsLeader, the token price could rise to $ 0.00002995 in 2022 and the trend should continue, reaching $ 0.00004394 in 2023, $ 0.00006509 in 2024, $ 0.00009275 in 2025, $ 0.00013878 in 2026. By 2027, the SHIB coin is expected to rise to $ 0.00020360, then to $ 0.00029013 in 2028, $ 0.00041346 in 2029, $ 0.00060071 in 2030, and $ 0.00083138 in 2031. The Coin Price Forecast presents a much less bullish forecast until 2030. It assumes growth five times lower than the TechNewsLeader forecast, which translates into respectively: USD 0.00004484 in 2022, USD 0.00006715 in 2023, USD 0.00009113 in 2024, and USD 0.00009640 in 2025. , $ 0.00011435 in 2026, $ 0.00011315 in 2027, $ 0.00012560 in 2028, $ 0.00014063 in 2029 and $ 0.00015437 in 2030 Coin Price Forecast predicts, that the token price will drop to $ 0.00013555 in 2031, then increase to $ 0.00014714 in 2031 and return to $ 0.00015828 in 2033. The Telegaon website, on the other hand, predicts that the average SHIB price in 2030 will be $ 0.098, and then will increase to $ 8.76 in 2040, reaching an unrealistic level of $ 31.89 by 2050. However, whatever the forecasts, it’s important to remember that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin’s price will be over the course of a few hours, and even more difficult to make long-term estimates. Therefore, it should be borne in mind that analysts can be wrong in their forecasts. We recommend that you always do your own research and take the latest market trends, news, technical and fundamental analysis and expert opinions into account before making any investment decision. You should never invest more than you can afford to lose. The rest of the article can be found here. OPEN AN ACCOUNT AT CAPITAL.COM AND TRADE IN CRYPTOCURRENCY
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