The Shiba Inu (SHIB) cryptocurrency is a new digital asset that has gained popularity. The token is based on the popular Shiba Inu dog breed and has a meme-based design. It is similar to other popular cryptocurrencies such as Bitcoin and Ethereum but has a much lower price point, making it more accessible to a broader range of investors. The token has a supply of 1 quadrillion tokens.It trades on severalbig-league cryptocurrency exchanges. In 2021, the cryptocurrency saw a massive jump rising from USD 0.000000000133 to 0.000033. It marked nearly 26,000,000% appreciation in its value.
Why invest in SHIB?
Shiba Inu saw the dawn of the dayin 2020, promoted as a Dogecoin killer. Since then, it has been a leading cryptocurrency, with a market capitalization of more than 6 billion. Investors like this crypto for its high potential return on investment. In the past, the price of Shiba Inu increased beyond expectations, making it one of the most profitable cryptocurrencies to grab.Another reason to invest in this token is its low supply. A limited number of coins in circulation lead to the asset’s scarcity, making its price more likely to increase in the future. Also, it has strong community support, which is active and vocal in the cryptocurrency space.
However, due to the sluggish mood in the crypto market, this coin’s performance has also been affected. So, don’t be surprised by the recent downward trend in its value. If you wish to decide on your portfolio, remain updated with ShibaInu price prediction.
What is the forecast for Shiba Inu’s price?
According to some sites, the token had hit an all-time high value in 2021, rising to $0.000086. Because of the overall bearish sentiments in the market, its value can fall to $0.000009 in 2022. However, there is still hope for it to rebound to $0.000031 in the same year. In the long-term view, some believe it can touch even the $0.000015 mark in 2023. As per the latest findings, there are 590 trillion coins in the Shiba Inu economy.
The decentralized, peer-to-peer digital currency enables instant payments even between businesses. The developers have built it after the Ethereum protocol. Some opine that it has the potential to become USD 1 worth, while others doubt it. Scenarios leading to the possibility of this include reduced supply of the SHIB coins in the market or high bidding by traders. Regarding supply control, developers usually burn the coins by sending them to dead wallets.
Anyway, cryptocurrency is a relatively modern and evolving domain compared to traditional assets, which also come with risks. Hence, while it is okay to feel nervous because of the highly volatile nature of this market, you should keep an eye on the money-making opportunities. The prices can suddenly improve, taking the value of your investment by many notches up. Still, it doesn’t mean you get such options daily or frequently. The timing of investment and redemption has to be correct to reap the benefits. For this, keeping yourself updated with the market trends can be helpful.
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