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Shiba Inu has become the most sought-after cryptocurrency in the last few days. There has never been a time its popularity has grown like it is currently. At some point, it became the most traded cryptocurrency by volume globally.
Over the last one week alone, its price has jumped by 300% to hit a high of $0.000035. Most analysts believe this could be a setup for a bigger bull run heading into the end of the year.
What is Shiba Inu?
SHIB as it is commonly known is a cryptocurrency that was launched in 2020. It fits in the category of meme coins. This group has the likes of Dogecoin. Just like Dogecoin, it got its name from the famous dog breed Shiba Inu.
As a relatively new cryptocurrency, there are still not many uses for it. However, it is already attracting huge market interest. This is due to various reasons including;
- Listing in Major crypto exchanges
- Influencer reactions
Major crypto exchanges listing
Trading cryptocurrencies is done through centralized trading exchanges. These are the platforms that bring both buyers and sellers together.
Listing on a major crypto exchange makes the coin easily accessible to potential buyers. This is why any new coin will always strive to list in them. For the short time, Shiba has been in existence, it has managed to list to some of the top exchanges such as Binance and CoinDesk.
There is an ongoing push by users to have Shiba Inu available on the Robinhood trading platform. This I believe will give even bigger market access that could help drive its price further.
Listing on these platforms is contributing to the growth in popularity helping increase its demand.
The price of one Shiba Inu coin is very low as compared to other major cryptocurrencies such as bitcoin whose price is at least $50,000 per coin. Currently, a coin of Shiba is less than a cent.
This has made it possible for people across all financial cadres to afford it. Affordability promotes inclusiveness. This makes the entry capital low causing a massive inflow of buyers. An increase in buyers grows demand resulting in a rise in prices.
One feature that is unique to cryptocurrencies in comparison with other financial assets is the ability of influencers to influence their prices.
The most notable crypto influencer is “Elon Musk”. Elon has been doing it for a long time such that the market has accepted his words and actions as a market trigger. Some of the coins he influences include Bitcoin, Dogecoin, and Shiba Inu.
He has a role to play in the latest Shiba Inu price after he posted the picture of a Shiba Inu dog. The market saw this as a buy signal and went on a buying spree.
Latest Price Gain
As highlighted earlier, Shiba is experiencing one of the biggest bull runs in the market. This has seen its price rise from an average of 0.000008 dollars to the high of 0.0003 dollars. The key thing to note Is this happened in less than 2 weeks’ timeframe.
Most analysts can’t agree on what is causing this bull run, however, there are signs of influencer triggers. Once the price was triggered and started rising, more buyers came in pushing it even higher.
Below is a chart showing Shiba Inu’s price movement within a week.
To put it into perspective, this run has seen Shiba Inu break into the top 20 list of cryptocurrencies in a market valuation of $12billion.
Future Price on Shiba Inu
The majority of analysts believe that we are still in the initial stages of a bull run. Since it got to its highest, it has taken a small retracement and is currently trading at 0.000027 dollars. This is a normal market reaction after such a huge jump.
This period represents a profit-taking chance as the coin looks for a support zone. After this phase is done, there is a high likelihood Shiba will get on another bull run.
This time, it is expected to rise by at least 1000%. The forecast for this is by the end of the year.
Shiba supply concerns
The supply element is key in determining how much a coin can get. This is because supply has a direct link to demand.
Shiba has a supply limit of 1 quadrillion. However, there are less than 400 trillion coins in circulation. This is because at least half of the Shiba coins are in a dead wallet. This means they are inactive. For the remaining ones, Shiba has a burning strategy where gradually, coins are taken out of the market.
These factors contribute to the reduction of supply and this could act as a trigger to keep the prices up. As an example, Shiba announced a coin burn worth at least 25,000 dollars just before the bull run began.
The huge number of Shiba coins is one of the reasons the price per coin is low. Continuous reduction of this number will keep boosting the price. Any small trigger indicating this is happening will likely start another bull run as we have just experienced.
ShibaSwap is an innovative decentralized finance platform that links all Shiba solutions. These include;
This is a unique DeFI that allows you to stake and swap tokens. It also allows the members to access the NFTS on the platform.
ShibaSwap is an innovative tool that is meant to give the coin bigger value support going forward. It represents one of the many projects that support Shiba Inu and is expected to be a future key price driver.
The expectation of Shiba Inu to grow by 10 times before the end of the year remains realistic. Hopefully, the listing in major crypto exchange platforms will continue. This will enable more buyers to access it helping push demand.
Even though the price has grown 4 times in the last one month, its price remains low and accessible to almost everyone. This creates room for inclusivity that will in turn push growth.
The journey to 1000% price growth is just one tweet away from a major influencer to get the coin up. Despite all these factors, it is advisable to remember that investing in cryptocurrencies remains highly risky. Hence, you should only do so after gaining enough market knowledge