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With most cryptocurrencies experiencing a bear market this year, most investors want to know the Shiba Inu coin 2022 price prediction.
The coin is down 80% from its all-time high last year.
Shiba Inu history
Shiba Inu is a cryptocurrency launched in August 2020, on the Ethereum blockchain by an anonymous individual/group Ryoshi. The cryptocurrency is a ‘meme coin’ since its existence was inspired by an internet meme.
Just as its name suggests, the cryptocurrency uses the Japanese Shiba Inu dog as its mascot.
Shiba Inu is also known as the ‘dogecoin killer‘ due to its close similarity and competition to Dogecoin. It is a belief by most of the Shiba Army members that the Shiba Inu coin will surpass DOGE to become the largest meme coin in market value.
The coin managed to achieve this fete last year although it was temporary. In one of the most profitable cryptocurrency trades of all time, an investor purchased $8,000 worth of SHIB and later sold it for a total of $5.7 billion.
Shiba Inu’s statistics
At its launch, the total Shiba Inu coin supply was 1 quadrillion coins. (A quadrillion is 1 followed by 15 zeros). Later, there was a transfer of almost half of the supply to the Uniswap liquidity pool.
The rest were transferred to Ethereum CEO, Vitalik Buterin. He then gave a 10% donation of his tokens to the India covid-19 relief fund and burned the remaining tokens to a dead wallet marking the start of a successful rise in the coin’s price.
However, shortly after hitting an all-time high in October, Shiba Inu’s price began to dip. By the end of 2021, Shiba Inu’s price had dropped more than 50% from its October all-time high price.
Shiba Inu gains in 2021
2021 was the most successful year for the coin to date with the coin emerging as the most popular cryptocurrency coin, beating top coins like Bitcoin and Ethereum.
Early Shiba Inu coin investors at the beginning of the year had their investments rise multiple times. At the beginning of 2021, the coin was retailing at only $0.000000000073.
However, on October 28th, 2021, Shiba Inu hit an all-time high of $0.00008845 signifying a 121,164,283.56% profit. However, by the end of December 2021, The coin was retailing at $0.00003301.
The astronomical gains in 2021 made Shiba Inu one of the most profitable cryptocurrencies in history.
Shiba Inu Ecosystem Projects
To understand the Shiba Inu coin 2022 price prediction, we need to closely evaluate its ecosystem. Although the Shiba Inu coin did not have much utility in its early days, the development team has come up with projects that could give it more utility and probability affect the price.
Most of these key projects are expected to come online this year. An increase from those that were launched last year.
2021 Shiba Inu Projects
Below are some of the projects that went live in 2021.
- Shiba Swap – The Shibaswap exchange launch happened in July 2021. Shibaswap is a decentralized exchange that facilitates token swapping, liquidity pools, etc. This system also enables the staking and trading of sister tokens such as both LEASH and BONE
- The launch of Shiboshis – The Shiboshi NFTs was released on October 14th, 2021. These are 10,000 unique NFTs part of the Shiba Inu ecosystem.
2022 Shiba Inu Projects
2022, has become even busier with most of the remaining projects rushing to go live. Some of the key projects for this year include;
- The Doggy DAO – The Doggy DAO project allows Shiba Inu investors to vote on upcoming Shiba Inu projects. However, the platform requires the voters to hold BONE tokens. Therefore, SHIB holders will need to stake their SHIB for BONE tokens. The first phase of the Doggy DAO went live on February 18th, 2022.
- Shibarium– Shibarium is a layer-2 blockchain that will be built on top of the Ethereum blockchain. . According to Shytoshi Kusama, Shiba Inu’s lead programmer, “Shibarium will offer low fees for every service, game or whatever that builds on it.” However, Shibarium’s official release date is yet to be announced.
- Shiba Inu Metaverse – The metaverse concept is quickly gaining global popularity and many investors are purchasing properties in the metaverse. The Shiba Inu team announced plans to launch a Shiba Inu metaverse earlier in January. However, they are yet to announce a launch date or an official name for the Shiba Inu metaverse.
- Shiba Inu Games – The multiplayer Shiba Inu games will launch as traditional mobile games as well as a blockchain NFT title. The Shiba Inu team has partnered with Playside Studios and William Volk in this project. The launch date estimation is mid-2022.
- Shibaswap 2.0 – There are plans to launch Shibaswap 2.0, which is an enhanced version of the existing Shibaswap.
Shiba Inu coin 2022 price prediction as per various experts
Here are some of the experts’ opinions on the price of Shiba Inu for 2022.
- Wallet Investor predicts that SHIB could be worth an average of $0.0000449 at the end of December 2022, with the possibility of it hitting a high of 0.0000582 by the end of the year.
- Coin Price Forecast predicts that the token will be worth $0.00004205 by the end of 2022.
- The Crypto Predictions website expects that SHIB will be worth an average of $0.000031971100713 by the end of 2022.
- Long Forecast expects that the Shiba Inu token will be worth 0.00002681 by the close of 2022.
- Digital Coin Price predicts that SHIB will be worth an average of $0.0000326 in 2022, with the token hitting an all-time high of $0.0000346.
Is the Shiba Inu coin a Good Investment?
Like all cryptocurrency coins, Shiba Inu experiences price volatility. This can be seen in Shiba Inu’s price action in October 2021. After hitting an all-time high of $0.00008845, the cryptocurrency began a downward trend that prevailed until the end of the year.
Therefore, investors should be aware of the price volatility involved with investing in the coins
Shiba Inu’s price has experienced bullish trends in the past from positive tweets from multi-billionaire Elon Musk. The most recent tweet was in 2021 when Musk tweeted a photo of his Shiba Inu puppy, Floki.
SHIB experienced about a 300% gain shortly after that tweet. Although this affects Shiba Inu positively, it could also affect it negatively should he tweet a negative comment about Shiba Inu.
Due to the risky nature of cryptocurrency investments, you should perform due diligence by doing thorough research before investing in any cryptocurrency. Shiba Inu is no exception.
The Shiba Inu coin 2022 price prediction shows optimism in the market making it among the top cryptocurrencies to watch out for. Out of all the existing meme coins, Shiba Inu is among the most popular coins as per various statistics.
The upcoming projects in the Shiba Inu ecosystem will also play a part in Shiba Inu’s price increase.