Is It Too Late To Buy Shiba Inu in 2024? Trader Predictions

Many large crypto companies went bankrupt and into receivership as a result of the 2022 bear market and ‘crypto contagion’, and lots of altcoins crashed to new lows. One that held up better than others thanks to its strong community was Shiba Inu (SHIB).

The long-awaited release of Shiba Inu’s Metaverse and the impending release of the layer-two scaling solution demonstrates the currency’s commitment to becoming more than simply another gimmicky joke coin. Because of this, SHIB may be one of the most exciting cryptocurrencies to keep an eye on this year, with substantial price increases on the horizon. 

Another reason to be mindful of SHIBA’s price movements is the impact it receives from Dogecoin’s price moment. The token is to Dogecoin what Ethereum is to Bitcoin. That said, Dogecoin’s recent uptick has hardly influenced Shiba Inu in any way – but that does not mean it can’t happen in the future.

Is it too late to buy Shiba Inu or is there still scope for new investors to book some profits in 2024? Stick around till the end of this article to get all your doubts cleared.

More on Shiba Inu Coin

Shiba Inu is a cryptocurrency based on Ethereum that uses the Shiba Inu dog as its mascot. Fans of SHIB army refer to it as “the Dogecoin killer,” and the general public typically considers it to be a substitute for Dogecoin.

Shiba Inu was developed on and is stored on, the Ethereum blockchain since it is an ERC-20 token based on Ethereum. The project’s inventor, Ryoshi, believes that Ethereum was his first choice since it was already safe, and reliable, and would allow the Shiba Inu ecosystem to maintain its decentralized nature.

Also see our ‘is it too late to buy Dogecoin guide‘.

The Evolution of Shiba Inu

The Shiba Inu token was launched in August 2020 with a total quantity of 1 quadrillion. The birth of Shiba Inu may be traced back to May 2021, when its creator sent half of the supply to Ethereum co-founder Vitalik Buterin. Many others saw this as an attempt to ride on the coattails of a more successful cryptocurrency with a marketing gimmick. There is no brilliance without a weak place,” Ryoshi said cryptically.

Buterin gave out 10% of the tokens and destroyed the remaining 90% by burning them. For this reason, there are presently 549 trillion Shiba Inu tokens in circulation.

In July 2021, Shiba Inu introduced its own decentralized exchange called ShibaSwap. It formed a partnership with Activision’s former VP of technology, David Folk, in November to create a cryptocurrency gaming platform.

When it comes to 2024, while the entire crypto market was facing a downtime, certain developments in Shiba Inu pumped the price up and regained the faith of investors to hold on to Memecoins.

Shibarium Announcement Spiked Shiba Inu’s Price

The Shibarium token is a fork of the original Shiba Inu token that was developed to solve the problems with the original coin, such as its extreme volatility and the absence of a defined strategy for how the token will be used. The Shibarium team has been working hard to establish a Layer 2 network, which is a huge step for the coin.

This update will improve Shibarium’s standing in the cryptocurrency market and make it easier to use. Due to the Layer 2 network’s ability to facilitate faster and cheaper transactions, it is anticipated that Shibarium’s acceptance and value will improve and that more developers will be attracted to the blockchain.

By checking that transactions are legitimate and follow the standards of the network, the validator ensures that the Shibarium blockchain remains secure. In order to process and validate a transaction, validators must use computational resources. As a reward, they will receive a tiny percentage of the network’s transaction fees and prizes.

The investors’ excitement and Ethereum whale interests largely propelled the price of the Shiba Inu (SHIB) to an all-time high in 2022, when it was the fifteenth biggest cryptocurrency by market value in the world. 

However, Shiba Inu’s performance in 2023 has been quite volatile. The token mostly trended down in 2023 with a few burst points where its price pushed up. However, by the end of 2023, the SHIB price was hovering around the $0.000009 mark.

How Did Shibarium Impacted Shiba Inu’s Price?

Since it was just another Ethereum-based ERC-20 token, Shiba Inu didn’t bring anything particularly utility to the table. The imminent release of Shibarium, a Layer 2 protocol was thought to Shiba Inu on the map again and give the SHIB price a massive boost.

Is it too late to buy Shiba Inu? – 2023 SHIB price chart

Shibarium network went live in August 2023, which allowed SHIB to increase in value and go past the $0.00001 mark. However, it was short-lived as the correction later removed that growth.

However, Shibarium’s impact on SHIB shouldn’t be limited to the short-term. The SHIB price has gone through many volatile zones since then and could reach $0.000012 at one point. That being said, Shibarium’s impact on Shiba Inu still remains to be seen.

Shiba Inu Technical Indicators

Some investors suffered huge losses, while others made substantial gains in January 2023 due to the asset’s erratic performance as its value fluctuated significantly. Throughout the course of 2023, the token has moved inside a volatile range.

However, the token is now at a critical juncture where a break is required for further movement.

The weekly chart of Shiba Inu shows an asymmetrical triangle is forming. It may mean that the price may bounce in a positive direction by the end of 2024.

Analysts’ Shiba Inu Price Predictions

The price of SHIB on CoinMarketCap has been steadily declining for months. Thus, recovery is long overdue. The relative strength indicator had been below 50 for months, but its recent increase suggests a rebound may be starting.

Shiba Inu hit an impressive $420 million in daily trading volume in the past few days, indicating that the token is on the rise. While its action is not comparable to that of Dogecoin, it has been up by 40% over the year.

However, it is currently trading within its major moving averages. As you can see, the 20-day and 200-day moving averages of this token are pretty much intersecting. SHIB needs to break away from it to retest its yearly high.

While the announcement of the Shiba Inu metaverse is more than enough to add spring to SHIB’s price, Elon Musk’s recent use of Shiba Inu as the picture as a Twitter symbol may indicate that the memecoin may receive a major tailwind.

However, these are all short-term predictions. Long-term prediction for this asset hinges on how well the metaverse and the other utilities that it is focusing on perform.

What Would Have To Take Place For Shiba Inu To Skyrocket To $0.01?

Shiba Inu would need to increase in value by almost 111,900% from its price at the time of writing in order to reach that level. Numerous triggers and events would have to coincide perfectly for this to occur.

Shibarium, a layer-2 blockchain project, is slated to be released this year, and its introduction might be the year’s most influential event. Shiba Inu was developed on the Ethereum network and is a standard ERC-20 token. 

Ethereum is a reliable platform, but its popularity has led to congestion and hefty transaction costs. Shibarium intends to rectify this by drastically lowering transaction costs. For the Shiba Inu team to fully commit to other projects, they must first ensure the public’s acceptance of Shibarium.

Shiba Inu’s creators can shift their focus to blockchain-based gaming if the launch of Shibarium is successful and transaction costs are reduced. Games hosted on the blockchain have a distinct advantage over traditional ones since players may keep full control over their creations and progress by using non-transferable tokens (NFTs). Shibarium is required since these NFTs can be traded on NFT exchanges provided that the associated transaction fees are small.

A coin burn is analogous to a stock repurchase scheme by a publicly traded firm. Each remaining share of common stock will be scarcer and hence likely worth more if a corporation repurchases part of its existing shares. Through a process known as “coin burn,” tokens are transferred to invalid blockchain addresses. This should increase the value of each surviving token by decreasing the total number in circulation.

Finally, Shiba Inu needs social media momentum and buzz on par with what was seen in the last few years. There is a lot of enthusiasm in the cryptocurrency social media community.

Could Shiba Inu Be Worth $0.01 in 2024?

The simple explanation may disappoint some of the investors who had hoped SHIB’s price would soar to this level, but this is bad news for SHIB owners. There is still no way Shiba Inu will be worth $0.01 this year, even if all of these things happen.

For instance, it was speculated that Shibarium will debut to the general public sometime in the third quarter of 2022. However, the team behind the level-2 blockchain has revealed that technical difficulties have prevented its release. It’s not a good sign for a project with such far-reaching implications for other plans. There is currently no word on when Shibarium will be released.

Shiba Inu may not benefit much from coin burning, however. For a currency with such a huge supply, it’s hard to imagine a fire event that would have any meaningful effect. The valuation of a Shiba Inu at $0.01 is completely illogical, as it would make the breed worth nearly three times as much as Apple.

Despite the dearth of concrete data available to cryptocurrency investors, it is clear that Shiba Inu is only a payment coin, and not even a very popular one. Coins that may be used as payment are not unprecedented in the world of digital money, and Shiba Inu’s acceptance as currency has grown very slowly over the previous eight months. 

As of January 2023, just 710 primarily obscure internet retailers accept SHIB as payment, according to the online business directory Cryptwerk. When compared to the competition, SHIB doesn’t seem to have a shot at earning $0.01 by 2023.

Which Is The Best Place to Invest in Shiba Inu?

One of the best places to buy Shiba Inu is eToro. Since 2017, eToro has offered its services all around the world, and it has been approved by a number of different organizations. 

This comprises the Australian Securities and Investments Commission, the Securities and Exchange Commission, the Cyprus Securities and Exchange Commission and the Financial Conduct Authority. There are a variety of marketplaces available on the site. New currency listings, meme tokens like Shiba Inu and a wide variety of other digital currencies are all examples of crypto assets.

eToro provides its users with several resources, including a free demo account, data, charts, a mobile app, news, analysis and much more. eToro allows a wide variety of payment options, including major debit cards, credit cards, e-wallets like PayPal, and even wire transfers.

With cryptocurrency, the commission cost is modest and open at 1% on each purchase and sell transaction. Additionally to stocks and commodities, indices and ETFs, eToro users may trade currency pairs. To diversify their portfolios, investors may also engage in passively trading cryptocurrencies. As a result of the Smart Portfolios, of which around a dozen are dedicated to cryptocurrency investments, this is now achievable. 

With an investment of $500 or more, traders may have a number of digital tokens, including Shiba Inu, Bitcoin and 75+ others added to their existing portfolio. The platform uses cutting-edge technology to monitor and rebalance the Smart Portfolio on a regular basis. Alternatively, you might choose to implement tried and tested methods by successful traders. Copy Trading at eToro allows investors to mimic the trades of professionals for a minimum of $200.

Conclusion

This guide analyzed arguments for and against some answers to the question ‘is it too late to buy Shiba Inu?’

Although early adopters may have reaped significant financial rewards, their good fortune was more likely due to marketing than to any inherent product superiority. Selecting more utility-based cryptocurrencies or cryptocurrency stocks with greater long-term worth is a superior option.

To make matters worse, there are always alternatives that outperform Shiba Inu in every field. Despite being a currency, Shiba Inu is notoriously sluggish to process and expensive to use because it is based on Ethereum.

As an additional use for Shiba Inu, ShibaSwap competes in a saturated market. Uniswap and PancakeSwap, two industry leaders far larger than ShibaSwap, are only two of the many existing DEXs.

Some meme currencies or meme stocks become popular, but their popularity usually doesn’t persist. And what is the most likely outcome? The heyday of the Shiba Inu has long since passed. Although Shiba Inu may have the best chance of any major cryptocurrency to have a rise this month, there are a few other altcoins in the presale stage that might see significant growth in 2018.

While Shiba Inu has found its footing as a utility token and is almost ready to come out of its meme coin shell, it would still take time since people aren’t that amped about metaverse right now.

FAQs on SHIB Coin