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‘.
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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.
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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.
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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.
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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.
The better alternative to this coin are other projects that feature utility along with popularity:
Dogeverse – Multi-Chain Meme Coin Going Viral
Dogeverse is a befitting and promising meme coin to explore for those looking for an alternative to Shiba Inu. The trending new meme token allows users to transfer tokens across blockchains, including Ethereum, Polygon, BNB Chain, Solana, Base, and Avalanche. With this ability to traverse networks, Dogeverse is building a single, expansive verse where various communities can unite.
What makes it one of the best meme coins of 2024 is that it is the first Doge token to function on multiple blockchains. Its primary goal is to unite disparate crypto communities using the infectious Doge memes. The novel and distinctive meme token chronicles the Doge “Cosmo” adventures with the ability to hop between blockchains. With this central mascot, Dogeverse blends some light-heartedness with its innovative and useful ecosystem.
Multi-chain deployment has also been enabled on Dogeverse, and investors are free to engage with the ecosystem as they please. There is something for everyone – Ethereum for those who want greater accessibility, Avalanche for those looking for scalability, Solana or Polygon for the budget-wary, Base for those seeking something different, and BNB Chain for a more utility-focused ecosystem. Given these and other unique offerings, traders looking to hop the wagon to new and promising meme coins must explore Dogeverse in 2024.
Wiener AI – New-Age Meme Coin Combining Doge with AI
WienerAI introduces a cutting-edge AI token that has kickstarted a new global movement with the first hybrid of Wiener Dog-Artificial Intelligence. The project highlights the utility of Wiener AI as more than just a technological tool – he is the strongest cybernetic entity in the cosmos. This unique take on meme coins is what makes $WAI a strong alternative to $SHIB today.
WienerAI has set its sights on dominating the decentralized space with distinctive staking rewards. Its primary mission is to transform the way AI coexists with human companionship. The organization envisions a world where the Sausage Army leads kindness and laughter. To maintain its position as a leader in AI innovation, the ERC20 asset $WAI token incorporates modular technology, capitalizing on its robust foundation for expansion and advancement.
Wiener AI explores the concept of AI coins, another viral niche. The project’s robust and remarkable tokenomics framework adds to its strategic growth. It prioritizes community involvement and liquidity, allocating dedicated portions for marketing, presale, stake, and community rewards.
The foundation of WienerAI’s strategy is building the Sausage Army, an enthusiastic team prepared to share the company’s mission and influence. The Ethereum network serves as the foundation for Weiner AI, and the native WeinerAi token $WAI is an ERC20 token. With daily staking rewards to encourage early participation and investment, $WAI is currently in its presale, and has raised over $400,000 in just a few days.
Mega Dice – Successful Online Crypto Casino with Upcoming ICO
Mega Dice is a top alternative for Shiba Inu, considering it is one of the few cryptocurrency casinos with a high growth rate. The project recently started a presale for its native token $DICE, on the SOL blockchain. The presale has already amassed $356,352 within a day of the token launch, showing strong investor demand.
With the introduction of the $DICE token, users can receive daily rewards on the Mega Dice platform. Rewards will be contingent on their performance in the casino. Players can effortlessly browse the platform and its massive selection of over 5,000 titles by Evolution, Pragmatic Play, and the like. The welcome package of up to $500 in deposit bonuses (plus free spins) is another attraction for users.
While trends show that recent gaming tokens, read Rollbit Coin ($RLB) and its $200 million+ market valuation, have been successful, there is more to Mega Dice. The project’s online casino business model was already a hit before its native token was introduced. Add to that benefits like no KYC required to play, staking rewards, early bird bonuses, and a concrete roadmap, and Mega Dice is easily one of the best bets for crypto investors at the moment.
99Bitcoins – Knowledge Hub built on Learn-to-Earn Model
99Bitcoins has advanced into a pioneer of the promising Learn-to-Earn (L2E) ecosystem since its launch in 2013 as a crypto guide. Promising, because other similar models like Play-to-Earn and Move-to-Earn crypto models have already made it big, surpassing a staggering $8.9 billion in market value.
Over the course of its detailed and strategic roadmap, 99Bitcoins aims to become the go-to resource for information and rewards for cryptocurrency investors worldwide, both novices and veterans. The upcoming Bitcoin Halving, in which the quantity of new Bitcoin mined drops by 50% every block, will also benefit the project. There will be a greater need for the 99Bitcoins token and its Learn-to-Earn ecosystem as the supply of Bitcoin decreases and more investors want to learn about cryptocurrencies.
With a distinctive and compelling value proposition, 99Bitcoins may position itself as an original cryptocurrency asset in the years to come, competing with other learning platforms like Binance. 99Bitcoins is currently in the first stage of its presale, which impresses with its multi-staged, well-defined, and goals-driven timeline. The project also offers respite to cautious investors after the recent influx of short-term presale coins that offer quick but transient profits.
Smog (SMOG) – Popular Memecoin Built on the Solana Blockchain
Smog brings a fun twist to the crypto world with its Lord of the Rings-inspired style. Instead of being serious like the movie dragon Smaug, it aims to be a top memecoin with big dreams, much similar to the fun-induced concept that Shiba Inu was initially launched with.
When it launched on Jupiter DEX, its value shot up by over 15 times in just three hours. While this can be perceived as just a quick trend, there’s more to it. Smog plans to do the “biggest airdrop ever,” but they haven’t shared many details yet, so we don’t know how many rewards people might get. In order to gain access to a larger pool of the airdrop, however, the developers have stated that investors can buy higher amounts of the native token SMOG and stake it. But then again, staking also comes with benefits, as one can enjoy an impressive 42% APY on staking tokens alone as well.
They’ve set aside 35% of their huge 1.4 billion token supply for this airdrop. What’s interesting is how they’re making it like a game. People can earn points by doing tasks, and the more points they get, the more tokens they might receive. With an active social media presence and a strong team behind it, who have worked on other popular memecoins, many think Smog’s token might see another big price jump soon, potentially similar to the pump that Shiba Inu had back in 2022.
Slothana – Sloth-Themed Project In its Early Phase
Slothana is one of the latest buzzwords in the memecoin arena, capturing the attention of crypto enthusiasts and investors alike. Despite the ambiguity surrounding its utility and long-term vision, the project has generated significant intrigue, partly fueled by rumors linking its creation to the team behind Smog, a previously successful memecoin. This association, albeit unconfirmed, has lent an air of anticipation and credibility to Slothana.
The project operates within the Solana ecosystem, which has been a fertile ground for the proliferation of memecoins. Investors are directed to transfer SOL tokens to a specified wallet address to participate in an upcoming airdrop, a launch strategy that, while unconventional, is not unheard of in the dynamic landscape of cryptocurrency launches. This method, coupled with the burgeoning trend of memecoins achieving unexpected success, positions Slothana’s native token, SLOTH, as a potentially lucrative investment.
Slothana has been gaining traction on social media, where it is touted as a viable alternative to Shiba Inu, another prominent player in the memecoin market. This comparison is not taken lightly, as it places Slothana in the realm of projects with significant growth potential. Furthermore, Slothana’s self-positioning as a partner to Slerf, a project that has recently experienced a notable surge in value, suggests an ambitious vision to not just mimic but surpass such successes.
Sponge V2 (SPONGEV2) – Brand New Memecoin with a Strong Staking Mechanism
The Sponge project gained massive popularity upon its earlier launch this year, experiencing a significant surge, all thanks to its unique SpongeBob Squarepants themed concept. Initially, it started as a regular memecoin driven by hype. However, the developers swiftly introduced innovative long-term growth components, such as a Play-to-Earn (P2E) game slated for release in 2024.
Sponge V2, the project’s latest token, is anticipated by many to be the next catalyst for a surge in its value. Investors are encouraged to purchase Sponge V1 from the website and stake it to receive an equivalent amount of V2 tokens, redeemable upon the token’s official launch. Naturally, those staking higher amounts for longer durations will earn higher Annual Percentage Yields (APYs), starting at a minimum of 40%, surpassing most projects in this space.
With a robust and expanding community, effective marketing strategies, a strong tie to memes, and the endeavour to establish utility through a P2E game, the project is expected to surge in the upcoming weeks and months. This makes it an enticing choice for those seeking to invest in exceptional alternatives to Shiba Inu.
eTukTuk – Riding the Green Wave with the Latest Crypto Presale
eTuktuk is not just another cryptocurrency project; it’s a revolutionary initiative poised to transform urban transportation, particularly in developing nations. At its core, the project addresses the environmental concerns associated with traditional TukTuks, notorious for emitting higher levels of CO2 than conventional cars. The introduction of cleaner and more efficient electric vehicles (EVs) powered by green energy is eTuktuk’s game-changer.
What sets eTuktuk apart is its commitment to establishing robust Electric Vehicle Charging Infrastructures (EVSE) in urban and suburban areas of less developed countries. This not only mitigates the environmental impact of transportation but also offers affordable and user-friendly EVs, ushering in a sustainable transport future. The incorporation of blockchain technology on Binance’s BNB Chain, coupled with a sharing economy model, ensures scalability, security, and efficiency.
Beyond eco-friendly vehicles and charging stations, eTuktuk aims to digitize identities and extend financial services in regions where TukTuks are a primary mode of transport. The “Power Staking” model, encouraging stakeholders to stake TUK tokens, not only provides passive income but also contributes to the growth of the ecosystem. With a current presale goal of $680,073, eTuktuk’s realistic approach to addressing grassroots-level issues positions it as a project with substantial potential and a strong media presence.
5th Scape (5SCAPE) – VR Token Gaining Popularity as a SHIB Alternative
5th Scape is a brand new crypto presale project, transcending the boundaries of traditional crypto projects. What sets 5th Scape apart from the crowd is its ambitious vision of creating a complete ecosystem that seamlessly integrates software, hardware, and captivating content, fostering an immersive and interconnected experience for its users.
Unlike Shiba Inu, which primarily focuses on its tokenomics, 5th Scape ventures into uncharted territory by introducing innovative hardware products like the Swiftscape chair and the VR Ultra headset. These cutting-edge devices complement the software offerings, providing users with a truly immersive and unparalleled experience.
Moreover, 5th Scape’s commitment to delivering captivating content is evident in its diverse array of games, including Cage Conquest, Thrust Hunter, Immersive Kickoff, Archery Master, and Epic Cricket Arena. This rich tapestry of entertainment ensures that users are constantly engaged and enthralled by the possibilities of the platform.
With a market cap set to launch at 15 million and audited by Coinsult, 5th Scape showcases immense potential for growth and profitability. The listing price, projected to be more than 400% higher than its current value, presents an enticing opportunity for investors to capitalize on the project’s early stages.
Furthermore, the utility of the 5th Scape token extends far beyond mere speculation. Token holders gain access to premium VR content, receive rewards from play-to-earn games, and can stake their tokens for passive income and in-game advantages. This multifaceted approach ensures that the token serves as a valuable asset within the ecosystem.
While currently focused on VR gaming, 5th Scape’s ambitious roadmap includes plans to integrate social applications, creative tools, and educational experiences within the VR space. It is already being dubbed as one of the biggest contenders to being a top gainer in the space in the coming days.
Myro – Solana-Based Memecoin
Solana’s doge-based meme coin Myro has made significant movements since arriving on the price charts. The token experienced a massive uptick since the beginning of January 2024 and has now found an accumulation range.
The token’s short-term fundamentals give it more value. Furthermore, the project made many promises that it could follow through with. One of these promises is to strengthen the Solana community through partnerships.
The project has gained a lot of attention from short-term investors. However, there are some long-term seekers who have also expressed interest in this token.
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FAQs on SHIB Coin
The Shiba Inu community is vast and very active, which is great for creating positive momentum. With its deflationary nature, Shiba Inu is a cryptocurrency that stands to appreciate over time.
The initial quantity of SHIB was 1 quadrillion, with half of that locked in Uniswap and the other half burnt to Ethereum co-founder Vitalik Buterin. With a total supply of 1 quadrillion, there are now 497 trillion SHIB tokens in circulation.
According to the technical research of cryptocurrency specialists, the price cap of Shiba Inu (SHIB) in 2025 is projected to be around $0.0000314769, while the highest price is projected to be around $0.0000377162. The typical transaction fee is $0.0000323768, or around a penny.
If the Shiba Inu meme survives and experiences a subsequent renaissance, then purchasing one may be a great financial move. An investment in SHIB is the epitome of the high-risk, high-reward investing strategy. Is Shiba Inu a good investment?
How many Shiba Inu coins are left?
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