Shiba Inu (SHIB) price

SHIB price all-time growth via Coinbase

Even some Shiba Inu investors that entered in mid-2021 made 5-10x gains if they managed to sell the top. The SHIB coin price today is trading at $0.00005080, after falling by more than 50% from its all-time high.

In this guide we’ll review predictions for the Shiba Inu price and speculate how high the popular meme cryptocurrency could go.

Shiba Inu live price chart

At the time of writing the SHIB price is around $0.00005350, with a 24-hour trading volume of $2,395,808,252. SHIB coin now has a market cap of $28,232,711,841 or 0.96% market domination. The market has one quadrillion SHIB coins in total and 550 Trillion SHIB coins in circulation.

Review the SHIB live price chart on sites like Coinmarketcap or Coingecko for the latest price of Shiba Inu now.

The SHIB crypto is currently ranked 11th behind Dogecoin and Bitcoin, in terms of market capitalization. SHIB token reached an all-time high price of $0.00008616 on October 28, 2021, and a low of $0.000000000056 on November 28, 2020. The token witnessed a sharp rally in recent months, and now may be consolidating or in a correction.

In the short-term e.g. on the daily or weekly timeframe some traders may consider the price action bearish and have decided to sell Shiba Inu. Others with a long-term bullish outlook will be looking to buy the dip and hold SHIB for a re-test of the highs and further price discovery.

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Shiba Inu coin price over the years

SHIB price chart on Binance via Tradingview

Shiba Inu was developed in August 2020 by a single or group of individuals known as “Ryoshi.” The initial total quantity of SHIB tokens was one quadrillion or 1,000,000,000,000,000 tokens, and the price was trading at almost zero. However, it was virtually unknown until a few months ago, when Musk tweeted cryptic messages regarding the Shiba Inu puppy.

However, in May 2021, the pseudonymous developer of SHIB known as “Ryoshi” delivered half of the total supply to Vitalik Buterin, one of the co-founders of the Ethereum network, who immediately burnt 90% of his tokens, thereby removing them from circulation. The remaining 10% was donated to charity by Buterin.

In that month, SHIB became one of the most volatile crypto assets. It began on May 11, when the Shiba Inu (SHIB) prices increased 1,953% to $0.00003532 from $0.00000172, but it fell to $0.00000793 in the next three weeks.

The October rise to ATH

October was the month that the SHIB coin’s prices spiked. After months of sluggish trading, the SHIB price soared from $0.00000766 to $0.00002913 on October 13, 2021. SHIB achieved its current all-time high of $0.000089 two weeks later, on October 28. Since then, the market has been in a correction phase, shedding about 50% of its value to $0.00005350.

The market momentum impacting Shiba Inu may be traced mostly to Tesla CEO Elon Musk, who was also responsible for the significant price increase in Dogecoin. Musk’s interest in Dogecoin fuels the market’s enthusiasm for SHIB. Musk also bought a Shiba Inu puppy named Floki Frunkpuppy, which triggered another market spike.

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How is the price of Shiba Inu (SHIB) determined?

Supply and demand

SHIB price is influenced by the supply and demand in the market. These markets feature order books with buying and sell orders like the stock markets. An increase in demand for SHIB coins will cause the price to rise, while an increase in sell order supply will cause the price to fall.

Shiba Inu in the media

Shiba Inu was recently in the spotlight due to its meteoric gain of more than 700,000% in a few months. Numerous major media sites included Shiba Inu in their headlines, which encouraged people to purchase more of these tokens, skyrocketing prices.

CNBC and stated that the token has achieved an all-time high of $0.00008845. Additionally, they claimed that despite its status as a meme token, it has garnered considerable attention. According to the news giant, it had exceeded Dogecoin and was now dubbed the ‘Dogecoin Killer .’

Meanwhile, Forbes mentioned how the token is becoming more widespread as a result of more individuals investing in it. Additionally, it indicated how an online petition against Robinhood’s acceptance of Shiba affected the pricing, resulting in a massive return of more than 700000%. It ended by stating that the potential of Shiba Inu has not been fully explored and that the token may be a riskier investment at the moment.

Volume

Volume plays a major role in determining cryptocurrency prices. An increase in transaction volume results in more stable cryptocurrency values and eliminates the possibility of skewed pricing. However, a low crypto volume indicates the prices will fall or remain flat.

Social Media

Social media has been a great driver for the price of SHIB. In October 2021, Elon Musk’s tweets heavily impacted the prices of the token. Even an online campaign to sign a petition saying Shiba Inu should be listed on the Robinhood exchange also had a huge impact on Shiba Inu’s prices.

Shiba Inu (SHIB) mining

Another determinant for Shiba’s prices is its mining capability. Mining is the process through which new cryptocurrency tokens are created. Cryptocurrency mining entails the use of a computer to validate the next block on the blockchain. Its decentralized network of miners is what enables it to function as it does. In exchange, the protocol generates cryptocurrency tokens in addition to any fees paid to the miners by the trading parties.

Participants invest significant sums of money in high-end hardware and power to mine Shiba Inu. In a proof-of-work system, such as the one used by Shiba Inu, the greater the competition for mining a particular cryptocurrency, the more difficult it is to mine. That is because miners are effectively competing against one another to solve a difficult mathematical problem to verify a block. As a result, the cost of mining grows as more powerful equipment is required to mine effectively.

As mining expenses rise, cryptocurrency prices are set to rise as well. Miners will refrain from mining if the value of the money they are mining is insufficient to cover their expenditures. And, because miners are necessary for the blockchain to function, the price will have to increase as long as there is demand for the blockchain.

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