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The Shiba Inu token has been around for just a brief period but has attracted a lot of interest within the cryptocurrency space.
Shiba Inu was developed in 2020 and has garnered a lot of interest from the cryptocurrency market during that period. Shiba Inu’s performance can be tied to broader interest in meme coins.
Dogecoin, the leading meme coin in the world, has performed excellently in recent times. The rapid rise in Dogecoin’s price has also led to massive interest in other meme tokens such as Shiba Inu. Meme tokens have become speculative assets that have drawn the attention of investors from all parts of the world.
2021 was a good year for the cryptocurrency market despite the bearish cycles experienced between May and July. Several cryptocurrencies hit all-time highs, and the general cryptocurrency market cap has surpassed the $2 trillion mark.
As more investors and traders enter the market, the attention is usually on the leading cryptocurrencies such as Bitcoin, Ethereum, Cardano and others. However, investors are also looking at other altcoins, including the likes of SHIB and Dogecoin.
Shiba Inu is a relatively new coin in the cryptocurrency space. However, here is the timeline for the cryptocurrency and how it has performed recently.
Shiba Inu was launched in August 2020. The cryptocurrency was created by an anonymous developer called Ryoshi, and the coin was modelled after Dogecoin, the leading meme coin. At the time, Shiba Inu was described as the Dogecoin killer. SHIB’s price was negligible at the time of its launch. (SHIB’s price rose from $0.000000000145 to $0.000000000270).
16 April 2021
Shiba Inu remained under the radar but sprung into life by April after the coin got listed on numerous cryptocurrency exchanges. By 16 April, SHIB was listed on MXC and the BKEX cryptocurrency exchanges, pushing its price to $0.00000249 per coin. It was also listed on the Bilaxy exchange on 19 April. (SHIB’s price rose from $0.0000016 to $0.00000249).
22 April 2021
Shiba Inu was listed on three other cryptocurrency exchanges. BitForex, BitMart and Virgox all listed the SHIB token on the same day. However, these listings didn’t affect SHIB’s price positively, as it dropped to $0.00000129 per coin. (SHIB’s price dropped from $0.00000249 to $0.00000129).
8 May 2021
On 8 May 2021, Shiba Inu was listed on one of the leading cryptocurrency exchanges in the world, OKEx. The listing was a major milestone for Shiba Inu and saw the coin trade at $0.000009 on cryptocurrency exchanges. (SHIB’s price rose from $0.00000129 to $0.000009).
10 May 2021
Two days later, the SHIB token was listed on two other leading cryptocurrency exchanges, KuCoin and Crypto.com. By listing the Shiba Inu token, these cryptocurrency exchanges made the coin available to millions of traders globally. Shiba Inu’s price soared to its all-time high of $0.0000388 on 10 May. At the time, SHIB had a market cap of over $13 billion and became the 14th-largest cryptocurrency in terms of market capitalisation. (SHIB’s price rose from $0.000009 to $0.0000388).
13 May 2021
Shiba Inu lost more than 40% of its price, dropping to $0.000018. The decline was majorly caused by Ethereum co-founder Vitalik Buterin donating over 50 trillion Shiba Tokens to India’s COVID-Crypto Relief Fund. The $1 billion donated in SHIBA tokens was taken as an achievement by the Shiba Inu developers, but that didn’t help the cryptocurrency’s price to recover from the dip. (SHIB’s price dropped from $0.0000388 to $0.000018.).
6 July 2021
The Shiba Inu developers launched the ShibaSwap decentralised cryptocurrency exchange. The DEX was designed to compete with other leading decentralised exchanges such as Uniswap and Sushiswap. However, at the time, the crypto market was in a bearish cycle, and SHIBA was trading at $0.00000802 per coin. (SHIB’s price dropped from $0.00000845 to $0.00000802).
May, June and July 2021
The general cryptocurrency market was in a bearish cycle. The prices of most cryptocurrencies had plunged by over 40%. Similar to the leading cryptocurrencies, SHIB’s price had dropped by more than 50% from its all-time high. (SHIB’s price dropped from $0.00000802 to $0.00000628).
Although the cryptocurrency market had begun to recover some of the losses incurred during the summer, Shiba Inu hadn’t performed as well as expected. The decline in SHIB’s price could be attributed to a general decrease in meme coins within the cryptocurrency space.
Traders and investors don’t have as much interest in meme coins as before. However, considering the nature of the cryptocurrency market, the interest might return, and SHIB could resume its rally in the future. (SHIB’s price rose from $0.00000628 to $0.000007042).
Shiba Inu is a leading meme coin, and it powers the ShibaSwap decentralised exchange. Its original design did not intend for the cryptocurrency to be used as a currency or medium of exchange. However, SHIBA has gained adoption from users in the DeFi space and those interested in meme cryptocurrencies. Let us see how well Shiba Inu compares to some fiat currencies, commodities and other cryptocurrencies.
The past 18 months have seen the global economy come under pressure due to the Coronavirus pandemic. The values of stocks, commodities, and fiat currencies declined during the height of the pandemic. Fiat currencies also recorded new levels of inflation.
However, cryptocurrencies have performed excellently against fiat currencies such as the US Dollar over the past few months. Shiba Inu is one of the best performing cryptocurrencies in the past year, and it performed excellently against the US Dollar. From its all-time low in November 2020, SHIB is up by 1,2322,220.5% against the US Dollar.
Gold is one of the leading investment vehicles in the world and has served as the preferred store of value for the past few centuries. The emergence of Bitcoin threatens this role as some investors now prefer to hold their money in Bitcoin and other cryptocurrencies ahead of Gold. The profit level generated by Bitcoin and other cryptocurrencies is unmatched across various financial markets.
Shiba Inu has outperformed Gold significantly over the past year. While SHIBA is up by more than a million per cent in the past year or so, Gold’s price had actually dropped during that same period. Gold has reportedly lost some of its value to cryptocurrencies as investors decide to leave the precious metal and invest in digital currencies.
Ethereum remains the leading altcoin in the world and one of the most important cryptocurrencies. Its performance in the past few years has been excellent. However, Shiba Inu has outperformed Ethereum during this period.
Meme coins have become some of the most highly speculative assets in the cryptocurrency space. They have grabbed the attention of traders and investors in recent months. The launch of the ShibaSwap exchange could also make it a big player in the decentralised exchange space.
The cryptocurrency market has dipped a little over the summer, with prices going down by over 40%. However, while the broader cryptocurrency market has started to recover, Shiba Inu’s price is still down. Shiba Inu could use the remainder of the year to recover its losses and rise towards its all-time high again. While most cryptocurrencies are regaining their momentum after a dip over the summer, SHIB is still trading in the red zone. SHIB could possibly end 2021 trading at around $0.00000050. The coin seems to have lost momentum and there are no scheduled development updates that could help push its price higher.
The cryptocurrency market is highly volatile, and the prices of the assets change swiftly. As such, it is tough to predict how the market or a particular cryptocurrency would perform in the coming months.
Regardless, Shiba Inu’s prospects would look better if the meme coins start gaining more attention from investors and traders globally. Dogecoin has a popular figure behind it in the form of Elon Musk. Shiba Inu will benefit greatly if it also has a popular name backing it.
Furthermore, increased adoption of its ShibaSwap decentralised exchange could help boost the price of SHIB in the coming year. Shiba Inu’s performance next year could also be tied to the performance of the broader cryptocurrency market.
SHIB might drop below the $0.0000000050 region next year if the meme coins don’t recapture the interest of investors. However, it could regain its price above $0.000030 next year if the developers upgrade the project to introduce other features. The ShibaSwap DEX is yet to gain the adoption level required to spur further growth.
The past decade has been an interesting one for the cryptocurrency market. Several changes have been seen in the cryptocurrency market, including the introduction of non-fungible tokens, decentralised finance, meme coins, and more. These changes have affected how the market has performed in the past decade.
The next few years would be interesting for cryptocurrencies and Shiba Inu. The crypto market is now worth over $2 trillion, and regulatory agencies are looking to regulate how the market operates. The regulatory changes could affect the performance of Shiba Inu and the broader cryptocurrency market over the next few years.
Meme coins like Dogecoin and Shiba Inu received a lot of attention from investors earlier this year. While that interest seems to have cooled down, it could resume again once the market enters another bullish cycle. Meme coins receive a lot of attention from investors due to their highly speculative nature.
It is tough to determine how the cryptocurrency market and Shiba Inu would perform over the next few years. The cryptocurrency space has a history of entering a bearish cycle and staying dormant for a year or two. However, historically, the market has always come out of a bearish cycle performing even better than before. The trend could continue, and Shiba Inu could perform excellently over the coming years.
Beyond 2022, SHIB could trade between $0.0000050 and $0.00050. The cryptocurrency’s price could stay around the lower range if it fails to innovate while it could reach ATHs if it grows and gains further adoption in the coming years.
For more detailed predictions, read our Shiba Inu price prediction guide here.
Shiba Inu has shown over the past year that it is one of the leading meme coins. Investors and traders made a lot of profit from gaining access to the cryptocurrency prior to the bearish cycle that started in May.
Shiba Inu’s price could soar higher in the coming months and years if interest in the meme coin sector rises again. Furthermore, the adoption of the ShibaSwap decentralised exchange could make Shiba Inu one of the leading cryptocurrencies in the DeFi sector. Overall, SHIB could develop alongside the meme coin and DeFi sectors.
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