Shiba Inu is becoming increasingly popular on the cryptocurrency market after surpassing 1 million holders. At one point, the coin challenged Dogecoin to the title of Meme coin leadership. At just over a year old, Shiba Inu has performed admirably well. Meanwhile, its price trajectory for 2022 and beyond is still a mystery. While some predict its price to keep its rally over the long term, others are pessimistic.
Why Shiba Inu?
Shiba Inu started a major price rally at the beginning of October 2021. Its rally was largely driven by Elon Musk’s tweet about the meme coin. Subsequently, it went as far as gaining an 800% appreciation in price. It even surpassed Dogecoin at a point. However, its price later came down. Meanwhile, this major spike had made Shiba Inu gather a large community of loyal investors. This later led to it clocking a whopping 1 million holders on November 25, 2021.
Shiba Inu’s Way to The Top
An unknown founder named Ryoshi created Shiba Inu in October 2020. Then, DogeCoin had started gaining traction among investors. It is an Ethereum hosted Blockchain network whose native token is SHIB. Upon its creation, Shiba Inu had a total amount of 1 quadrillion in circulation. Ryoshi locked about half of the SHIB token in the Uniswap exchange, he sent the other half to the Ethereum co-founder, Vitalik Buterin. On receiving the token, Vitalik Buterin burnt a significant amount of SHIB and shared the remaining with charity organizations. Shiba Inu started 2021 modestly; it has since appreciated by over 12,000,000%. Even Bitcoin, Ethereum, and Dogecoin never saw such a spike in price. Instead of years of gradual appreciation, Shiba Inu spiked in months.
What Are the Key Price Drivers Of Shiba Inu?
Elon Musk: When Shiba Inu was created in 2020, Elon Musk posted a picture of his Shiba Inu dog on his Twitter account. As Shiba Inu is represented with a dog, its price started soaring. SHIB coin burning: Vitalik Buterin burnt around 41% of the SHIB token after it was sent to him by Ryoshi. This reduced its supply greatly, making its price surge. Petition for its inclusion in Robinhood: Over 300000 loyalists signed a petition for Robinhood to include Shiba Inu in its portfolio. This led to Shiba Inu being traded on the exchange. Many other crypto exchanges followed suit. Fear of Missing Out: As the new meme coin gained popularity in the crypto market, many feared Shiba Inu could be a high return, long-term investment. Leading to it gaining more and more holders by the day. AMC Twitter Poll: In October, the CEO of AMC Entertainment, Adam Aron conducted a poll on Twitter asking people whether they should start accepting Shiba Inu as a form of payment or not. 87% of respondents voted in favour of the idea. As AMC Entertainment is a leader in the USA theatre industry, Shiba Inu popularity would only increase from that news. On November 25, 2021, while replying to ShitoshoKusama and RyoshiResearch, Shibalution tweeted about how SHIB is entering the Metaverse world. https://mobile.twitter.com/shibalution1/status/1463881300775895043 This milestone will only fasten Shiba Inu’s growth over the near future.
The November 25, 2021 Milestone Of Over 1 Million Holders
Despite its price decreasing for more than one month now, Shiba Inu surpassed the 1 million holders mark on November 25, 2021. Its community reached a milestone in expansion. This is because major Shiba Inu whales started buying SHIB tokens during its price dip.
What Does It Mean for Shiba Inu in 2022 and Beyond?
Many analysts, forecasters and experts believe that Shiba Inu doesn’t guarantee a price rally in 2022. Even though its predictions are very optimistic, there are still analysts who are sceptical about whether it will live up to those predictions, not to talk of surpassing them. This is because Shiba Inu’s major influence came from crypto whales, Elon Musk and Mark Cuban. It has a big nature of being influenced by them and this could spell its doom over the long term. At the time of writing, Shiba Inu’s price stands at $0.00003040 after falling by 2.25% in the last 24 hours. It currently has a market cap of $16.7B and is ranked as the 10th cryptocurrency according to Coinbase. It has a total supply of over 549T SHIB in circulation. Coinarbitragebot predicts Shiba Inu’s price to reach US$0.000042 by 2022 ending and $0.000268 in 2024. Walletinvestor forecasts Shiba Inu’s price to close the year at $0.000048, $0.000088 in November 2022, and $0.000226 by December 2025 end. Meanwhile, Digitalcoinprice forecasts Shiba Inu’s price to close 2021 at $0.0000569859 and reach $0.0000712618 in November 2022. Its prediction also sees Shiba Inu price at $0.0001061594 in November 2025 and $0.0001426004 in November 2026 Gov. capital price prediction sees Shiba Inu’s price at $0.000128 in November 2022, moving to $0.000247 exactly a year after. It would continue to soar, reaching $0.000418 in November 2024, and $0.000643 in November 2025 It is worth noting that these predictions are created from algorithms and they should not be taken as accurate for trading. They can go any way, right or wrong. Unforeseen circumstances can easily affect Shiba Inu’s price in the future. If you plan on investing in Shiba Inu, do thorough research. Also, be sure that the meme coin fits perfectly with your trading style, risk tolerance level, and specifications.