One of the hottest cryptocurrencies this year has been Shiba Inu (SHIB 4.10%). Year to date it has risen by 130%, and the meme coin looks to be alive and well with retail investors. But with such impressive gains already in 2024, is it too late buy the digital currency? Or is the coin just getting started, and could greater interest in the broader crypto market lead to further momentum for Shiba Inu?
The number of companies accepting Shiba Inu has risen significantly in recent years
One of the reasons Shiba Inu has grown in prominence with crypto investors is that there has simply been more acceptance of the cryptocurrency. Meme or not, more places are accepting it, and that's a positive development for Shiba Inu holders because it may lead to greater demand for the coin.
According to data from Cryptwerk, there are 935 merchants in the online crypto directory's database that accept Shiba Inu as a form of payment. That's 16% more than the 806 merchants who accepted it a year ago, and a 46% increase from two years ago.
There are more than 9,400 merchants who accept Bitcoin (BTC 2.78%), according to the website, suggesting that Shiba Inu still has long way to go in being as popular as the top cryptocurrency. But it's certainly moving in the right direction.
Volatility for Shiba Inu is inevitable
Nearly 92% of the crypto wallets that hold Shiba Inu hold less than $1,000 of the meme coin. With Bitcoin, that percentage is a bit lower at 84%. This suggests that Shiba Inu is more heavily skewed toward smaller investors than Bitcoin is. But the meme coin's price movements may actually be due to larger investors.
Shiba Inu has a high whale concentration of 63%, according to CoinMarketCap. Whales are wallet addresses that hold more than 1% of the coin's circulating supply. And the higher the percentage, the more potential volatility there is, because a small number of whales can have a large impact on the coin's price. In the case of Bitcoin, the whale concentration is just 1.5%.
But there hasn't been as much volatility of late. In early March, trading volumes for Shiba Inu were high, often totaling more than $2 billion and that's when the coin was rallying. Lately, the coin has been slowing down and declining, and that has been while volumes have also been lower (below $1 billion per day). This could be further proof of the heavy impact that whales have on the coin. And the danger for investors is that price movements can be sudden, and come without much warning.
Should you buy Shiba Inu?
Shiba Inu's valuation could take off at a moment's notice in either direction, and that's what can be both risky and exciting about the meme stock -- its fluctuations can sometimes be unpredictable. And for that reason, it's certainly possible for Shiba Inu's valuation to rise higher this year despite its impressive gains.
The danger for crypto investors is that there isn't a fundamental reason to expect that the cryptocurrency will rise in value. The main investing thesis resides around the greater fool theory and the expectation that someone will buy it at a higher price. But this is purely speculative. If you're bullish on crypto, you're likely better off simply investing in Bitcoin or buying stocks with exposure to crypto. Shiba Inu is an ultra-risky investment that is a downright gamble given its vulnerability to large movements as a result of whale transactions.
David Jagielski has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.
FAQs
According to Binance price prediction input for Shiba Inu, the value of SHIB may increase by +5% and reach $0.000023 by 2030. The current Shiba Inu price prediction sentiment is bearish, while the Fear & Greed Index shows 52% (Neutral).
How high can SHIB go in 2024? ›
Shiba Inu (SHIB) Price Prediction for 2024
This indicates a potential return on investment of around 50% based on the current prices. Binance has a close SHIB price prediction and sees the coin could trade at a maximum price of $0.000014 in 2024.
How much will I have if Shiba hits 1 cent? ›
Should this $0.01 price goal ever come to fruition, an investor would need only a modest amount of SHIB to become a millionaire. At such a price, one would only need 100,000,000 (100 million) Shiba Inu to sit on a $1 million investment. These tokens are currently worth $1,384 at SHIB's current price.
What would Shiba Inu coin be if you invested $1,000? ›
Investing $1,000 in Shiba Inu at the current price of $0.0000242 would net you 41.3 million tokens. Simple math suggests those tokens would have to trade at $0.024 each for your position to be worth $1 million. In other words, Shiba Inu would have to deliver a gain of 99,900% from here.
Will Shiba Inu skyrocket? ›
Shiba Inu is currently positioned for a potential 15% surge. According to recent market data, SHIB has found strong support at the $0.000012 level, which has already been tested twice.
How high will Shiba Inu go in 2025? ›
Shiba Inu price prediction overview
| Year | Shiba Inu (SHIB) price prediction |
|---|
| 2025 | $.0000101 to $.0000484 |
| 2026 | $.000144 |
| 2030 | $.001 |
| 2035 | $.005 |
2 more rowsAccording to insights from BTCC, if SHIB were to undergo a 50% coin burn annually for the next two decades, it would take approximately 19 years to reach 1 cent. However, more conservative estimates from CoinCodex suggest that SHIB's price might reach $0.00002997 by July 2025.
Should I hold my Shiba? ›
Investing Is Shiba Inu (SHIB) a Good Investment? Investing in the Shiba Inu Crypto can be a great way to diversify your holdings. Over the last few years, the Shiba Inu Cryptocurrency has exploded in popularity and maintains it's fan base despite struggling through the Crypto winter of 2022-2023.
How many Shiba to be a millionaire? ›
To become a millionaire through Shiba Inu, one needs to own a substantial amount of the token. Based on current market prices, for instance, if Shiba Inu reaches a price of $0.00003, having 33 billion SHIB tokens would make someone a millionaire. At present prices, this amount of SHIB would cost approximately $515,000.
Who invested $8,000 in Shiba Inu? ›
A crypto wallet shows an investor made an $8,000 shiba inu coin purchase last year. Today, it is worth $5.7 billion. A crypto investor bought about $8,000 worth of shiba inu coins in August 2020. Just over a year later, the $8,000 trade has morphed into a value of about $5.7 billion.
Can enough tokens be burned in 2024 to send Shiba Inu to $1? The community will have to burn 99.99998% of all tokens to send Shiba Inu to $1 based on its current market cap. In other words, almost all the 589.3 trillion tokens must disappear from circulation, leaving just 6.3 billion remaining.
How much would I have if I invested $100 in Shiba Inu? ›
A $100 investment at the time could have bought 196,078,431,373 Shiba Inu. That investment would be worth an astonishing $6,398,039.22 today based on a price of $0.00003263 for Shiba Inu at the time of writing. Shiba Inu hit an all-time high of $0.00008845 in October 2021.
What is the highest expected price for Shiba Inu? ›
Shiba Inu Price Forecast 2024
The SHIB cryptocurrency market is expected to have a maximum value of $0.0000405 and a minimum value of $0.0000323 in 2024, according to the Shiba Inu coin forecast. According to market sentiment and further SHIB price predictions, the average price of the Shiba coin maybe $0.0000364.
Which coin will reach $1 in 2025? ›
More commonly known as Ripple, the XRP (CRYPTO: XRP) cryptocurrency seems to be in dire straits nowadays.
Which crypto will explode in 2024? ›
Top 10 Cryptos in 2024
| Coin | Market Capitalization | Current Price |
|---|
| Binance Coin (BNB) | $79.354 billion | $543.77 |
| Solana (SOL) | $62.688 million | $133.91 |
| Ripple (XRP) | $31.963 billion | $0.567 |
| Dogecoin (DOGE) | $15.525 billion | $0.106 |
6 more rows7 days ago
However, with the current market cycle's liquidity expected to overshadow last cycles, Dogecoin could finally become a $1 meme coin. Given its status as the sector's frontrunner, analysts are overwhelmingly bullish and expect it to continue leading the market.
