Shiba Inu Coin: Here’s Why Shiba Inu Price Is Surging Today (2024)

FAQs

Why did Shiba go up so much? ›

Shiba Inu's Price History

Despite their meme origins, they've garnered serious attention from investors. “The cryptocurrency quickly gained popularity mainly due to the support of celebrities such as Tesla founder Elon Musk.

Crypto Whales' Demand for SHIB Hit 3-Month Peak of $22M

Crypto traders leaning bullish ahead the next FOMC meeting has triggered a 12% bounce in Shiba Inu price. However, on-chain movements over the last 24-hours, shows rising demand for SHIB among whale investors, a move that could trigger another leg up.

It doesn't process transactions at an impressive rate like Solana, it isn't used for as many mainstream payments as Ethereum, and it isn't considered a stabilizing asset like Bitcoin. Therefore, Shiba Inu will likely remain a speculative and volatile cryptocurrency for the foreseeable future.

It is a meme coin launched as a rival of Dogecoin or “Doge-Killer”. Shiba Inu coin has already taken over some Dogecoin markets and is rising as a popular choice among investors of Crypto-Market.

Because Shiba Inu is viewed as one of the most speculative cryptocurrencies out there, it makes sense that its price can surge rapidly. Once early buyers get in, the price increase attracts more attention, creating a positive feedback loop. This momentum can be a powerful force, until it unpredictably ends.

A more realistic prediction for Shiba Inu's price by 2024-2025 is from $0.0001 to $0.0003, assuming favorable market conditions and continued development within its ecosystem.

Instead, the spike in Doge and Shiba Inu likely has a lot to do with Bitcoin and, to a lesser extent, perhaps, Elon Musk. First, Bitcoin: The world's most popular cryptocurrency has seen its fortunes rise in 2024 ever since the Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs in January.

As of the latest update, Shiba Inu has seen a slight price increase alongside many other cryptocurrencies over the past 24 hours. SHIB is currently trading at $0.00001343, reflecting a 1.5% rise. The price is expected to rise further if the trend of strong SHIB outflows from exchanges continues.

By January 2025, 5SCAPE could potentially increase 1000x from its current value, driven by its expanding ecosystem and the growing VR market, making it a compelling investment. The token will soon witness a boost and could breach $1 mark post launch.

Is there any hope for shiba inu coin? ›

The crypto analyst revealed that there was still potential growth for Shiba Inu's short and long term outlook. However, he casted doubt on the likelihood of the meme coin reaching $0.1 any time soon.

Based on Shiba Inu's past price history, Changelly predicts that the minimum price of SHIB in 2024 may be about $0.0000126, with a maximum expected price of around $0.0000210 and an average trading price of $0.0000295. This indicates a potential return on investment of around 50% based on the current prices.

The majority of this increase can be attributed to the recent price upticks led by Bitcoin. However, more likely than not, the surge in whale transactions also contributed to a better price increase for Shiba Inu.

Several factors fueled Shiba Inu's meteoric rise, including its low entry barrier, viral marketing efforts, and the surging interest in meme-based cryptocurrencies.

SHIB to $0.10 Timeline

While it foresees a steady growth trend for the token in the coming years, it projects touching $0.1 will likely not be possible until 2050. Per the Telegaon projection, Shiba Inu is likely to trade at a low price of $0.62 by 2050 and a high price of $1.06.

Shiba Inu is expected to cost between $0.0045 and $0.0058 in 2040, with an average market price of $0.0049.

According to Telegaon's projections, SHIB could potentially reach a valuation of $0.50 between the years 2040 and 2050. Their forecast suggests that SHIB might attain a peak price of $0.089 by 2040. This will be followed by further growth which is anticipated by 2050, potentially reaching a value of $0.62.