Everyone in the field of crypto is talking about Shiba Inu, the altcoin that was created as a response to another famous meme coin, Dogecoin. The year is almost over though, and even if this coin performed remarkably well, even during uncertain times, many people are wondering what the future will hold for this beloved meme coin.
Here you can find a comprehensive text about the origins of the Shiba coin, as well as the characteristics, developments, and predictions for 2024.
The Origins of Shiba Inu
Shiba Inu was created by the anonymous entity Ryoshi back in 2020. This coin, created as a response against the Dogecoin, surpassed it rather dramatically. The shiba inu coin price has seen a very interesting spike, even if 2023 hasn’t been an easy year for the field of crypto. This coin was created as an experiment, where the point was to find out what would happen to a decentralized project that was entirely run by its community.
It goes without saying that the Shiba Inu coin gained a lot of popularity with various types of consumers, but mostly younger people or people interested in an alternative set of cryptocurrencies. There are three different types of tokens related to this type of crypto, which operates within the Ethereum ecosystem.
The Price and Predictions for Shiba Inu
Ali Martinez, the famous crypto analyst, has some exciting predictions about the price of Shiba Inu. He suggests that SHIB might experience an interesting breakout, with the conditions of the coin upholding the crucial support level at $0.0000103. This forecast was made not that long ago when the SHIB was valued at $0.000011. Some validation has already been seen, as this token surged to nearly $0.000012 rather quickly afterward.
At this present moment, the meme is trading 4% above this level, approving and giving credence to the analyst’s prediction. Goes without saying that the traders are continuing to monitor this level, as a sustained hold could trigger another reaction, and this time, the potential could increase more than 30%.
The Prediction For 2024
Experts are proclaiming that Shiba Inu will be worth $10 by 2024. This will also be facilitated by the appearance of Shiba Inu within the metaverse. This could definitely pump the trading prices. Together with that, there is also the ShibaSwap to take into account. The ShibaSwap is a decentralized exchange that competes with some well-known brands of the likes of Uniswap and Curve Finance, to take advantage of the beneficial moment the coin is in.
Let’s not forget about the Shibarium as well, which is influencing the coin to meet the predicted price by 2024. Shibarium is the Layer 2 protocol for the Shiba Inu platform, and it is working toward applying some important upgrades, such as the ability to transfer assets for a lesser gas price. This will make it simpler to complete small transactions through all the dApps which are powered by Shiba Inu. There are also rumors of developers being added to the current team to improve the user interface and user experience of this platform. All these investments in the platform, and most of all in the user experience, are a good sign to take into account when looking at the possible future of this cryptocurrency.
Let’s not forget that many altcoins are correlated to the performance of Bitcoin. This is an important thing to consider, most of all in light of the fact that Bitcoin has gone through some major variations in price within the last year. If you want to know how an alternative altcoin is going, take a look at the performance of Bitcoin.
The fluctuation in price, when it comes to Shiba Inu, must therefore be seen also in light of the performance of Bitcoin, as it is deeply influenced by this asset, even if it belongs to the Ethereum ecosystem. It is enough to consider that this crypto and BTC have a connection of 85%.
Why Is Shib Popular?
It could be enough to say that Elon Musk once tweeted that he always wanted to have a Shiba puppy. This spiked the hype for this currency, which is rather interesting. It is not the only reason behind its popularity, though, even though thanks to this simple tweet, the value of this altcoin increased by about 300%.
Another important reason behind its popularity is the fact that SHIB is a P2P virtual currency, which allows users to make and receive decentralized payments in a way that is rather similar to the one performed by DOGE. This said, DOGE time duration is locked at 10 minutes, when SHIB’sblock time is of one minute only. This makes it much more interesting for all those people who care about performance and quick pace.
Lastly, the presence of this type of dog in popular media has also to do with its popularity. The Shiba Inu is also behind a wide amount of different memes, and people now live in an ever-developing cycle where the more people talk about the SHIB currency, the more memes are created and vice versa.
Actually, the whole concept behind meme coins relies on the popularity that these memes have in popular culture and the impact that this popularity has on users. There are many other meme coins out there, but at the moment, SHIB is truly dominating the market.
This gives us an optimistic look at the future, as thanks to this brief text, readers were able to gaze at the general direction of this coin and its predictions for the future. This article covered what the SHIB coin is, how it works, and it talked about its price predictions for the year 2024. Remember that these predictions are backed up by experts. At the same time, you should take into account the fact that the field of crypto is, and will always be, rather volatile. This nature should be taken into account, and any investment within this field should be done with an adequate level of caution.
