In this blog post, we will discuss if it Is it is Too Late to Buy Shiba Inu. More than a year has passed since SHIB reached its all-time high price. The decline was quite severe but now it seems that since the spring of 2022, the price fluctuations have been more stable.
Considering this stabilization and the monthly increase in January, many enthusiasts expect Shiba Inu to start a bull rally in 2024. Is this true? Will this run be long-lasting or will it end the following month? Here are the questions we will try to answer in this review.
Is it Too Late to Buy Shiba Inu?
How Shiba Inu Performed in the Past
The launch of the ecosystem and its native token took place in the summer of 2020. The initial price of the coin was minimal – $0.000000001. SHIB. As for the date of writing, it’s around $0.00001192.
The first significant surge in the token’s price took place in May 2021. The reason for such a spectacular rise is that the crypto community fell for the trend of meme coins, and Shiba Inu seemed quite an interesting alternative to its predecessor
Dogecoin. At that time, SHIB reached the point of $0.000034. Unfortunately for those who were sparked by this interest in the newly emerging coin, the rise ended by the beginning of June of the same year, and SHIB lost around 75%.
The next rise was much bigger and more impressive, and it was the time when the cryptocurrency reached its maximum historic value of around $0.000075. It was also the time when the token had the biggest market capitalization in its history – $43.5 billion.
SHIB Utility
The crypto market is affected by many factors, many of which are non-market, which is why it’s so complicated to predict price fluctuations. This is especially relevant for meme coins, which might be surrounded by extreme hype and lose all their value when this hype eventually decreases.
Hype isn’t only about the brand and positioning of the token. It’s also about the utility of the ecosystem. The bigger the utility is, the more tokens will users need to perform certain operations, and so the higher the demand for these tokens will grow due to their scarcity.
If it’s so important to understand the token’s utility, what can we say about the uses of the SHIB coin? Here are some key points:
- The Shiba Inu ecosystem, powered by the SHIB token, has a clear and well-defined strategy understandable for crypto enthusiasts.
- The ecosystems run a successful DeFi platform for cryptocurrency exchanges called ShibaSwap.
- The ecosystem is launching new tokens such as BONE and LEASH in order to represent new functions and establish a good reputation for the native blockchain.
- SHIB tokens can be staked on the DeFi platform of the ecosystem.
- Shiba Inu is introducing innovative solutions that decrease fees for crypto transactions.
- The launch of the Shibarium layer-2 solution is scheduled for 2023.
- More businesses have started partnering with the ecosystem for the sake of implementing their native cryptocurrency as a payment method acceptable for purchasing their services and products.
These are just several points but they clearly show that Shiba Inu isn’t a one-day project that will disappear tomorrow. Many solutions are being implemented right now, and many of them are expected to be introduced throughout 2024.
This is the reason why the token faced such growth at the beginning of the year. Many experts predict that if the project takes several steps toward the development of the metaverse, the ecosystem is likely to grow by more than 35% during the following decade.
Let’s summarize this article with the Shiba Inu price prediction. The majority of technical analyses we studied when writing this review say that SHIB is capable of generating a lot of value over this period, meaning the beginning of 2024 might be the right time to enter the game.
The most positive forecasts say that SHIB will recover its maximum value following the general market tendency, which is expected to recover in 2023 after a big crash in the middle of 2022. However, knowing the peculiarities of the crypto market and its extreme volatility, we take too positive predictions with a pinch of salt.
According to more neutral predictions, the price of the token will vary somewhere between $0.000016 and $0.000019 throughout this year, which is still a good prediction, as it will indicate an almost 100% growth. If SHIB gains the right momentum, its price might increase to around $0.000025 in 2024.
On the whole, we assume SHIB is not the worst crypto investment you could make in 2024. It’s the second-biggest player in the meme segment, so its spike might start quite unexpectedly, regardless of all technical forecasts. That’s why we recommend that you allocate an insignificant portion of your crypto investment budget to this project.