Shiba Inu (SHIB) has emerged as one of the world’s most popular cryptocurrencies. SHIB’s low price and wide availability have attracted many investors to the dog-themed meme coin to try their luck in making a quick buck from the token’s rise and fall.
However, Shiba Inu’s status as a long-term investment has always been questioned. The token is widely considered a meme coin with near-zero utility and is seen by many as nothing more than a speculative asset. As such, Shiba Inu long-term price predictions are few and far between.
However, Shiba Inu’s community of developers has been working behind the scenes to change this perception of SHIB, which is the 14th-largest cryptocurrency in the world, boasting a market capitalisation of $6.15bn as of 4 October 2022.
Let’s take a deep dive to assess whether Shiba Inu belongs in an investor’s long-term portfolio. This piece will look into SHIB’s historical price performance, origin, founders, recent news and analyst Shiba Inu price predictions for 2030 and beyond.
Origins: What is Shiba Inu?
Shiba Inu was launched in August 2020. The so-called meme coin is a play on the Dogecoin (DOGE) meme, which is based on the shiba inu dog breed, in a parody on the cryptocurrency space. Coins themed around the shiba inu have gained in popularity as investors look for the next multi-bagger crypto to invest in.
The project has evolved from the SHIB decentralised meme token into an ecosystem that incorporates the LEASH and BONE tokens. Shiba Inu’s network also boasts a decentralised exchange (DEX) called the ShibaSwap and a non-fungible token (NFT) incubator called the Shiba Incubator.
Shiba Inu has also set up a non-profit volunteer organisation called the Shiba Inu Rescue Association dedicated to saving abandoned, neglected and abused Shiba Inu dogs.
Founder: The Anonymous Ryoshi
Ryoshi is the founder of Shiba Inu. Like Bitcoin’s (BTC) pseudonymous founder Satoshi Nakamoto, Ryoshi has also chosen to remain anonymous.
Anonymity is not uncommon in the cryptocurrency sector. Many user are drawn to blockchain payment networks like Bitcoin as they promote decentralisation and privacy.
As of 4 October 2022, it has been well over a year since Ryoshi’s last blog on online publishing platform Medium. Ryoshi has also deleted all tweets and replies on Twitter.
One of Ryoshi’s last Medium posts published on 30 May 2021 read: “I am not important, and one day I will be gone without notice. Take the SHIBA and journey upwards frens.”
Shytoshi Kusama, a lead Shiba Inu developer, wrote in a blog post celebrating the one-year anniversary of Ryoshi’s last Medium post:
“The ethos of Ryoshi to remain anonymous and have no input on the direction of Shib, makes our mythos even more mystic and impressive. We’ve built from nothing, never paid an exchange for a listing, and revolutionised ‘meme’ tokens by growing exponentially.”
Tokenomics: One quadrillion tokens
According to its website, Shiba Inu initially had a supply of 1 quadrillion tokens. Half of the total supply was locked in Ethereum-based DEX called Uniswap while the other half was sent to Ethereum co-founder Vitalik Buterin “for safekeeping”.
In July 2021, Buterin donated 50 trillion SHIB coins, which represented 5% of its total supply, to India’s Covid-19 relief fund. Buterin also burnt 40% of Shiba Inu’s total supply by sending them to a “dead wallet”, according to Shiba Inu’s website.
Since its launch, the number of SHIB holders gradually increased as the token has been listed on numerous crypto exchanges across the world including Binance, Coinbase, FTX, Robinhood and more. According to Etherscan, total number of unique wallet addresses holding SHIB is over 1.2 million, as of 4 October 2022.
Data from Etherscan also showed more than 41% of SHIB’s total supply had been burnt and was stored in a dead address. Meanwhile, blockchain data aggregator revealed that SHIB has a high concentration of large holders, and the ten largest holders held about 22% of the token’s total supply.
SHIB was ranked the 14th-largest cryptocurrency with a market capitalisation of $6.15bn on 4 October 2022. SHIB’s current circulating supply was about 549 trillion tokens, according to CoinMarketCap.
Other Shiba Inu ecosystem tokens, including LEASH and BONE, were released to help its network grow. LEASH is an incentive token used on ShibaSwap to offer rewards to liquidity providers on the DEX. According to its official website, LEASH has a total supply of 107,646 tokens.
BONE is a governance token for Shiba Inu’s DAO called the Doggy DAO (decentralised autonomous organisation) that allows holders to vote on improvement proposals for the Shiba Inu ecosystem. BONE is exclusively accessible via ShibaSwap and has a max supply of 250 million tokens.
Price action: Rise to ATH
At the time of its launch in August 2020, SHIB was trading at around $0.0000000001, data from CoinMarketCap showed. SHIB remained rangebound for the rest of 2020 and only saw a breakout in its price in May 2021 as the token hit a high of about $0.00038 on 10 May 2021, after crypto exchange FTX listed it for the first time.
It was also around the same time, in early May 2021, that the original shiba inu dog meme coin DOGE was making headlines by scaling multiple peaks. DOGE hit an all-time high of $0.7376 on 8 May 2021.
Shiba Inu was soon dubbed the “doge-killer” as the token gained more than 800% in the month of October 2021. On 28 October 2021, SHIB hit an all-time high of $0.00008845.
From there on, SHIB started seeing enormous selling pressure as investors began taking profits. The meme coin ended 2021 at $0.000033 – more than 60% below its record highs.
As central banks across the world started tightening monetary conditions in 2022, investor sentiment for risk assets became bearish. Cryptocurrencies, led by Bitcoin (BTC) and Ether (ETH), fell from their 2021 peaks and a “crypto winter” took over the market.
The collapse of the Terra ecosystem and industry-wide bankruptcy of several crypto firms added to investor pain between May and June 2022. On 18 June 2022, SHIB hit its lowest price in about eight months as it hit $0.0000071.
The token saw a minor spike over the course of August due to a spike in its burn rate, peaking at $0.00001774. Another downtrend followed and, as of 4 October 2022, the token has lost nearly 66% year to date. SHIB/USD is trading nearly 90% below its all-time high at the current price of $0.00001122. According to CoinMarketCap, Shiba Inu’s all-time low stands at $0.000000000082, hit on 1 September 2020.
Important Shiba Inu news
Here is some recent Shiba Inu news that will help shape a Shiba Inu coin price prediction for 2030 and beyond.
- 31 December 2021 – Shiba Inu developers announced plans to launch a Doggy DAO to give “immediate power to the community” to decide which crypto projects and pairs will be listed on its DEX and how BONE token rewards will be distributed.
- 19 April 2022 – Whale Stats reported that an ETH Whale had bought 193 billion SHIB for about $4.8m. It was the fourth in a series of large transactions valued at a total of $35m starting from 13 April.
- 23 April 2022 – Developers launched the SHIB burn portal in collaboration with the creators of Ryoshi’s Vision token, an Ethereum-based ERC-20 token designed to help build out the Shiba ecosystem. The portal rewards users with RYOSHI tokens in exchange for burning their SHIB tokens to reduce the circulating supply.
- 23 April 2022 – Public sale of land in the SHIB Metaverse opened, with prices starting at 0.2 ETH. Users will soon be able to pay with the SHIB token.
- 6 July 2022 – Lead Shiba Inu developer Shytoshi Kusama said in a blog post that progress on Shiba Inu’s layer-two network called Shibarium was on track and “moving as fast as we can”. Shibarium will allow users to bypass expensive gas fees on the Ethereum network when using Shiba Inu-based decentralised applications.
- 6 July 2022 – Kusama also announced the upcoming launch of a new Shiba Inu ecosystem token called TREAT, which will be used as a reward token for its metaverse and games. Kusama also said a stablecoin called SHI is expected to be released in 2022.
- 2 August – The ecosysten revealed a new CCG game, Shiba Eternity.
- 5 August 2022 – The protocol announced that Binance added SHIB to the list of supported tokens for the Binance Card issued in Europe.
What is the future of Shiba Inu coin?
Despite its strong community, critics of the project have commented that the token’s future performance will probably be limited by its lack of utility and competitive advantages.
Sean Williams wrote on investment guide website the Motley Fool:
“Another problem Shiba Inu will run into is its lack of differentiation and competitive advantages. Although it’s popular on social media, the reality is it’s nothing more than an ERC-20 token built on the Ethereum blockchain.”
Williams was not convinced that SHIB coin could reach $1 by 2025 unless the project can achieve three key developments: the successful launch of Shibarium, metaverse and significant coin burn.
“Shiba Inu’s layer 2 blockchain solution Shibarium is being tested currently, but this needs to be launched sooner rather than later and go off without a hitch,” said Williams. “To add to this point, Shiba Inu’s own version of the metaverse needs to be a hit.”
Shibarium will enable fast and low-cost transactions, which will optimise blockchain-based gaming. Transaction fees will be key to increased usage in the Shiba Inu ecosystem.
Shiba Inu price prediction for 2030 and beyond
Despite the negative long-term prognosis from critics for the project development, many analysts remain optimistic, holding a bullish outlook for the token.
According to TechNewsLeader’s Shiba Inu coin price prediction for 2030, the token is expected to rise to an average price of about $0.00029591 by the end of 2030, representing an increase of over 2,500% at the time of writing.
CoinPriceForecast was equally bullish in its SHIB price prediction for 2030 and had expectations of the token trading at about $0.00003252 by the end of that year, representing a 190% increase.
DigitalCoinPrice’s Shiba Inu forecast for 2030 saw the token rising to an average price of about $0.000156. DigitalCoinPrice and CoinPriceForecast saw the meme coin adding to its current value, but do not see the coin surpassing its all-time high of $0.00008845 in their SHIB price forecasts for 2031.
Note that analyst and algorithm-based Shiba Inu crypto price predictions can be wrong. Forecasts shouldn’t be used as a substitute for your own research: always conduct your own due diligence and remember that your decision to trade or invest should depend on your risk tolerance, expertise in the market, portfolio size and investment goals.
Is Shiba Inu a good long-term investment?
The Shiba Inu project is supported by a strong community and has been popular as a meme coin since its launch. However, whether Shiba Inu is a good investment or not depends on your investment goal, portfolio composition and risk profile, among other factors.
What is the highest Shiba Inu can go?
Although many analysts do not expect Shiba Inu token price to reach $1 in the next decade, DigitalCoinPrice’s 2030 Shiba Inu forecast saw the token rising to an average price of about $0.000156. However, analysts’ forecasts can be wrong and have been inaccurate in the past. Cryptocurrency is an extremely high-risk investment and capital will be at risk, so you should do your own research and never invest what you cannot afford to lose.
Is it worth investing in Shiba Inu?
Cryptocurrencies are high-risk investments, particularly “meme coins” like Shiba Inu (SHIB). Whether SHIB has a future could depend on whether it finds a use that leads to widespread adoption and activity across cryptocurrency markets. With new coins being launched regularly, a rival meme coin could emerge and capture investors’ attention.
Always conduct your own due diligence and remember that your decision to trade or invest should depend on your risk tolerance, expertise in the market, portfolio size and investment goals.
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