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Shiba Inu (SHIB) is one of the most popular meme tokens in the cryptocurrency space. It was launched in August 2020 as a self-proclaimed "Dogecoin killer" and has since gained a loyal fan base and a huge market capitalization. SHIB is also known for its ambitious roadmap, which includes the development of its own blockchain network, Shibarium, and a decentralized exchange, ShibaSwap.
But what is the future outlook for SHIB? Can it continue its impressive growth and reach new highs in 2024? In this article, we will explore some of the factors that could influence SHIB's price in the next three years and provide our own Shiba Inu price prediction for 2024 based on various sources and scenarios.
SHIB started trading at a very low price of US$0.00000000008 in August 2020 and remained relatively stable until April 2021, when it began to surge along with other meme tokens such as Dogecoin (DOGE). SHIB reached its all-time high of US$0.0000388 on May 10, 2021, after being listed on major exchanges such as Binance, Coinbase, and Huobi, and receiving endorsements from celebrities such as Elon Musk and Vitalik Buterin.
However, SHIB's price soon plummeted after Buterin, who received 50% of the total SHIB supply as a donation from the developers, decided to burn 90% of his holdings and donate the remaining 10% to a COVID-19 relief fund in India. SHIB also faced competition from other dog-themed tokens such as Baby Doge Coin (BABYDOGE) and Dogelon Mars (ELON), as well as regulatory uncertainty and market volatility.
As of January, 2024, SHIB is trading at US$0.000009799, according to the coinmarket.com, which represents a 3.41% increase from the previous day and a 17,600,000% increase from its launch price. SHIB has a market capitalization of US$5.7 billion and a circulating supply of 589.3 trillion tokens. SHIB is ranked as the 18th largest cryptocurrency by market cap and the second largest meme token after DOGE.
There are many factors that could affect SHIB's price in the next three years, such as the development and adoption of Shibarium and ShibaSwap, the competition and innovation in the meme token space, the overall sentiment and trend in the crypto market, the regulatory and legal environment, and the influence of social media and influencers.
Based on these factors, we have compiled some of the most popular and credible Shiba Inu price predictions for 2024 from various sources and scenarios:
Changelly, a cryptocurrency exchange platform, predicts that SHIB will reach a minimum of US$0.000015686, an average of US$0.00001925, and a maximum of US$0.000022826 by the end of 2024, based on the current market conditions and the historical price movements of SHIB.
Coinpedia, a cryptocurrency news and analysis website, cites a video by analyst Austin Hilton, who gives a conservative price target of US$0.0000417 for January 2024, based on the assumption that SHIB will follow a similar growth pattern as DOGE and benefit from the launch of Shibarium and ShibaSwap.
CoinPriceForecast, a cryptocurrency price prediction website, forecasts that SHIB will reach US$0.00001206 by the end of 2024, which represents a 16% increase from the current price and a 26% increase from the end of 2023.
Bitcoiva, a cryptocurrency blog, expects that SHIB will reach new heights in 2024, thanks to the development of Shibarium, which will allow SHIB to become more independent, scalable, and secure.
Based on these predictions, we can estimate that SHIB's price range for 2024 will be between US$0.00001206 and US$0.0000417, with an average of US$0.0000245. This means that SHIB could potentially increase by 150% from its current price and by 200% from the end of 2023.
Shiba Inu is a meme token that has gained a lot of popularity and value in the past year. It has a loyal community and an ambitious roadmap that aims to make it more than just a joke. However, SHIB also faces many challenges and uncertainties, such as competition, regulation, and market volatility. Therefore, SHIB's price prediction for 2024 is not an easy task and should be taken with a grain of salt.
Based on our research and analysis, we believe that SHIB has the potential to grow in the next three years, but not to the extent that some of its fans hope for. We do not think that SHIB will reach US$1 or even US$0.01 in 2024, as that would require an unrealistic and unsustainable increase in its market capitalization and demand. However, we do think that SHIB could reach US$0.0000245 by the end of 2024, which would still represent a significant return for its investors.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
