SHIBA Inu has been on an incredible run lately – and some are wondering how high it will go by the end of 2021.
Meme coin Shiba Inu has hit multiple new record highs in the past week or so.
However, Shiba is down 14.55% to $0.00005419 over the past 24 hours, according to CoinMarketCap.
On October 28, Shiba hit an all-time high of $0.00008845.
In the past month, Shiba has seen huge gains – surging more than 800%.
What to know about Shiba
The first thing to keep in mind is that cryptocurrencies in general are subject to risks. This is because of the extreme volatility in the industry.
If you aren’t careful – you could lose a lot of money quickly.
For instance with Shiba, up until recent days, its previous all-time high was $0.0000388 in May.
However, it plunged 85% from that point in July.
Plus, Shiba launched trading just this year. Newer cryptocurrencies are riskier than those that have been around for longer, such Bitcoin, and could make you more vulnerable to scams.
The main thing to know about Shiba is that it’s widely known as a meme coin. A meme coin typically gains off a social media or internet-based joke.
For example, the big rally this month started with billionaire Elon Musk posting a picture of his Shiba puppy on Twitter.
Mr Musk has done the same with another popular meme coin known as Dogecoin.
Speaking of which, the Shiba tokens feature the same dog of Dogecoin.
Sometimes Shiba is referred to as the “Dogecoin killer.”
Marie Tatibouet, chief marketing officer of crypto exchange Gate.io, told The Sun that meme coins are acting the same way the Reddit mob has trolled hedge funds this year.
She said: “Dog meme coins have that same sentimentality and almost cult-like effect on their community.”
Will Shiba Inu hit $0.10 this year?
Overall, it’s difficult to predict how Shiba’s price will change in the future due to a wide number of factors affecting it.
This includes regulatory crackdowns around the world, and comments by high-profile individuals such as Musk, and other developments.
Mrs Tatibouet noted that it’s tough to predict what the “community” will do next but sees the Shiba rally cooling off soon.
“Are we going to eat up more zeroes or are we going to crash and burn?”
“However, I do see some correction coming in the near term as the hype dies down a bit.”
But a big reason it’s been rising lately is not only because of Mr Musk’s impact, but there’s optimism that the meme coin will be listed on Robinhood.
This is over a petition getting launched this year on Change.org to “Kindly request of Robinhood to list Shiba Inu coin!”
Recently, the petition surpassed more than 450,000 signatures – just short of its 500,000 goal.
Shiba has been added on more major exchanges including Coinbase Global.
While it hasn’t been added on Robinhood yet, Jordan McCreery, founding partner of Ingrained Media, a marketing firm that implements cryptocurrency programs and strategies, said: “Shiba doesn’t need Robinhood to succeed.”
As far as price predictions go, McCreery said: “I believe Shiba has some real potential to grow from its fraction of a cent amount to $0.01 or greater.”
“In the coming weeks as we wrap up 2021, the price likely only continues to run.”
But some crypto forecasters are mixed on the Musk-touted cryptocurrency.
For example, crypto website Wallet Investor expects Shiba to be valued at just $0.000094 in a year.
Coin Price Forecast, on the other hand, predicts Shiba will be valued at $0.00027522 by the end of 2021 and $0.00032447 by the middle of next year.
While it seems like it’s possible Shiba can see more gains in the future, keep in mind it would need to rocket by more than 141,000% from now until the end of the year to reach $0.10.
We recently compared the differences between Dogecoin and Shiba.
We round up five things you need to know about the Shiba Inu tokens.
Plus, check out four things you need to know about Dogecoin.