The market turmoil caused by Russia’s invasion of Ukraine has negated the hopes of many technical investors. The value of various major cryptocurrencies has been wiped out following Russia’s invasion.
Shiba Inu, the founder of the meme coin, was pleased to retweet the positive analyst views about the coin. Inu’s value had gained significantly in the month following its acceptance in a fast-food chain.
The price of SHIB fell sharply after a rally in October. It was triggered by profit-taking and a retreat in crypto markets. In this article, we will take a look at the latest developments of the Shiba Inu coin. The coin’s price predictions will also be discussed.
Payment acceptance causes Shiba Inu to spike
The Shiba Inu coin was launched in August 2020. It is a parody of the dogecoin meme. Its popularity has increased as investors look for the next Bitcoin. The project has evolved from a decentralized meme token to an ecosystem that includes the BONE, LEASH and the ShibaSwap decentralized exchanges.
The Shiba Inu token’s price went up by over 240% in three days after Elon Musk appeared on the “Saturday Night Live” show. His appearance caused a sell-off in DOGE. The Shiba coin price started to fall back after reaching a high of $0.00008845 on October 28. It then recovered to a low of $0.000006 before hitting a peak of $0.000008 on October 29. Meanwhile, Elon Musk posted a picture of a Shiba Inu puppy on his Twitter account. He also admitted, however, that he does not own any of the cryptocurrencies.
With the rise of Bitcoin, SHIB was able to hold onto its gains. However, with the volatility of the cryptocurrency markets, it was unable to maintain its gains. After going through a period of volatility, the price of SHIB rebounded to $0.00005398 on November 30. It was triggered by the announcement that Newegg would start accepting Shiba Inu as a payment method.
On December 31, the developers of the Shiba Inu project announced that they would be launching a decentralized autonomous organization known as Doggy DAO. The first phase of the DAO’s development will give the community the ability to decide which projects and pairs will be featured on the platform.
In the latest news, the developers of the Shiba Inu project announced that they would be opening a restaurant with Wellies. The developers of the project also announced that they would be launching a layer 2 network called Shibarium. It will allow the migration of SHIB tokens to the platform.
The developers of the Metaverse stated that certain areas would be available for purchase or auction soon. The price of the Shiba Inu token has declined by about 7% in the past year. It reached a low of $0.00001744 on January 22.
What is the outlook of purchasing Shiba Inu crypto?
According to a forecast by a website that specializes in crypto investing, the price of Shiba Inu could reach $0.00006 within the next year. It also indicated that it could reach $0.000192 in five years.
The site DigitalCoin, however, expected the Shiba Inu price to increase at a slow pace over the next couple of years. PricePrediction also projected that the Shiba Inu token could reach an average of $0.000102 in 2022 and reach $0.000643 in 2030.
Due to the volatility of the cryptocurrency markets, it is difficult to predict the future price of a coin. As such, algorithm-based forecasts and analysts can get their predictions wrong.
Before making any investment decisions, do your own research and consider the latest news, technical analysis and fundamental analysis. It is crucial to never invest more money than you can afford to lose.
Story by Rich Bertch
Share
Contributors
