Shiba Inu Next 24 Hours Analysis for February 23rd
In the next few hours, SHIB is predicted to trade between $ 0.0000232 and $ 0.0000254.
Shiba Inu (SHIB) was one of the most popular cryptocurrencies in 2021 and had 43 million more views than Bitcoin. It is not easy to beat Bitcoin, but Shiba Inu had in it the spark to achieve the unattainable. There is an old age saying that “every dog has its day” and it seems that dog based meme token is having the gala time for the last one year.
Shiba Inu is a penny token named after the Japanese dog breed and it was created in August 2020, to be “Dogecoin Killer”. The Shiba Inu ecosystem has three tokens: Shiba Inu, Leash (LEASH) and Bone (BONE), but Shiba Inu is the most popular and prominent component in the ecosystem.
What Triggered the Recent Shiba Inu Coin Rise
After long gloomy days, Shiba Inu saw a light at the end of the tunnel, and with all positive news, Shiba Inu which was struggling to breach $ 0.000020 breached $ 0.000030. Shiba has been trading higher but in the last 12 hours, it has started shedding off the gain it made. However, with the Shib army taking the charge, Shiba Inu may again turn green.
No individual factor can be considered for Shiba Inu’s latest accent. However, few factors can be appropriated for the recent rise of the Shiba Inu token.
- Shiba Inu Burn
Despite all the tall claims, for Shiba Inu to attain a higher price target, a large number of Shib tokens need to be burned which means a large number of Shiba tokens need to be taken out of circulation. Every day several million coins are burned but the burn rate is very low. On the 14th of February, a burn party is planned by Bigger Entertainment which vows to burn 1 Billion Shib tokens live. However, even burning a bullion coin may not be enough to decrease one “0” from the Shiba Inu coin price.
Such events, however, bring the interest of investors back to Shiba Inu. Thus, the burning of the Shib token may be one factor that may have triggered the recent rise of the Shiba Inu coin.
2. Ethereum Whales buying Shib token. The latest Whales data show Ethereum whales buying Shiba Inu coins in large numbers.
3. Shiba Inu creators introducing Shibarium. Shiba Inu is set to introduce its own blockchain-like transaction system Shibarium. Recently a test run of Shibarium was done which led to a massive spike in the price of Shib tokens. Once Shibarium becomes public, Shiba Inu will no longer depend on the Ethereum platform to complete its transaction. This will reduce the gas fees that ETH charges other tokens to run and operate on their platforms.
Will Shiba Inu Reach 1 Cent: Last One Year Rise and the Responsible Factors
On Paper, Shiba Inu has risen 250,000,000 percent in the last one year. There are various factors which are listed below:
- The Shiba Inu came into limelight since its launch as investors were looking for next bitcoin (BTC) to invest in, but the real push was in May, when it rose 2405% in just a span of three days and hit a fresh peak of $ 0.0000388 on 10th May. The rally was primarily due to an interview of Elon Musk where he termed DOGE as a “hustle”, which triggered sell off in DOGE and fresh buying in SHIB.
- A petition on Change.org is demanding popular exchange Robinhood to list Shiba citing the presence of rival Dogecoin. The petition also states that Binance has listed SHIB and it led to 16% price uplift. The petition is growing stronger and has currently over 556,000 signatures.
- The prices of meme token are so reactive to Elon Musk tweets that it jumped after the Tesla CEO tweeted a photo of Shiba Inu puppy in a Tesla vehicle on 4th October. Other similar currencies like Dogecoin and Shiba floki (FLOKI) had met similar fate.
- In late November, couple of positive news like listing on Kraken exchange and announcement by e commerce retailer Newegg that it will accept SHIB as payment buoyed the price. Another positive factor being appointment of gaming veteran William Volk.
- On 8th December, Shiba Inu revealed that a strategic work for hire contract is signed with Playside, the Australian video game developer. The plan is to develop a multiplayer Collectable card game. Luckily, on the same day exchange Bitstamp announced to list SHIB, the following day on its platform. These factors contributed to take the prices upside.
Will Shiba Inu Reach 1 Cent: What Lies Ahead for SHIB in 2022 and Further
- Recently, Shiba Inu price has fallen from October all time high of $ 0.00008841 to 0.00002793 (18th January), this is more than 65% fall in value. However, since 2017, there is a general sell off of all cryptocurrency during the fag end of the year. This is primality due to taxes, as many investors plans to cut down loss making trades to harvest tax losses before the end of fiscal year.
- Shiba is an altcoin, implying that a strong community is requisite for the success of Shiba. Fortunately for Shiba ecosystem, it is backed by a strong community and it had 43 more million views than Bitcoin in 2021. For Shiba Inu to rise again and achieve all-time high, it is imperative that it is backed by the bulls of this community. .
- But recently, Shiba Inu founder Ryoshi wrote that he is feeling bit scared that people will stop trading Shiba Inu if it is removed from the Ethereum blockchain. However, with every transaction costing over $ 9 on this blockchain, it makes very little sense to continue trading on ethereum blockchain.
- Also, Shiba Inu faces a stiff resistance from new projects such as EverGrow, a project with strong fundamentals and strong team and much cheaper valuations of $ 500 million approx. as compared to $ 15.3 million market cap of Shiba Inu
- So, Shiba has so many positives but it faces a risky year ahead as valuations are too high and introduction of independent blockchain poses an obstacle which needs to be tackled carefully.
Will Shiba Inu Reach 1 cent?
- While the most talked about question is whether Shiba Inu ever reach one cent? While many articles, you tube videos and various forums claim that Shiba Inu can reach one cent in future, according to me, these claims are misleading and dangerous for retail traders and keeping in mind all practical scenarios, Shiba Inu should never reach 1 cent in value. Below are the arguments in favor of the same:
- The reality of Shiba Inu reaching 1 cent is financially illogical. Because, at $ 0.01 value, market cap of Shiba Inu will be roughly $ 5.89 trillion, which is approximately 10 times more than Ethereum itself, on whose blockchain it is dependent. The market cap will be 3 times more than Apple (AAPL) and 5 times more than Tesla (TSLA), 10 times more than Bitcoin.
- Cryptocurrencies like Bitcoin and Dogecoin have their independent blockchain and are standalone currencies, they have a mining system, backed by thousands of mining computers that are keeping the system alive and running. But SHIB is an ERC 20 token based cryptocurrency similar to Binance Coin and Tether. So SHIB token is not offering anything new to investors to push its market cap to such huge levels.
- If Shiba Inu reaches 1 cent valuation with a market cap of $ 5.89 trillion, it will be more than what US government raises in annual taxation ($ 4 trillion). As SHIB is based on Ethereum ERC20, it does not make sense that Shiba Inu’s market cap can surpass Ether’s market cap.
- Companies like Apple, Tesla, Google are precious companies making excellent products which are unanimously liked by customers and that is why they are trillion-dollar company. SHIB does not create any product and it is only a currency backed by a community and therefore it does not have any inherent value for long term.
- From the technical perspective, Shiba Inu is gathering momentum and investors are adopting “buy on dip” strategy. But various others are skeptical about the progress of the project. Geoff Lewis, the founder of Bedrock Capital went on to compare SHIB saga to Pets.com, one of the biggest failure of dot com bubble reported at that time.
Will Shiba Inu Reach 1 Cent: Shiba Inu Chart of 2022
Read: Shiba Inu Price Prediction 2022: Weekly Update
Will Shiba Inu Reach 1 Cent: Latest News
Shib Inu Burn
After the latest Valentine’s Day burn, Steven Cooper has promised more burns but now his company Bigger Entertainment will no longer host burn parties tickets after the backlash.
In the last 8 hours, 111,111,111 Shiba Inu tokens have been put out of circulation. After this, the total Shib tokens burnt from the initial supply are 410,303,092,462,180.
Currently, the total Shiba Inu supplies stand at 549,191,833,302,462.
Shiba Inu Enters Metaverse
Shiba Inu has entered Metaverse with Shiba Lands. Via its official blogpost, the Shiba Inu Developers said, “The Metaverse is set to be one of the biggest areas within crypto for many to enjoy… using it as another great resource to offer crypto communities incentivization, content, and regular royalties.”
Shiba Inu becomes most popular altcoin among Binance Smart chain whales
Shiba Inu has again started gaining. This time it is due to the Whales accumulating the Shib tokens. The largest whales on the Binance Smart Chain network have accumulated 140 billion Shiba Inu tokens. This has triggered the token to rise again.
Will Shiba Inu Reach 1 Cent: Tweet and videos
How Shiba Inu Will Reach 1 Cent (MATH EXPLAINED)
Will Shiba Inu Reach 1 Cent: Conclusion
Currently, Shiba Inu is at very important level and it could see a major upward or downward movement in 2022. The positive factor behind Shiba Inu is strong community support and at present nearly 50% of the shareholders are in the money and more than 75% of them are considered to be large holders, therefore it can be concluded that recent sell-off is only seasonal and bulls will come back stronger any time soon.
Also, it should be kept in mind that Shiba Inu market cap is much smaller than Bitcoin and Ethereum and that makes it much more volatile and if it has witnessed a steep sell-off in the last couple of weeks, upside potential is also similar and It is a matter of time before Shiba Inu will march towards all-time high. But for all practical purposes, investors should not be disillusioned that Shiba Inu will touch 1 cent.
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. Please consult a registered investment advisor to guide you on your financial decisions.