Shiba Inu is a meme coin recently introduced to the world of volatile cryptocurrencies. In the beginning, it was a much-underestimated coin, but in 2021 it showed its power with a drastic price rise and earned the attraction of many investors.
However, after 2021, we have not seen any major news or update. These days, many people are investing their money in Shiba Inu coins because, according to the analyst, it can give significant returns in a coming couple of years.
Although the crypto market is very volatile, many factors affect the price of Shiba Inu. Therefore, before you evaluate the Shiba Inu forecast, make sure to understand all the factors.
What is Shiba Inu?
If you are still unfamiliar with Shiba Inu, it is an alt or meme coin that features the Japanese action dog bread named Shiba Inu. It is based on the network of Ethereum, which makes it secure for making payments.
Will Shiba Inu take over Doge coin?
Elon musk is the biggest reason for the success of Dogecoin, but Shiba Inu lacks his support. Everyone knows that one tweet from Elon musk can boost the crypto world. The biggest example of this was in May, Bitcoin was down by 20%, but after the tweet of Elon Musk, it immediately went up by 4%.
Although Shiba Inu doesn't have support like Dogecoin, many analysts still predict that Shiba Inu has the potential to overcome Dogecoin in the coming few years. However, the supply methods of Dogecoin are a little more complex than other currencies. Unlike bitcoin or other cryptocurrencies, Dogecoin has an infinite supply.
This creates a significant difference between these both. Shiba Inu doesn’t have an unlimited supply like Dogecoin, and it is limited to 1 quadrillion tokens, which is also a huge number. In addition, Dogecoin and Shiba Inu are predicted to touch $1, but it would not be a huge rise for Dogecoin's percentage from where it is now. So you must prefer buying Shiba Inu coin because it will give massive returns if touched $1.
What factors contribute to the price of Shiba Inu?
News and social media
News and social media affect the price of Shiba Inu and other cryptocurrencies in a significant way. Nowadays, every people who own a smartphone has an internet connection, so they can simply access social media and news, which affects the selling and buying decision of the person making the Shiba Inu trade.
Suppose the news with the title “Shiba Inu will show significant price bump in coming days" comes in the new channels. Then, people will blindly buy the coins without searching, ultimately increasing the price.
Demand and supply
Demand and supply I very straightforward concepts that most people know about. When the demand for the Shiba Inu coin increases and the supply decreases then the price of SHIB coin will automatically increase. On the other hand, if the supply increases and the demand decrease, then the price will also reduce.
...............................................................................If you want to know what the price of Shiba Inu will be within the next ten years, our Shiba Inu price forecast can give you a really good idea of what to expect, you can check the link below or enter our chat rooms and talk with crypto enthusiasts and traders.