Is it too Late to Buy Shiba Inu in 2023?
Disclaimer: The Industry Talk section features insights from crypto industry players and is not a part of the editorial content of Cryptonews.com.
The market capitalization of Shiba Inu has fallen by more than 89% since its all-time high in 2021. This prompts investors to ask the question, is it too late to buy Shiba Inu coin?
Today, we offer insight into whether SHIB is still worth adding to a crypto portfolio. Our comprehensive analysis discusses the meme coin’s performance, use cases, expert viewpoints, and more.
Is it Too Late to Buy Shiba Inu Coin? Our Summary
Among Shiba Inu’s claims to prominence is that it produced one of the biggest annual gains ever seen for crypto investors. However, according to statistics from CoinMarketCap, the market valuation of SHIB has fallen by around 89% when compared to its 2021 peak.
As such, this raises the question, is Shiba Inu still worth investing in?
- The value of this well-known meme cryptocurrency is currently less than $4.5 billion
- As noted, this is a far cry from its all-time high in 2021
- That said, most cryptocurrencies have since their valuation decline by rapid amounts in 2022 as per the bear market cycle
- Not to mention the fact that one of the biggest cryptocurrency exchanges in the world, FTX, has since filed for bankruptcy – further impacting Shiba Inu and the broader market
- After experiencing a bullish wave for Bitcoin in early 2023, Shiba Inu also went up. By February 2023, SHIB was up by 99% from its price at the beginning of 2023.
- The token’s value has since retraced, and by August 2023, Shiba Inu is now 39% below its 2023 peak.
Is it still a good time to buy Shiba Inu? Those with an appetite for risk might buy SHIB tokens whilst they’re trading at a discount when compared to the start of the year. Read on, as we talk about the SHIB investment thesis in more detail.
Shiba Inu Price History
Shiba Inu was created in August 2020 and started trading at $0.000000001. SHIB tokens remained under the radar for several months. However, by mid-May 2021, SHIB tokens had increased by 3.4 million percent, largely thanks to a sharp interest in meme tokens like Dogecoin.
Nearing the end of the same month the market crashed and Shiba Inu fell by over 76%. However, by October 2021, Shiba Inu was on the rise again, along with many other altcoins.
In fact, some SHIB investors found themselves with gains exceeding 121 million percent by the end of October that year, based on its value at the start of 2021. Is Shiba Inu still going up? The simple answer is no. On the contrary, following its all-time high, Shiba Inu has continued to fall.
Here’s a quick view list of some of Shiba Inu’s highs and lows:
- May 2021 – By the 11th of the month Shiba Inu carried a market capitalization of almost $13.7 billion
- June 2021 – A month later SHIB’s market cap had plummeted to $2.4 billion – this represents a decline of over 82%
- October 2021 – By the end of the month, Shiba Inu reached a new all-time high market cap of $43.5 billion – an increase of over 1,700%
- January 2022 – Shiba Inu had a market capitalization of $18.3 billion at the start of the year
- November 2022 – By the first week in November, Shiba Inu had fallen to $5.3 billion
- December 2022 – SHIB more than 89% down from all-time high
- January 2023 to now – Shiba Inu entered January 2023 at $0.0000081 and then proceeded to climb continually thanks to the renewed support that Bitcoin got from the market. The SHIB price hit an early peak in February when it reached $0.000015 before retracing. At press time, Shiba Inu is trading around the $0.000009 mark.
As per the above, Shiba Inu continues to witness extreme volatility.
How Shiba Inu Performed in 2022?
As we touched on, 2021 saw some meme coins rising substantially. In October, SHIB peaked when it reached its all-time highest market capitalization of $43.5 billion.
Investors asking, ‘Should I still buy Shiba Inu?’ will likely need further information with regard to the more recent performance of SHIB tokens.
The meme craze in recent years has, if anything, highlighted how the fear of missing out (FOMO) and online hype can affect the crypto markets. 2022 brought the crypto winter season, and as such many digital currencies plummeted.
By January 2022, Shiba Inu had a market capitalization of $18.3 billion, much lower than its all-time high. By mid-May 2022, Shiba Inu had fallen to $5.4 billion, and by June it was down to just $4.2 billion.
Things started to look up in early October 2022, at this point, the popular meme token had increased its market cap to around $7.5 billion. This all changed in November 2022.
- In recent months, the value of cryptocurrencies has dramatically declined, and it appears that the bottom is now lower than anybody had anticipated
- Anxious investors have been withdrawing their crypto holdings as a result of FTX filing for bankruptcy
- The announcement shocked the market, causing cryptocurrencies to drop precipitously
- It isn’t just meme-coins either – leading cryptocurrencies Bitcoin and Ethereum have plummeted in recent weeks
- SHIB, like most other tokens, has endured an extremely rough December
FTX was not the first or last blockchain-centric company to succumb to the crypto winter. It’s collapse has had a major impact on market sentiment as a whole, which may not yet have passed.
Shiba Inu Price Prediction 2023-2030
Is it too late to buy Shiba Inu coin? We analyzed some Shiba Inu price predictions for the next 10 years. In turn, we concluded that experts have generated a number of price predictions that indicate it isn’t too late to gain exposure to this project.
According to some, Shiba Inu might make a comeback in late 2023 along with the rest of the sector. That said, all predictions should be taken with a pinch of salt.
Some analysis indicates that in 2023, SHIB’s minimum and maximum trading price could be around $0.0000160584 and $0.0000193081, respectively. The maximum prediction indicates a potential increase of almost 97% based on the price at the time of writing.
The average price predictions for SHIB are summarized below:
- 2023 – $0.0000165
- 2024 – $0.0000257
- 2025 – $0.0000366
- 2030 – $0.0002326
If there is another significant surge, some economists predict that Shiba Inu will reach $0.01 in 2025. Again, investors still asking, ‘Is it too Late to Buy Shiba Inu coin?’ should take all crypto price predictions lightly and not use this as a deciding factor.
How Could Shiba Inu Coin be Used in the Future?
Aside from looking at price analysis, investors pondering ‘Should I still buy Shiba Inu?’, could also look at the use cases of the token.
Does Shiba Inu have any actual uses and how will this shape its future?
- Shiba Inu seems to possess a solid technological foundation and a well-defined strategy
- ShibaSwap, the project’s DeFi platform, reached a total locked value of over $1 billion two days after its launch
- Investors can lock in their SHIB tokens on the platform to receive BONE
- BONE is the governance token of the Shiba Inu ecosystem
- Investors who hold SHIB tokens can also claim staking rewards
- Transaction costs are decreasing thanks to its Shibarium layer-2 solution
- This increases the likelihood that SHIB could be used as a currency in the future
- Shopping.io has partnered with Shiba Inu to allow customers to use SHIB as a payment option on Amazon, eBay, and Walmart
- A well-known fraud-proof payment network, Flexa, has also partnered with Shiba Inu
- Holders of SHIB tokens will be able to use their holdings at more than 41,000 locations in the US and Canada after it is integrated into the Flexa Network
- Shibaswap now trades 46 coins and 70 trading pairs
- Trade volume and Total Value Locked (TVL) have increased significantly in 2022, however
Shiba Inu might be put to use in this way to promote quick transaction settlements. Hundreds of companies have joined the Shiba Inu ecosystem thus far. Additionally, as NFT gaming becomes more popular and the Shiba Inu’s Metaverse gains traction, a lot more people are likely to become interested in buying SHIB.
According to Globaldata, by 2030, the metaverse market will increase at a compound annual growth rate of 39.8% and reach around $996 billion.
What Experts Say on Whether it’s Too Late to Buy Shiba Inu
To help answer the question on many investors’ lips, ‘Is it too late to Buy Shiba Inu coin?’ we’ve looked at what market experts are saying.
- GoBanking Rates, for NASDAQ – Shiba Inu is only valuable as a short-term investment
- Pocketbook Investor – A long-term increase is anticipated. A 5-year investment could potentially result in revenue growth of over 860%
- GOV Capital – This platform says SHIB has experienced a significant bull run, offering tremendous long-term profit potential. By the end of 2022, the platform expects SHIB to reach $0.000056
- Changelly – According to analysts, the price of Shiba Inu cryptocurrency will increase in the coming years. By the end of 2023, the price of a Shiba Inu token is predicted to increase to $0.00002271, which is significantly higher than the current value
Meanwhile, lead Shiba Inu developer Shytoshi Kusama has expressed optimism about the network’s future.
Shiba Inu’s layer-2 network (Shibarium) is progressing according to plan. According to the developer, when using Shiba Inu-based decentralized applications, users will be able to avoid costly gas prices on the Ethereum network.
Where to Buy Shiba Inu Coin
Is Shiba Inu still worth buying? Investors who think it might be are advised to purchase tokens via a regulated online brokerage. This has never been more important than the recent FTX collapse.
See a review of the regulated trading platform eToro below – which is arguably the best place to buy SHIB tokens in safety.
eToro – Social Crypto Trading Platform
eToro has been providing its services globally since 2017 and has the approval of several regulatory bodies. This includes the SEC, FCA, ASIC, and CySEC. The platform offers a plethora of markets. In terms of crypto assets, this includes new coin listings, meme tokens like Shiba Inu and Dogecoin, and a range of other digital currencies.
The commission fee on cryptocurrencies is a low and transparent 1% on each buy and sell order. The eToro platform also offers access to equities and ETFs, forex pairs, commodities, and indices. Investors can also partake in buying and selling cryptocurrencies passively here.
This is possible thanks to the Smart Portfolios, around a dozen are focused on crypto assets. Investors can allocate $500 or more and copy an entire basket of crypto tokens over to their portfolio – many of which contain SHIB. The Smart Portfolio is managed using advanced software and will be periodically rebalanced.
It’s also possible to copy a single trader with experience in the market. When an investor allocates $200 or more to Copy Trading at eToro, they quite literally mirror the positions of a pro. This saves hours of researching the markets, and investors are allowed to ‘un-copy’ as they see fit.
eToro offers a free paper trading account and a cell phone app, as well as charts, statistics, news, and analysis. The minimum investment for those who think Shiba Inu is still worth buying is just $10.
eToro accepts lots of payment types, covering credit/debit cards, e-wallets such as Skrill and PayPal, and also traditional banking methods like wire transfers.
Read a full review of eToro here.
Buy Shiba Inu on eToro
Your capital is at risk. Crypto asset investments are highly volatile and speculative
Is it Too Late to Buy Shiba Inu Coin? Our Verdict
Is it too late to invest in Shiba Inu? There is no definitive answer for investors in such an unpredictable market. Shiba Inu’s devoted following is among the top benefits of investing in it. That is to say, SHIB is being debated by social media influencers, meme creators, and chat forums throughout the world. This has undoubtedly contributed to the cryptocurrency’s popularity.
Shiba Inu coin’s price could rise significantly if these influencers and other well-known figures continue to promote it. Moreover, Shiba Inu uses a deflationary model, in contrast to Dogecoin. This model predicts that the value of SHIB will increase because when supply is less than demand, the coin’s value will rise, which is a good indication of future pricing.
We found that most market analysts’ price predictions are positive when it comes to Shiba Inu. This is probably helped by the fact the project has been making an effort to increase its real-world use cases. As we said, this includes staking, a metaverse, and P2E games.
Shiba Inu has also teamed up with Flexa and Shopping.io. As we mentioned, the latter allows SHIB holders to pay for goods from retailers such as Amazon.
At the time of writing, the market capitalization of Shiba Inu is trading much lower than its all-time high in 2021 – currently $5.5 billion in August 2023. As such, investors might choose to stockpile SHIB tokens before a potential comeback surge.
It’s possible that it may see renewed interest following Elon Musk’s decision to use the Dogecoin logo on the Twitter platform – which is, of course, the Shiba Inu dog breed. The resulting spike in the DOGE price could trickle down to SHIB, the second largest meme coin.
Best Shiba Inu Alternative
Investors who are still perplexed by the question, ‘Is Shiba Inu still a good investment’ could consider a diversification strategy – by investing in more than one crypto project, it’s possible to balance out the risk associated with a speculative asset like SHIB.
With this in mind, here are some presale projects, both of which have the potential to be the next cryptocurrency to explode.
Shibie Coin – A Shiba Inu and Barbie Inspired Memecoin
Launched amidst the memecoin mania, Shibie Coin is a presale crypto that merges the whimsical nature of Shiba Inu with the allure of Barbie.
By fusing the two cultural icons, it aims to break the boundaries of the crypto world. The official whitepaper describes Shibie Coin as a token that is more than a digital asset as it embodies the spirits of two elements – Shiba Inu and Barbie. With Shiba Inu, it represents the unpredictable nature of the crypto market, while it highlights the elegance and stylishness of its community using Barbie.
This project has a unique tokenomics, in which the majority of the tokens are being assigned to the presale. Project devs hold only 5% of the total supply, and the remaining is allocated to DEX listing, liquidity, and marketing.
Due to its multiple attributes, Shibie Coin has goals beyond the DEX listing. It aims to go live on CEX, and bring the gains from the resulting pump to those who invest early.
Shibie Coin reminds us of the early days of Shiba Inu when it wasn’t afraid to showcase the fun factor that it now tries to detach from by adding utility. Shibie Coin’s community-centric approach and its imagery can push its value once the presale concludes.
The presale target for this token has been set at $999,999, out of which it has already raised upwards of $100k. The community and the current interest in memecoin is driving its presale. If this momentum persists, Shibie Coin could experience a major surge once it goes live on cryptocurrency exchanges.
We’ve answered the question on the minds of many meme coin investors – is it too late to buy Shiba Inu coin? The answer according to most analysts, although not a guarantee for gains, seems to be no, it’s not too late.
The whole crypto market is still below its November 2021 highs at this time. However, crypto tends to move in cycles and thus it’s thought it will likely recover. Shiba Inu has a lot going for it – it’s building a metaverse ecosystem and has partnered with the e-commerce platform Shopping.io to allow SHIB holders to pay in crypto.
Investors seeking to diversify might also consider Shibie Coin, a community-centric crypto that takes inspiration from Shiba Inu and adds a dash of elegance to it by adding a Barbie-like concept.
Visit Shibie Coin Presale
Should I still buy Shiba Inu now?
Whether or not an investor should buy Shiba Inu now will depend on their own findings. The best way to invest in crypto is to allocate small amounts and create a diverse portfolio. For instance, one could invest in SHIB, as well as some up-and-coming tokens like Shibie Coin.
Is Shiba Inu worth investing in?
Some market analysts think that SHIB will increase when the crypto winter is over. However, there are no guarantees. As such, investors will need to research the matter themselves, look at more than one source of information, and make a decision based on their own goals and circumstances.
Can Shiba Inu reach $1?
Whether or not Shiba Inu can reach $1 remains to be seen. Some, more conservative analysts, don’t foresee SHIB reaching $1 until 2030, others say it could be as early as 2023 if there’s another bull run. It’s always wise to air on the side of caution with cryptocurrencies and take price predictions with a grain of salt. Investors might consider diversifying with SHIB and other crypto assets to hedge their bets.
Does Shiba Inu have a future?
Many market commentators have a positive outlook on the future price of Shiba Inu. Crypto is working on building an ecosystem. This will include a metaverse, P2E games, and even a wider acceptance of SHIB as a form of payment when online shopping. That said, investors should carry out their own research.