Shiba inu coin’s latest price predictions and expert forecast for the year ahead

Shiba Inu
Hailed as the “dogecoin killer,” as reported by Fortune, the token is dubbed after the Japanese dog breed, Shiba Inu.

  • Shiba inu coin has gained significant momentum since its inception.
  • The coin received particular hype after Elon Musk’s SNL appearance.
  • Hailed as the “dogecoin killer,’ the price is expected to double, per analysts.
  • See more stories on Insider’s business page.

Shiba inu coin, known as a dogecoin spin-off, started off as a bit of a joke. But now it’s anything but.

According to analysts, the price of the ethereum-based meme token could double imminently as the cryptocurrency market recovers from the recent crash, per FXStreet.

“Despite almost two weeks of consolidation, SHIB has overcome indecision, working in favour of the bulls after gaining over 55 percent in market value from its bottom,” FXStreet reported.

Shiba inu coin has shown significant growth in the market. It particularly gained hype after Elon Musk’s SNL appearance, which slashed dogecoin as a “hustle.” As a result, his comment, which sunk the value of dogecoin by 30%, meant shiba inu coin benefited from its alternative’s fall, as reported by Fortune.

Specifically, two days after Musk’s appearance, Binance listed shiba inu coin on its trading platform, and the price from the token doubled.

What exactly is shiba inu coin and how has it gained so much traction?

Hailed as the “dogecoin killer” by Fortune and others, the token launched less than a year ago and is named after the Japanese dog breed, Shiba Inu. The cryptocurrency trades under the symbol SHIB and is an alternative investment to dogecoin.

Shiba inu coin has become the 32nd most valuable cryptocurrency by market cap, per CoinMarketCap.com.

In recent weeks, it gained worldwide attention after a crypto billionaire donated $1 billion of shiba inu coin to aid India’s COVID-19 relief.

Then earlier this month, an $8,000 investment in shiba inu coin by a New York family reportedly pulled in a $9 million fortune for them within a few months, as Insider reported.

Stock market
Though the future of shiba inu coin is insecure, experts seem bullish over the token.

What is the current price?

At the time of writing, SHIB current price is $0.000007695, per CoinMarketCap.com but points to a market cap of around $3 billion.

What does the future hold for the currency?

Though the future of shiba inu coin is insecure, experts seem bullish over the token.

As reported by the Daily Express, forecasters predict shiba inu coin is likely to reach $1 by the end of June 2021.

“An adjacent parallel channel could be drawn to determine the possible price target for SHIB if accelerating interest is confirmed, “FXStreet reported.

Lucy Gazmararian, founder and managing partner of Token Bay Capital, told Insider, while many may brush off the “memefication” of money as a fad, the underlying forces at work are actually pretty revolutionary.

“Today with the rise of cryptocurrencies, we are witnessing groups of anonymous individuals experiment with the democratization of money itself and the shiba token embodies this new trend,” said Gazmararian.

“As long as participants within a growing ecosystem are united by a shared purpose and vision and incentivized to continue building out the network, the network will become increasingly valuable, and this will be reflected in the price of the shiba token,” she added.

Some observers are more cautious. Nigel Green, CEO of deVere Group, told the Daily Express: “Extreme caution should be exercised before investing in untested cryptocurrencies.”

He added: “There are major differences between the likes of bitcoin, which runs on cutting edge tech and has a limited suppled giving it scarcity value like gold, amongst other valuable attributes, and unknown digital tokens which seemingly have no inherent value.”

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eToro’s CEO says the app added dogecoin because of its ‘large and loud’ fanbase – and notes shiba inu coin’s similarly passionate following

Yoni Assia, eToro_1.JPG
Yoni Assia is the cofounder and chief executive of trading app eToro.

  • eToro added dogecoin because it is grounded in and supported by a strong community, its CEO says.
  • Yoni Assia told Insider that Elon Musk’s backing was another key factor in the move.
  • eToro is set to go public later this year in a $10.4 billion SPAC deal, and is expanding in the US.
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So far, 2021 in markets has been the year of cryptocurrencies, retail trading and special purpose acquisition companies, or SPACs.

eToro is intimately involved in all three, with the global stocks and crypto trading app set to go public later this year through a $10.4 billion merger with the FinTech Acquisition Corp. V SPAC.

But to many amateur traders and crypto fans, eToro is known as a key supporter of cryptocurrency trading around the world. It made headlines when it added dogecoin to its offering in early May, a move which helped send the meme cryptocurrency soaring around 50% to an all-time high.

Dogecoin has a ‘large, loud, and funny’ community – and Elon Musk

Yoni Assia, the chief executive of eToro, which he cofounded in 2007, told Insider that the real question was why it had taken so long.

“Frankly, because initially dogecoin was invented as a meme or a joke, it felt, to us, not sensible for investment purposes.”

Yet Assia says eToro ultimately decided that the enthusiasm of dogecoin’s fans – not least Tesla boss Elon Musk – meant the coin had a future and was worth adding.

Dogecoin has “one of the largest, loudest and funniest communities in the cryptocurrency industry,” Assia says, adding that “a strong community is a very strong part of every cryptocurrency.”

He adds: “And one member of that community is quite unique on its own. And that’s Elon Musk.”

The Tesla boss has been one of the driving forces behind the boom in dogecoin, bitcoin and cryptocurrencies in general. A tweet from him can send assets soaring or plunging.

“When one member of that community is worth $180 billion, that really changes the dynamics,” Assia says.

eToro has recently added a spate of cryptocurrencies to its platform, on which people in the US and around the world can trade in digital assets.

Does it plan to add dogecoin copycat shiba inu coin, which has recently been making waves? “Unfortunately we do not comment on future listings on eToro,” Assia says, “but I would say that it does seem that shiba has a passionate community around it.”

The trading app tries to educate users on risk

Although dogecoin has a legion of fans, traditional financial analysts and regulators have warned speculators that they could get badly burned.

Trading apps such as Robinhood have come under fire from politicians for the “gamification” of trading and making it easier to bet large amounts on relatively unknown assets, causing many to suffer large losses.

Does Assia worry about this? “I am always concerned about risk management,” he says, “which is why we try to educate our customers.”

When bitcoin and other cryptocurrencies started crashing just over a week ago, eToro “educated our customers about diversification, which is the first and most important element of risk management and managing a portfolio,” Assia says.

Can the retail trading boom continue?

eToro is set to go public later this year through a $10.4 billion merger with serial SPAC-launcher Betsy Cohen’s company, called Fintech Acquisition Corp. V.

The trading app, which is based in Israel, has benefited massively from the boom in retail trading brought on by the pandemic, when low interest rates, government stimulus, and lockdowns combined to push people towards online investing.

eToro’s revenue grew 147% year on year in 2020 to $605 million. In the SPAC deal, the app was given an implied value of $9.6 billion.

A key question for potential investors is whether that growth can continue, justifying the lofty valuation, or whether the retail boom fades as economies reopen.

Assia argues that eToro’s international footing will be key to its expansion. It is predominantly focused on Europe but has customers in more than 100 different countries.

“There is little doubt in my mind that in 10 years, we are going to see several large fintech platforms that are catering globally to retail investors,” he says.

Key to eToro’s plans is a push into the US. It currently offers cryptocurrencies in the US but plans to launch stock trading in the second half of the year.

The app will eventually roll out a full suite of features in the US, including its “CopyTrading” feature in which users can copy successful investors. Assia says the most-copied user gets $150,000 a month just from being imitated on the platform.

“I think the opportunity is very big,” Assia says of eToro’s plans. “Generally we call 2020 the rise of the millennial investor. We weren’t expecting that to accelerate so much in 2021.”

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Ethereum co-founder Vitalik Buterin destroys 90% of his Shiba Inu holdings – almost half the coin’s circulation

vitalik Buterin ethereum

Ethereum co-founder Vitalik Buterin burned 90% of his Shiba Inu holdings and will donate the remaining 10% according to a note he left on an ether transaction made on Sunday evening.

Over 40% of the coin’s total circulation have thereby been taken out of the market.

Burning and donating the coins was the only option, Buterin said. He’d previously been given 50% of all Shiba Inu tokens by the coin’s creators, said. It was the only way to avoid his transactions in Shiba Inu being interpreted as actions, or indicators on his part, he said.

Buterin also urged coin creators not to send large amounts of tokens to individuals or charities without their consent. “I don’t *want* to be a locus of power of that kind. Better to just print the coins into the hands of a worthy charity directly (though do talk to them first),” he wrote in his note.

The burned coins have effectively been taken out of circulation – “burning” a crypto token means sending it to a public address that is inaccessible, where it will then lay unused.

Read more: ‘Wolf of All Streets’ crypto trader Scott Melker breaks down his strategy for making money using ‘HODLing’ and 100-times trade opportunities – and shares 5 under-the-radar tokens he thinks could explode

More than 40% of Shiba Inu tokens have now been burned, which amounts to around 410 trillion coins worth around $7 billion. Shiba Inu rose by over 40% to $0.00001953 after Buterin’s statement. Based on CoinMarketCap data, the coin was last up 0.6% in the 24 hours to 08:17 E.T., trading at $0.0000161.

SHIB is a small, dogecoin-inspired token that gained 1,000% last week. Its website describes it as an “experiment in decentralized spontaneous community building”. Binance’s Indian platform listed the SHIB coin late last week.

Buterin said he had not yet decided to which charity he would donate the remaining 10% of his Shiba Inu tokens. He said he wanted to support an organization that aimed to prevent “large-scale loss of life” in the long term.

Last week, Buterin donated Shiba Inu coins worth $1 billion to CryptoRelief, a crypto-based charity fund set up by Sandeep Nailwal, co-founder of the Ethereum platform Polygon, to support India in its fight against a deadly wave of COVID-19. Buterin said he would not donate the remaining Shiba Inu tokens to the same fund, as it was important to think about the future.

“I’ve actually been impressed by how the dog token communities have treated the recent donations! Plenty of dog people have shown their generosity and their willingness to not just focus on their own profits but also be interested in making the world as a whole better.” Buterin said.

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Binance’s Indian exchange lists Shiba Inu coin a day after Ethereum creator Vitalik Buterin’s $1 billion donation

CZ 7 (1)
Changpeng Zhao is the CEO of the world’s largest crypto exchange Binance.

The largest cryptocurrency exchange in India has listed shiba inu coin for trading a day after ethereum co-creator Vitalik Buterin’s donation of about $1 billion worth of the tokens to India for COVID-19 relief.

Mumbai-based WazirX exchange, which is owned by Binance, listed the new token on Thursday, according to a blog post.

“We were receiving a lot of requests from our community to bring SHIB on WazirX, and hence, we decided to list it,” WazirX CEO Nischal Shetty told CoinDesk.

WazirX however will not accept direct SHIB deposits or facilitate its withdrawals. According to shiba inu’s website, the only place to buy or sell the dogecoin knockoff is on Uniswap.

Shiba inu, which was founded less than a year ago, took inspiration from a more established meme currency, dogecoin – even branding itself as a “dogecoin killer.” According to its website, shiba inu is an “experiment in decentralized community building.”

The WazirX listing comes a day after Buterin donated 50 trillion SHIB tokens worth around $1 billion to a crypto-based COVID-19 relief fund for India. The token has skyrocketed and gained almost 1,000% over the past week but plunged after news of Buterin’s donation broke.

Shiba inu was last at $0.00002035 on Friday morning, up by 15%, according to CoinMarketCap data. It is the 25th largest cryptocurrency in circulation based on its current market value of over $7.9 billion.

The listing of meme tokens is often seen as a sign of legitimacy in the cryptocurrency community.

On Thursday, Coinbase said it will list the dogecoin in six to eight weeks. Other exchanges that allow dogecoin trading include Kraken and Robinhood.

Read the original article on Business Insider

Shiba Inu coin investment turned New York brothers into multimillionaires a few months after they bet $8,000 on the ‘parody’ cryptocurrency, reports say

crypto
The crypto bet paid off for the family.

A New York family’s investment of about $8,000 in Shiba Inu coin, a dogecoin spin-off, netted them a $9 million fortune in the space of a few months, CNN Business reported.

The token gained attention last week as a crypto billionaire donated $1 billion of Shiba Inu coin to help with India’s COVID-19 relief.

The coin’s value has grown by about 10,000% this year, according to Coinbase. It dipped about 34% after the Indian donation from Ethereum creator Vitalik Buterin was announced.

The New York family, which asked CNN Business to not use their surname, began investing with a few hundred dollars in February. They continued buying into the coin until they had about $8,000 invested, the report said.

By Thursday, the family’s investment was worth “nearly $9 million” CNN Business reported, saying it had reviewed the family’s crypto records.

It was a dramatic turnaround in fortunes for the brothers, who live in Westchester county and whose wedding business was nearly destroyed as a result of the COVID-19 pandemic.

Shiba Inu coin calls itself the “Dogecoin Killer,” as they share the same symbol: the Shiba Inu breed.

The token was listed on India’s WazirX crypto exchange last week.

Read the original article on Business Insider

Binance’s Indian exchange lists Shiba Inu coin a day after Ehtereum creator Vitalik Buterin’s $1 billion donation

CZ 7 (1)
Changpeng Zhao is the CEO of the world’s largest crypto exchange Binance.

The largest cryptocurrency exchange in India has listed shiba inu coin for trading a day after ethereum co-creator Vitalik Buterin’s donation of about $1 billion worth of the tokens to India for COVID-19 relief.

Mumbai-based WazirX exchange, which is owned by Binance, listed the new token on Thursday, according to a blog post.

“We were receiving a lot of requests from our community to bring SHIB on WazirX, and hence, we decided to list it,” WazirX CEO Nischal Shetty told CoinDesk.

WazirX however will not accept direct SHIB deposits or facilitate its withdrawals. According to shiba inu’s website, the only place to buy or sell the dogecoin knockoff is on Uniswap.

Shiba inu, which was founded less than a year ago, took inspiration from a more established meme currency, dogecoin – even branding itself as a “dogecoin killer.” According to its website, shiba inu is an “experiment in decentralized community building.”

The WazirX listing comes a day after Buterin donated 50 trillion SHIB tokens worth around $1 billion to a crypto-based COVID-19 relief fund for India. The token has skyrocketed and gained almost 1,000% over the past week but plunged after news of Buterin’s donation broke.

Shiba inu was last at $0.00002035 on Friday morning, up by 15%, according to CoinMarketCap data. It is the 25th largest cryptocurrency in circulation based on its current market value of over $7.9 billion.

The listing of meme tokens is often seen as a sign of legitimacy in the cryptocurrency community.

On Thursday, Coinbase said it will list the dogecoin in six to eight weeks. Other exchanges that allow dogecoin trading include Kraken and Robinhood.

Read the original article on Business Insider