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Shiba Inu Coin price prediction: What experts think will happen to meme crypto and why buying it is risky

The meme cryptocurrency reached a record high of $0.000077 last Friday, but has now dropped to $0.000045.

Shiba Inu Coin – the Dogecoin competitor, which is based on the same breed of dog – has seen its price cool off a little recently.

It reached a record high of $0.000088 in late October, but has now dropped to $0.000044.

The coin fell rapidly at the end of October, which was put down to a whale moving $2.3 billion worth from their crypto wallet.

It had stayed relatively stable since, but dipped by more than 11 per cent on Thursday.

The meme cryptocurrency has still surged by more than a ridiculous 60,000,000 per cent over the last year.

It now has a market cap of just under $26 billion.

But what is making is so popular, and is it possible to predict if it could continue to grow? Here is what you need to know.

What is Shiba Inu Coin?

On its website, Shiba Inu Coin calls itself “an experiment in decentralised spontaneous community building”.

It was launched in August 2020 and is listed on its own decentralised exchange called ShibaSwap.

The Shiba Token website says 50 per cent of the total supply has been locked to Uniswap, a decentralised finance protocol that facilitates automated transactions between cryptocurrency tokens on the Ethereum blockchain.

The remaining 50 per cent was burned to Ethereum co-founder Vitalik Buterin.

“Everyone has to buy on the open market, ensuring a fair and complete distribution where devs don’t own team tokens they can dump on the community,” the website states.

However, according to Binance, “the top no 1, no 2 and no 5 wallets hold 50.5 per cent, 7 per cent and 3 per cent of total supply respectively”.

The coin’s mascot is the shiba inu dog, the same breed that represents Dogecoin. It has also nicknamed itself the “Dogecoin Killer”.

Why has Shiba Inu been so popular?

Some investors find coins like Shiba Inu attractive, as they offer the opportunity for quick gains. However, you can also lose all your money in little more than an instant.

Jonathan Cheesman, head of institutional sales at crypto-derivatives exchange FTX, told Bloomburg of Shiba Inu Coin’s rise: “Memes have value and have been an investible thesis in 2021. Lower dollar-price tokens are attractive to retail.”

The market has also been buoyed by rumours it may soon be added to the popular trading platform Robinhood.

More than 300,000 people have signed a Change.org petition calling for its addition, and while Robinhood is yet to respond, its CEO Vladimir Tenev said the platform will “carefully evaluate whether we can add new coins in a way that’s safe for customers and in line with regulatory requirements”.

He added: “We feel very, very good about the coins that we’re currently listing on our platform. And for any new coins that we add, we want to feel equally, if not more good.”

It does not take much to move Shiba Inu’s market – last month its price shot up purely because Elon Musk tweeted a picture of his puppy.

Musk has revealed that he does not own any Shiba Inu Coin himself, but does have Bitcoin, Ethereum and Dogecoin.

 

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