Shiba Inu is a cryptocurrency that shows much promise. The digital asset has been in the center of attention for two years now. However, before investing in this cryptocurrency, it is important to understand its outlook. Traders Union analysts have prepared a Shiba Inu Price Prediction. Traders can learn what this cryptocurrency is and whether it shows prospects.
What is Shiba Inu?
Shiba Inu is a decentralized cryptocurrency that was launched in 2020. It is considered a meme coin, like Dogecoin. Moreover, the developer team named Dogecoin its key competitor.
Shiba Inu was built on the Ethereum blockchain and gained support of world’s celebrities and public figures, such as Elon Musk and Vitalik Buterin. Their support caused the cryptocurrency price to spike.
What impacts Shiba Inu price?
Shiba Inu is an inflation coin. Its emission is unlimited, which means the cryptocurrency can be issued in unlimited quantities. Shiba Inu is not pegged to any asset. The following factors determine its price:
● News. The cryptocurrency price changes considerably depending on the news. In October 2021, after the tweets of Musk and Buterin, SHIB price soared immediately by 240%.
● Cryptocurrency cycle. There are certain stages of price movement of digital assets between the highs and lows. As a result the value of a digital asset may change at different stages of the cycle.
● Fed decisions. This is one of the key factors that impact the price of the cryptocurrency. If the Federal Reserve Board raises the interest rate in order to curb the inflation, the cryptocurrency also reacts with an increase of quotes.
Shiba Inu is a volatile cryptocurrency, and therefore its price can spike or drop considerably. Traders Union analysts predict that the price will increase over the next few years. Shiba Inu price is predicted at $0.00004288 by the end of 2025, according to the forecast. In the next decade, the price high is expected in the middle of 2031, when Shiba Inu value could reach $0.00007340.