Shiba Inu (SHIB) has become one of the most prominent meme-inspired cryptocurrencies since its launch in August 2020. The developers behind the decentralized token have worked to build an ecosystem of projects for the SHIB community.
However, the recent launch of the layer-2 solution Shibarium failed to boost prices amid the ongoing volatile market significantly. With 2024 here, here is our price prediction for Shiba Inu for 2024.
What is Shiba Inu? A Brief History
Shiba Inu is a decentralized cryptocurrency that spawned from a meme-inspired online community. The token’s mascot is a Shiba Inu dog, which led to the name.
In mid-2020, an anonymous individual or group known as Ryoshi started working on Shiba Inu as an experimental decentralized community project. Ryoshi intended to take the meme coin concept behind Dogecoin and build an ecosystem around it.
Also read: BONK Surges 31%; How High Can The Meme Coin Go In 2024?
After launching in August 2020, Shiba Inu gained little initial traction until May 2021. That month, Ethereum co-founder Vitalik Buterin donated and burned trillions of SHIB, sparking a frenzy of interest. The supply removal helped propel SHIB’s price from $0.0000007 to $0.000037 within days.
By October 2021, SHIB peaked at $0.000088, delivering over +10133726% gains from its debut. However, the token has declined significantly since being caught up in the 2022 crypto bear market.
The developers behind Shiba Inu have worked to expand utility and use cases beyond being a speculative asset. Efforts include the Shibarium layer-2 network, metaverse land in the Shibaverse, and plans for merchant payments with SHIB. However, prices remain depressed near all-time lows.
Also read: Dogecoin Creates Short-Term Bullish Pattern; Will DOGE Price Hit $0.10?
Shiba Inu price prediction for 2024
Shiba Inu’s price currently stands at $0.000009611, with a 1% surge in value over the last 24 hours. According to Changelly analysts, SHIB is expected to trade at a minimum of $0.00000648 and a maximum of $0.00000879 in 2024. Experts predict that the average trading price will be $0.0000111. SHIB has fallen 89% since its all-time high of $0.00008845 on October 28, 2021.
The market is currently volatile and shows a positive trajectory as both BTC, ETH, and other major altcoins are trading in green. The price can go in either direction, depending on market sentiment and other factors.
