AFTER hitting an all-time high, SHIBA Inu has pulled back a little on Monday.
In the past 24 hours, the price of Shiba has dropped 6% to $0.00003916, according to CoinMarketCap.
The price plunge comes after hit an all-time high of $0.00004442 over the weekend.
Shiba soared in value earlier this month following a tweet by Elon Musk.
Mr Musk, the billionaire entrepreneur behind Tesla, has a Shibu Inu puppy and posted a picture of it on the social media site, which started a big rally.
In the past month, Shiba has skyrocketed by more than 430%.
But what does the future have in store for the dog meme cryptocurrency?
The Sun spoke to experts to find out what lies ahead – and what the cryptocurrency could be worth in 2022.
Shibu Inu is a cryptocurrency token that allows users to hold trillions of them.
Tokens of Shiba Inu feature the same dog as Dogecoin, which has become one of the most popular cryptocurrencies this year.
Whether you’ve already invested or not, keep in mind that making money through cryptocurrencies or other investments is never guaranteed.
Cryptocurrencies are especially volatile, so their values can crash with little to no notice.
In other words, it’s important to not put in more cash than you can afford to lose and to never invest in something you don’t understand.
Newer cryptocurrencies are also riskier than those that have been around for longer, such as Bitcoin, and make you more open to scams.
Will Shiba Inu’s price rise?
For Shiba in particular, there’s has been a fair share of volatility this year despite the surge in the past month.
For example, the token hit its last record high at $0.00003641 on May 11 – but struck bearish trends up until recently.
It has of course exceeded that record now as the current $0.000041 per Shib value is the most recent all time high.
It’s difficult to predict how Shiba Inu’s price will change in future though due to a wide number of factors affecting it.
This includes regulatory crackdowns around the world, comments by high profile individuals such as Musk, and other developments.
In May, the value of Shiba Inu soared after Binance announced it would list the coins on the crypto platform.
Its value also rose in September, after it began trading on Coinbase.
It means the price could rise once again if it’s successful in listing on other recognized platforms such as eToro.
However, as we’ve seen in recent months, cryptocurrencies are highly volatile and their values can change in the blink of an eye.
Myron Jobson, personal finance campaigner of Interactive Investor, previously told The Sun: “It is difficult to predict the price of a something that has an intrinsic value of zero.
“All it takes is a tweet from high-profile individuals who have significant influence on sentiment to cryptos to drive up demand.
“But greater regulatory scrutiny on cryptos threatens to hamper the growth potential of the Shiba Inu.”
Simon Peters, cryptoasset analyst at eToro, added: “As to whether its value will increase – it is possible.
“As more exchanges begin to list the token and provide investors the opportunity to gain exposure, like any asset it will become more routinely traded alongside the likes of Bitcoin and Ethereum.
“That being said, anyone investing in such tokens needs to do so carefully.”
Charlie Barton, investment specialist at comparison site Finder, told The Sun the wider crypto market view is also important right now.
He added: “Many coins are unlikely to see much growth until it’s clear that sentiment is moving in a positive direction.”
What will Shiba Inu be worth in 2022?
Plenty of cryptocurrency fans have predicted Shiba Inu’s value for 2022, but you should take it with a pinch of salt as it’s nowhere near guaranteed.
But many are currently bullish on the Musk-touted cryptocurrency given the gains it’s seen over the past month.
For example, crypto website Wallet Investor expects Shiba to be valued at $0.000053 in a year’s time.
Meanwhile, Coin Price Forecast predicts Shiba will be $0.00007328 by the end of 2021 and $0.00008819 by the middle of next year.
We round up five things you need to know about the Shiba Inu tokens.
The value of the tokens fell in May – check out why in our guide.
Plus, check out four things you need to know about Dogecoin.
What are the risks of investing in crypto?
Investing in any cryptocurrency is risky – here we round up what you need to know.
- Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
- Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
- Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market.
- Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.
- Marketing materials: Firms may overstate the returns of products or understate the risks involved.
Changpeng Zhao says ‘even memes have value’ after Elon Musk promotes Dogecoin
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