Shiba Inu’s value could double imminently as the crypto market recovers from its recent crash, according to some forecasters. FX Street reports: “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.” SHIB has shown significant market growth in recent months, gaining hype after Elon Musk’s Saturday Night Live (SNL) appearance during which he slashed Dogecoin as “a hustle”. As a result, the Tesla and Space X CEO’s comment sunk the value of Dogecoin by 30 percent, meaning SHIB benefited.
Two days after Mr Musk’s appearance, Binance listed Shiba Inu coin on its trading platform and the price soared.
Though the future of Shiba Inu is insecure, experts seem bullish over the token’s future.
Some analysts even forecast SHIB could reach the $1 mark, although it’s unsure when this could be and it’s unlikely to be in the immediate future.
FX Street writes: “An adjacent parallel channel could be drawn to determine the possible price target for SHIB if accelerating interest is confirmed.”
Lucy Gazmararian, founder and managing partner of Token Bay Capital, said that while many people burst off the “memefication” of money as a fad, the underlying forces at work could be enough to revolutionise finance.
She said: “Today with the rise of cryptocurrencies, we are witnessing groups of anonymous individuals experiment with the democratisation of money itself and the SHIB token embodies this new trend.
“As long as participants within a growing ecosystem are united by a shared purpose and vision and incentivised to continue building out the network, the network will become increasingly valuable and this will be reflected in the price of the Shiba token.”
In terms of what the future holds for SHIB, it seems to be a mixed bag.
Wallet Investor reports the price of SHIB will reach around $0.000030 by June 2021, with the potential to rise up to $0.000048 by the end of the year.
Gov.Capital forecasts SHIB to reach $0.000025 by the end of June 2021.
According to other reports, it’s expected the self-claimed Doge killer can reach $0.000085 by the same time.
By the same calculations, there’s a very low chance it will reach $1 by the time 2025 comes around.
Should you invest in SHIB?
The decision to invest stands solely with the investor, so there’s no way to know whether or not an individual should invest their cash.
However, cryptocurrency is a very volatile market which means you shouldn’t invest if you don’t have money to spare.
There is also no guarantee you can convert crypto assets back into cash as it could depend on the demand and supply in the existing market.
In addition, crypto firms aren’t regulated in the same way mainstream financial institutions are, meaning there’s no protection for when things go wrong.
Senior investment and markets analyst at Hargreaves Lansdown said: “Investors should treat trading in cryptocurrencies with extreme caution, and dabble at the edges of their investment portfolio only with money they can afford to lose.”
Nigel Green, chief executive of the deVere Group said: “Extreme caution should be exercised before investing in untested cryptocurrencies.
“The price swings can be expected to be wild and there is a legitimate risk that investors could get burned.
“There are major differences between the likes of bitcoin, which runs on cutting edge tech and has a limited supply giving it scarcity value like gold, amongst other valuable attributes, and unknown digital tokens which seemingly have no inherent value.”