Cryptocurrency in housing will be 'new normal' says expert
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Shiba Inu reached an all-time high of $0.000077 on October 29 but has since slumped dramatically in price. Despite this recent fall, this young crypto’s prices have been surging in recent months. Express.co.uk explores this new cryptocurrency’s recent rise and predicted growth.
Shiba Inu has seen remarkable growth since its founding in August 2020.
Its price may have fallen to £0.00005042 on the afternoon of October 31, but experts predict the cryptocurrency could soar in the future.
Meme coins like Shiba Inu and Dogecoin were originally started as jokes, despite this, their prices have surged massively in the past year.
Shiba Inu is a dogecoin spin-off, both have a band of dedicated fans and they use the Shiba Inu meme as their mascots.
Shiba Inu Coin is now among the top 10 largest digital assets by market valuation according to CoinMarketCap.
Could Shiba Inu prices soar to $1?
Cryptocurrencies are notoriously volatile, prices can rise and fall dramatically within the space of a few hours.
Crypto experts are often reluctant to give firm predictions about cryptocurrencies due to the market’s instability, however, Jordan McCreery, founding partner of Ingrained Media has high hopes for Shiba Inu.
He told inews: “I believe Shiba has some real potential to grow from its fraction of a cent amount to $0.01 or greater.
“We have seen a large jump just this week, in the coming weeks as we wrap up 2021, the price likely only continues to run.”
But Don Guo, CEO of fintech firm Broctagon is far more sceptical.
He told Express.co.uk: “In order for SHIB to reach a dollar, it requires a market capitalisation of one quadrillion US dollars.”
He explained it’s “impossible” for Shiba Inu coin to reach $1 as there “simply isn’t enough money” in the world.
Likewise, Marie Tatibouet, chief marketing officer of crypto exchange Gate.io, believes Shiba Inu’s rise will be capped.
She told The Sun: I do see some correction coming in the near term as the hype dies down a bit.”
Why has Shiba Inu been soaring?
Shiba Inu has a strong base of supporters, Ms Tatibouet described these fans as a “community” and “almost cult-like.”
This loyal band of followers has created a petition to get Shiba Inu listed on Robinhood – a popular trading platform.
This petition has gained more than 300,000 signatures and could be another reason behind the crypto’s recent price rise.
Comments by high profile individuals such as Elon Musk have sent prices of this crypto soaring.
Even though Mr Musk has said he doesn’t own any Shiba Inu Coin, he is a known fan of cryptos, and a recent cryptic tweet of his Shiba Inu puppy sent prices of the crypto soaring.
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