Shiba Inu has experienced some volatility to start the new year.
Over the past 24 hours, Shiba has dropped 6% to $0.00003067, according to CoinMarketCap.
On October 28, Shiba hit an all-time high of $0.00008845.
However, since then, Shiba has been trading well below those levels.
Shiba Inu being traded on CoinDCX follows the company announcing it is the first cryptocurrency firm in India to reach a valuation of over $1billion, giving it unicorn status.
What to know about Shiba
The first thing to keep in mind is that cryptocurrencies in general are subject to risks. This is because of the extreme volatility in the industry.
If you aren’t careful – you could lose a lot of money quickly.
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For instance with Shiba, before October, it previous high was $0.0000388 in May 2021.
However, it plunged 85% from that point in July 2021.
The main thing to know about Shiba is that it’s widely known as a meme coin. A meme coin typically gains off a social media or internet-based joke.
Mr Musk has done the same with another popular meme coin known as Dogecoin.
Speaking of which, the Shiba tokens feature the same dog of Dogecoin.
Sometimes Shiba is referred to as the “Dogecoin killer.”
Marie Tatibouet, chief marketing officer of crypto exchange Gate.io, told The Sun that meme coins are acting the same way the Reddit mob has trolled hedge funds this year.
She said: “Dog meme coins have that same sentimentality and almost cult-like effect on their community.”
Meanwhile, former stockbroker and convicted felon Jordan Belfort isn’t quite the fan of meme coins including Shiba.
Will Shiba Inu hit $0.10 this year?
Overall, it’s difficult to predict how Shiba’s price will change in the future due to a wide number of factors affecting it.
This includes regulatory crackdowns around the world, and comments by high-profile individuals such as Musk, and other developments.
Mrs Tatibouet noted that it’s tough to predict what the “community” will do next but sees the Shiba rally cooling off soon.
She said: “Are we going to eat up more zeroes or are we going to crash and burn?”
“However, I do see some correction coming in the near term as the hype dies down a bit.”
And right now it appears Shiba might be in that phase.
Meanwhile, there’s optimism that the meme coin will be listed on Robinhood.
This is over a petition getting launched this year on Change.org to “Kindly request of Robinhood to list Shiba Inu coin!”
Recently, the petition has surpassed more than 554,000 signatures. Originally, the goal was 500,000 – but recently it has been lifted to 1million signatures.
Shiba has been added on more major exchanges including Coinbase Global.
While it hasn’t been added on Robinhood yet, Jordan McCreery, founding partner of Ingrained Media, a marketing firm that implements cryptocurrency programs and strategies, said: “Shiba doesn’t need Robinhood to succeed.”
As far as price predictions go, McCreery said: “I believe Shiba has some real potential to grow from its fraction of a cent amount to $0.01 or greater.”
But some crypto forecasters are less bullish on the Musk-touted cryptocurrency then others.
For example, crypto website Wallet Investor expects Shiba to be valued at $0.000089 in a year’s time.
Meanwhile, Coin Price Forecast predicts Shiba will knock off another zero by the end of 2022 and trade at $0.00029057.
Then in the middle of next year, the crypto price forecaster sees Shiba rising to $0.00033474.
While it seems possible Shiba can see more gains in the future, keep in mind it would need to rocket by nearly 326,000% to reach $0.10.
We recently compared the differences between Dogecoin and Shiba.
We round up five things you need to know about the Shiba Inu tokens.
Plus, check out four things you need to know about Dogecoin.