There has been no crypto bull that at the end of 2020 predicted the events of this year’s cryptosphere. Perhaps the most surprising is by Shiba Inu (CCC:SHIB-USD) become one of the largest digital currencies in the world. At this moment, the token is blowing in the neck of Dogecoin (CCC:DOGE-USD), threatening to dethrone the king of pupcoins. Investors are eagerly researching Shiba Inu’s price predictions as they hope SHIB will overtake DOGE.
Shiba Inu was born last year, referred to as a “Dogecoin killer”. The token wanted to be the king of a particular crypto niche, but it has to thank Dogecoin for its current momentum. If it hadn’t been for Dogecoin’s run from 1 cent to 73 cents in early spring, Shiba Inu probably wouldn’t have gotten the attention it does. Dogecoin has unlocked the doors of altcoins left and right. Since then, the token has also benefited from Elon Musk’s Twitter account, where he often tweets about his adoration for Shiba Inu dogs, inadvertently pumping out the SHIB token and providing it with widespread exposure.
Now, however, it looks like SHIB could really become Dogecoin’s killer. With its recent giant price hikes and a massive influx of capital from the increasing volume of transactions, the student is well on the way to becoming the teacher. Over the past seven days, SHIB gained nearly 130%; at the beginning of October, it gained more than 200%. And although its valuation is still only a fraction of a cent, it has turned out to be a very lucrative investment.
Besides face value, the token has also seen a huge increase in market capitalization in recent weeks. With investors flocking to SHIB, the trading volume reaches billions of dollars every day. This trading volume has helped SHIB’s market capitalization grow from $ 2 billion in August to over $ 24 billion today.
Shiba Inu price predictions rise as SHIB threatens to overtake DOGE
In the two months it took for SHIB to rack up this astonishing $ 22 billion capitalization increase, it moved ever closer to dethroning Dogecoin. Today, it’s right at the doorstep of DOGE; DOGE fell to tenth in cryptocurrency and SHIB rose to eleventh in cryptocurrency. SHIB is only $ 8 billion behind Dogecoin in terms of market cap, and exceeding Dogecoin would not only make it the crown pupcoin, but also place Shiba Inu in an elite group of the biggest cryptos in the world. world.
Shiba Inu bulls recognize what’s going on, and they flock to add to their holdings. Already today, SHIB has seen $ 21.5 billion in tokens traded, an increase of double its average daily volume. The influx of buyers also helped push up SHIB prices by nearly 34% on the day; this makes SHIB one of the biggest winners on an otherwise calm day for the crypto market. In fact, it hits a new all-time high again, hitting a price tag of $ 0.000063.
So what does the Shiba Inu price prediction say about the future of this fast growing token? Let’s see what analysts are predicting:
- CoinPriceForecast predicts that SHIB will be able to erase another zero from its value in the push towards 1 cent. By the end of December, outlets expect the SHIB to reach $ 0.00016.
- The Economy Forecast Agency also sets a price target of $ 0.0001 on SHIB for the end of the year. By October 2022, the site expects the token to reach $ 0.00022.
- DigitalCoin says Shiba Inu will be close to erasing a zero, but it won’t quite until the end of the year. The site’s price target in December is $ 0.000099.
- Gov Capital believes that Shiba Inu still has time to go zero. The site’s October 2022 forecast values the SHIB at $ 0.000085.
At the time of publication, Brenden Rearick had (directly or indirectly) no position in any of the stocks mentioned in this article. The opinions expressed in this article are those of the author, submitted to InvestorPlace.com Publication guidelines.