Shiba Inu is making great strides in the meme coin market and is expected to become the most profitable altcoin investment in the future.
What are the factors that spur this unprecedented growth cycle for this dog-themed meme coin? Let us examine them in this article.
What is Shiba Inu?
Shiba Inu was introduced as a “Dogecoin killer” to counter the dominance of Dogecoin in the altcoin market. It was built on the Ethereum blockchain. It was founded in August 2020 by an anonymous entity named Ryoshi.
The distinguishing feature of Shiba Inu is that it is fully run by the community. It is completely decentralized and only the token holders can make governance decisions on the platform.
The workings of this platform are decided by its users to suit their use cases. It was not built on a preexisting group of members, but the community was built from a group of followers who came to support it after they were attracted by its utility.
Shiba INU has three native tokens.
- SHIB token
- BONE token
- LEASH token
The current market status of the SHIB token is given below.
Current Market Price: $0.0000278
Market Capitalization: $16,385,905,499
Fully Diluted Valuation: $27,806,968,793
24 Hour Trading Volume: $1,555,711,948
Circulating Supply: 589,262,947,826,897
Total Supply: 999,982,356,924,166
The expected price rise of Shiba Inu is given in the table below.
| Year | Yearly Low | Yearly Average | Yearly High |
| 2024 | $0.0000249 | $0.0000548 | $0.0000611 |
| 2025 | $0.0000603 | $0.0000701 | $0.0000724 |
| 2026 | $0.0000829 | $0.0000971 | $0.000102 |
| 2027 | $0.000108 | $0.000126 | $0.000129 |
| 2028 | $0.000108 | $0.000126 | $0.000129 |
| 2029 | $0.000133 | $0.000146 | $0.000149 |
| 2030 | $0.000189 | $0.000206 | $0.000210 |
Factors That Drive The Price Surge of Shiba Inu
The price of the SHIB token is rising steadily due to the following factors.
The Recent Whale Activity
Crypto whales have invested in Shiba Inu tokens as they consider it as a token with future profitability. Data collected from different sources corroborate this finding.
From May 18 to May 28, Shiba Inu has become the favorite token for whale investors, overtaking the mighty Dogecoin. The token’s sales have surged from $29.93 million to $214.18 million; the market has become strongly bullish for Shiba Inu.
It has also become the 10th largest coin in terms of market capitalization, with its market capitalization being $16,385,905,499. The current demand for the coin shows the confidence of the investors about the price hike of Shiba Inu.
Creation of SHIB Exchange Traded Fund (ETF)
The rumors about the creation of an SHIB ETF are another factor that is attracting investors to this token.
Even though this is still a possibility and is subject to the approval of the SEC, the anticipation of such an event has increased investor confidence in Shiba Inu.
Boost in the Coin’s Market Activity
There is now an increased market activity for the token due to the above-mentioned reasons.
In the last few days, the token’s transaction volume has increased significantly. This surge in the transaction volume is both an effect and the cause of increased investor confidence.
Strong Community Support
The Shiba Inu platform is supported by a strong community of decentralized users who act in the best interest of the token.
The community members drive the decision-making process of the token and will not make detrimental decisions because they are the sole benefactors of their decisions.
The community, through their voting rights, can vote for decisions that suit their particular use cases.
The Bottom Line
Shiba Inu is an altcoin sensation already and is set to beat Dogecoin in the future. The high investments by crypto whales are a testimonial to the expected rise in its market demand. The token has emerged to be strongly bullish by evading any likely bearish trends.
After considering all the points mentioned in this article, you can safely conclude that Shiba Inu will be a good buy in the future. Its price rise is not just hype but is backed by strong reasons.
