Is This The End Of Shiba Inu Crypto?

The latest Finder’s Shiba Inu Price Predictions Report projects that dog-themed meme coin Shiba Inu (SHIB) will likely be put down by the end of this decade. The annual survey of 36 fintech experts was conducted last month following several weeks of upbeat news and announcements for the token that was launched as a joke in August 2020.

According to the Finder report, almost a third of respondents who gave a price prediction said that SHIB will have no value by the end of the year, while nearly two-thirds stated that SHIB will be worth nothing by the end of 2025.

A Brief History Of Shiba Inu

Shiba Inu (SHIBUSD) is an Ethereum-based altcoin (a cryptocurrency other than Bitcoin) that features the Shiba Inu—a Japanese breed of hunting dog—as its mascot. Shiba Inu is widely considered to be an alternative to Dogecoin; in fact, proponents of Shiba Inu tout it as “the Dogecoin killer.”

Shiba Inu and Dogecoin are meme coins, which are cryptocurrencies that are associated with some theme—like the Shiba Inu dog in the case of Shiba Inu and Dogecoin—but are often launched as a parody or inside joke rather than as a digital product that actually has some utility.2 While Dogecoin was launched in December 2013, Shiba Inu was created in August 2020 by an anonymous individual or group called Ryoshi.

The Future Of Shiba Inu

The head of funds at DigitalX Asset Management, Matthew Harry, says he can’t be optimistic about SHIB and believes it will fall to $0.0001 by the end of 2022, and lose all value within the next three years. “This market is maturing and things like SHIB will die as capital begins to flow to quality and value rather than being scattered across the field in the hope that every player wins a prize. That’s not how things work. Hype dies, value rises,” Harry stated in the report.

Another of the surveyed Shiba Inu skeptics was Dimitrios Salampasis, director and lecturer at Swinburne University of Technology, who says SHIB lacks any compelling and sustainable utility. “All these joke-type coins will disappear and leave space for actual innovation and crypto assets that can serve proper use cases. Being a meme coin I don’t have a lot of hope for the future of Shiba. I see long term this coin going close to zero, without being able to provide proper utility,” Salmpasis stated.

Perhaps the most shocking finding from the survey was that 73% — almost three-quarters of the respondent panel — believe that now is the time to sell Shiba Inu. According to CoinMarketCap at press, SHIB was up 2% for the past 24 hours at $0.00001222 per token across cryptocurrency exchanges this morning; ironically, that’s lower than the survey’s consensus price prediction for SHIB of $0.000018750 this year.

Hope For Shiba Inu

Despite the depressing predictions, it needs to be noted that Shiba Inu has managed to attract hundreds of new wallet holders every day since April 11 for a total of 35,369 new users according to CoinMarketCap data when viewed on the monthly timeline.

This steady climb in users is likely due to a string of positive developments and announcements for SHIB including its popular NFT collection, metaverse launch, recent burn portal rollout to reduce supply, its listing on the Robinhood trading app, and pending deployment of its own blockchain.

Despite the hype and good news of late, SHIB is still down more than 80% from its peak price of $0.00008845 in October 2021. We’ll have to see if the Shiba Inu project developers and managers can dig their way out of the current pricing hole, or if SHIB gets buried beneath more fear, uncertainty, and doubt derived from a lot of activity that failed to drive actual utility and asset value.