The Shiba Inu Coin has been one of the most popular crypto success stories since 2018.
This meme-based cryptocurrency moved to its highest in just a few years making it one of the most valued cryptos by market cap in 2024.
Now in 2024, you may be wondering what is going to happen next for this crypto mover.
Will Shiba Inu continue growing? Should you buy the coin in 2024? Or will it begin to fall?
In today’s article, we go deep into this cryptocurrency meme as we try to analyze the trends to forecast its future.
Be sure to read this post to the end if you are interested in learning more about this crypto.
Shiba Inu History
The Shiba Inu coin was created in late 2017 as a joke by combining the popular cryptocurrency Bitcoin with the Japanese dog breed, the Shiba Inu.
At first, it had no real value and was only used for tipping on social media platforms like Reddit and Twitter.
However, in early 2018, the price of SHIB surged after a major exchange listed the coin.
This jump in price caused many people to start buying and holding SHIB, which led to its massive growth from 2018.
Shiba Inu Coin Analysis
Looking at the chart above, we can see that the value of SHIB was on an overall upward trend for the longest time only starting to fall in 2024.
So far this seems to be the only major drop that the coin has seen since it was created.
But come on.
This is a cryptocurrency. As such, it only makes sense that it will rise today and fall the next day, next month, or in the next year.
For example, after reaching an all-time high of $0.50 on January 12th, 2018, SHIB began to fall and reached a low of $0.013 on February 21st.
It then slowly started to recover and began to grow again throughout 2018, 2019, and 2022.
Shiba Inu Forecast for 2024
Looking at the chart above, we can see that SHIB ended 2022 in a clear downtrend, and towards the beginning of 2023, it bounced at the price level of $0.00003471 and moved up then down again to retest the level.
Do you know what that means?
It means that prices may start to move back up.
Again only assuming that the price at $0.00003471 is respected as a support level.
Keep in mind though that the slight upward thrust seen at $0.00003471 could also just be a consolidation after which the downtrend will resume.
So what’s it going to be?
Note: – If the price consolidates again, $0.00003471 then there is a chance that the long bullish run from 2018 will continue into 2024.
With All That Information, Should You Hold, Trade, or Pay With Shiba Inu in 2024?
The Shiba Inu coin may not be the most valuable cryptocurrency on the market today, but it has performed incredibly well since it was first introduced to us.
However (there is no telling), SHIB is likely to fall even further before starting its next rise.
So, I do not recommend holding this crypto at least until mid-2024.
Other than holding the coin, you can trade with SHIB if you believe that the value will start to recover by the quoted price – $0.00003471.
Finally, you can use SHIB for various online purchases as it is accepted by a huge number of merchants.
For example, you can redeem your Shiba Inu coins on Amazon with Purse and save up to 20% off!
You may also want to check out how you can use the Shiba Inu Token for buying games on Steam.
In 2024, SHIB is now listed on CoinMarketCap so it can be traded on that site too.
You may also trade SHIB on Cryptopia and LiteBit.
SHIB is one of the most popular cryptocurrencies on Reddit, TikTok, and Twitter, which has several potential use cases for being listed on different exchanges around the world.
Come to think of it, the Shiba Inu coin has been one of 2022’s major success stories from a market performance point of view.
This young cryptocurrency soared more than 42,000,000% since the beginning of 2019 and climbed to become the 13th-biggest crypto by market cap.
However, SHIB is likely to fall even further before starting its next rise so I do not recommend holding this crypto until at least mid-2024.
Trade SHIB if you want, purchase with it if you can but only start holding if it breaks past $0.00003414.