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In the last two years, there has been a dogfight developing in the crypto realm. Shiba Inu, called the “Dogecoin killer,” was released in 2020 and is named after the Japanese hunting dog that serves as the image for Dogecoin. Its goal is to not only be a 100% decentralized project but overtake its canine rival.
In October 2021, SHIB overtook DOGE in market capitalization, but it rapidly relinquished the lead. Is Shiba Inu capable of regaining the lead and becoming the top meme coin by 2025?
What is SHIB?
Shiba Inu was introduced in 2020 as a cryptocurrency to compete with Dogecoin by an unidentified founder known only as Ryoshi. Both define themselves as meme coins and use the Japanese hunting dog as their emblem, so there’s a lot of overlap at first glance.
When you go a little deeper, you’ll find a critical differentiator. Dogecoin was developed as a joke in 2013, and the term “meme coin” was coined to characterize a cryptocurrency whose rise is fueled by social media discussion. On the other hand, Dogecoin managed to break into the top 20 cryptocurrencies with the support of Elon Musk.
Shiba Inu was developed to be a fully decentralized crypto project governed solely by its community. Because of the project’s potential, the cryptocurrency is drawing a large number of investors.
Is there More Room for SHIB to Grow?
There are many elements that might influence the value of a cryptocurrency, but the utility has emerged as a major component. Following the introduction of Ethereum, there is an increasing emphasis on the goal of crypto projects instead of their role as a store of money.
SHIB has shown that it can create utility, earning acclaim from analysts who believe it is a cryptocurrency with five-year growth potential.
Shiba Inu created ShibaSwap, a decentralized exchange, in July 2021. It performs many of the same services as other decentralized exchanges. Still, it does it in canine terms: users can ‘dig’ for liquidity, ‘buried’ for token stakes, and ‘retrieve’ for token exchanges.
The cryptocurrency project has its token ecosystem. Along with SHIB, there’s LEASH, a token that encourages users to use ShibaSwap, and BONE, a governance token that helps the project achieve its aim of being 100 percent decentralized.
According to The Value Trend, Shiba Inu’s numerous use cases are enticing more investors to keep the token. The site claimed, “DOGE coin was invented… as a joke, and has no real practical worth or much potential for it.”
“Shiba, on the other hand, has a wider range of potential applications and, as a result, could still see greater value, especially given its current pace.”
Many analysts agree that Shiba has more utility and thus more potential value. “Shiba Inu brings a few new concepts to the table, and the fact that it’s based on the Ethereum network means it’ll be easier to integrate new technology than Dogecoin,” Finder wrote. The site does, however, highlight Dogecoin’s several benefits.
Will Shiba Inu Reach $1 by 2025?
Some experts believe that it must begin burning more tokens for SHIB to gain more price momentum. The cryptocurrency declared that after every NowPayments transaction, a percentage of SHIB would be burned, although it has scarcely made a dent in its circulating supply. Shiba Inu’s most likely path to $0.01, according to PlanetCrypto, is through more burning.
By 2025, some Shiba bulls predict a price of $1. According to Nasdaq, the coin’s price history has given it a strong footing for another price gain. Since November 2020, the token price has increased by 60,000,000%. According to Nasdaq, SHIB would need to grow by slightly over 30,000 percent from its present price, which is “quite modest compared to its past performance.”
Yet, according to Shiba Inu pricing forecasts for 2025, $1 is an improbable target. According to Gov Capital, the coin is expected to reach $0.001 next year, while its SHIB price projection for 2025 is about $0.007. This is significantly lower than Gov.Dogecoin Capital’s forecast, which predicts a price of $0.70 in five years.
Unfortunately for SHIB, PricePrediction predicts a continuous rise from $0.00004 next year to $0.0001 in 2025, based on a similar projection. This is still a long way from Dogecoin’s anticipated 2025 price of $0.77.
CoinPriceForecast has a significantly more upbeat prediction. Its Shiba Inu coin price projection for 2025 is $0.0003, which isn’t quite as high as Dogecoin’s $0.32 price prediction for 2025.
Shiba Inu is unlikely to hit $1 soon, at least not with the current circulating supply. According to Nasdaq, if SHIB manages to hit $1 with its present supply, its market capitalization will exceed $550 trillion, more than five times the total value of all products and services produced.
SHIB has led Before
Shiba Inu’s price is meager because of its large circulating supply, at $0.000033 as of December 30, 2021, a fraction of Dogecoin’s $0.17.
Shiba Inu is ranked 13th according to market cap, while Dogecoin ranks 11th. Shiba has proven that it is capable of catching up to its competitor. Shiba Inu overtook Dogecoin’s market capitalization on October 28, 2021, and rose to ninth place in the rankings after SHIB reached a value of $0.00008. The price of SHIB then dropped, and it slid back below DOGE in the rankings.
SHIB is well on its way to surpassing its competitor’s market capitalization, but beating its pricing may prove more difficult.
Is it wise to invest in SHIB?
It could be. The meme coin’s price is expected to climb steadily, according to Shiba Inu pricing predictions. SHIB is expected to surpass $0.0001 in 2025, according to Gov Capital and Coin Price Forecast. With its current circulating quantity, however, Nasdaq believes it is implausible for the coin to reach $1 in the next few years. Always remember to perform your own research before investing.
However, while SHIB bears a lot of potential, it also carries various risks. It’s wise to do due diligence before investing.
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