Despite the cryptocurrency market going through a rough patch, a number of crypto traders and investors have made a fortune buying them and then selling for a profit at the right time, including Bitcoin (BTC) and Dogecoin (DOGE), and some are wondering if Shiba Inu (SHIB) could produce millionaires as well.
As it happens, Shiba Inu first spurred these hopes when it skyrocketed by over 1,069% to its all-time high (ATH) of $0.00007924 back in late October 2021, only to drop 86.75% since then, at press time changing hands at the price of $0.00001137, as per data retrieved on March 3.
Upcoming developments
Despite its low price per unit, Shiba Inu has surpassed 1.3 million unique addresses, demonstrating increased interest for the dog meme token as the release of its Layer-2 network Shibarium is looming, promising to allow users to develop chain-specific non-fungible tokens (NFTs), as well as increase the asset’s presence in the metaverse and gaming decentralized applications (dApps).
Picks for you
In another potentially impactful event for the ecosystem, the SHIB team has announced an exclusive preview of the Shiba Inu-themed metaverse experience called SHIB: The Metaverse, as well as the first of its 11 hubs, called WAGMI Temple, at the 2023 SXSW festival that will be held in Austin, Texas, between March 10 and 19.
Price spike looming?
In this context, it is safe to assume that these events will provide SHIB a boost, giving it a chance to reach the price of $0.00000361 by the end of 2023, as earlier estimated by CoinCodex’s machine self-learning algorithm using the artificial intelligence (AI) technology.
Although not as bullish as CoinCodex, optimistic projections have also been made by CoinPriceForecast, another finance prediction platform relying on the machine self-learning technology, to set the price of Shiba Inu at $0.00001474 by the end of 2023, as well as at $ 0.00003547 by July 28, 2024.
When asked repeatedly, OpenAI’s text-based AI platform ChatGPT has been vague on the Shiba Inu predictions for 2030 but has highlighted network upgrades, the number of smart contracts and crypto wallets, as well as the regulatory policies, global economy, and competition from other cryptos, as major influences on its price.
Conclusion
As things stand, Shiba Inu’s price at press time represents a decrease of 4.64% on the day, in addition to losing 13.79% over the previous week and 4.01% across the past 30 days, although its year-to-date (YTD) gains remain, amounting to 39.70%.
Although the numbers for Shiba Inu may look minuscule, it ultimately boils down to carefully observing the market conditions, how much money one is willing to invest in it, as well as how much the token was worth at the time of selling.
Considering its historical movements and network developments, Shiba Inu indeed has the potential to increase its price and even make a careful investor a millionaire, although it might be a long way before it reached the likes of Bitcoin and Ethereum (ETH) in value per unit.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
