How Shiba Inu coin can make you the first Millionaire in your family, latest price predictions, and Analysis.
Shiba inu coin, known as a dogecoin spin-off, started off as a bit of a joke. But now it's anything but.
According to analysts, the price of the ethereum-based meme token could double imminently as the cryptocurrency market recovers from the recent crash, per FXStreet.
"Despite almost two weeks of consolidation, SHIB has overcome indecision, working in favour of the bulls after gaining over 55 percent in market value from its bottom," FXStreet reported.
Shiba inu coin has shown significant growth in the market. It particularly gained hype after Elon Musk's SNL appearance, which slashed dogecoin as a "hustle." As a result, his comment, which sunk the value of dogecoin by 30%, meant shiba inu coin benefited from its alternative's fall, as reported by Fortune.
Two days after Musk's appearance, Binance listed shiba inu coin on its trading platform, and the price soared.
What exactly is shiba inu coin and how has it gained so much traction?
What is the current price?
What does the future hold for the currency?
Hailed as the "dogecoin killer" by Fortune and others, the token launched less than a year ago and is named after the Japanese dog breed, Shiba Inu. The cryptocurrency trades under the symbol SHIB and is an alternative investment to dogecoin.
Shiba inu coin has become the 32nd most valuable cryptocurrency by market cap, per CoinMarketCap.com.
In recent weeks, it gained worldwide attention after a crypto billionaire donated $1 billion of shiba inu coin to aid India's COVID-19 relief. Then earlier this month, an $8,000 investment in shiba inu coin by a New York family reportedly pulled in a $9 million fortune for them within a few months, as Insider reported.
At the time of writing, SHIB current price is $0.000007695, per CoinMarketCap.com but points to a market cap of around $3 billion.
Though the future of shiba inu coin is insecure, experts seem bullish over the token.
As reported by the Daily Express, some analysts say shiba inu coin's price could reach $1 but it's not clear when this date will be.
"An adjacent parallel channel could be drawn to determine the possible price target for SHIB if accelerating interest is confirmed, "FXStreet reported.
Lucy Gazmararian, founder and managing partner of Token Bay Capital, told Insider, while many may brush off the "memefication" of money as a fad, the underlying forces at work are actually pretty revolutionary.
If you buy SHIB Inu at the current price you could be Holding approx more than a million coins with just 1000 INR.
As predicted by the Analyst if the price gets back to $ 1 you could be Having approx a million in your portfolio.
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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