Is Shiba Inu really going to dethrone Dogecoin?
Shiba Inu’s (CCC:SHIB-USD) rise to become one of the largest digital currencies worldwide. Right now, the token is breathing down the neck of Dogecoin (CCC:DOGE-USD), threatening to dethrone the king of the pupcoins. Investors are seeking out Shiba Inu price predictions with fervor as they hope SHIB overtakes DOGE.
Shiba Inu came to being last year, branded as a “Dogecoin killer.” The token wanted to be the king of a particular crypto niche, but it has Dogecoin to thank for its current momentum. If it wasn’t for Dogecoin’s run from 1 cent to 73 cents early in the spring, Shiba Inu likely wouldn’t have attracted the attention it has. Dogecoin has unlocked the gates for altcoins left and right. Since then, the token is also benefiting from Elon Musk’s Twitter account, where he tweets often about his adoration of Shiba Inu dogs, inadvertently pumping the SHIB token and providing it with widespread exposure.
Now though, it looks like SHIB really can become the Dogecoin killer. With its recent giant jumps upward in price, and massive influx of capital from increasing trading volume, the student stands to become the teacher. Just over the last seven days, SHIB is gaining nearly 130%; early in October, it gained over 200%. And while its valuation still stands at just a fraction of a cent, it has proven a highly lucrative investment.
Aside from face value, the token has also seen a huge uptick in market capitalization over recent weeks. With investors flocking to SHIB, trading volume reaches billion of dollars every day. This trading volume has allowed SHIB’s market cap to inflate from $2 billion in August to over $24 billion today.
Shiba Inu Price Predictions Rise as SHIB Threatens to Pass DOGE
In the two months it has taken for SHIB to accrue that astonishing $22 billion increase in capitalization, it has come ever closer to dethroning Dogecoin. Today, it is right on DOGE’s doorstep; DOGE has fallen to the tenth-largest cryptocurrency, and SHIB has risen to the eleventh-largest cryptocurrency. SHIB is just $8 billion behind Dogecoin in market cap, and passing Dogecoin would not only make it the crown pupcoin but also would place Shiba Inu in an elite group of the largest cryptos worldwide.
Shiba Inu bulls recognize what’s happening, and they are flocking to add to their holdings. Already today, SHIB has seen $21.5 billion in tokens traded, a twofold increase on its daily average volume. The flood of buyers is also helping to push SHIB prices up nearly 34% on the day; this makes SHIB one of the biggest gainers on an otherwise quiet day for the crypto market. In fact, it is reaching a new all-time high once again, touching a price of $0.000063.
So, what are Shiba Inu price predictions saying about the future of this fast-growing token? Let’s take a look at what analysts are predicting:
- CoinPriceForecast predicts that SHIB will be able to erase another zero from its value in the push toward 1 cent. By the end of December, the outlets expects SHIB to reach $0.00016.
- The Economy Forecast Agency is pegging a price target of $0.0001 on SHIB for the end of the year as well. By October of 2022, the site expects the token to reach $0.00022.
- DigitalCoin says Shiba Inu will be close to erasing a zero, but it won’t quite do it, before the year is through. The site’s December price target stands at $0.000099.
- Gov Capital thinks Shiba Inu still has a while to go before it knocks off a zero. The site’s October 2022 prediction prices SHIB at $0.000085.