SHIBA Inu investors will be wondering what the future has in store for the cryptocurrency.
The Sun spoke to experts to find out what lies ahead – and what the cryptocurrency could be worth in 2022.
1
Shibu Inu is a cryptocurrency token that allows users to hold trillions of them.
The tokens feature the same Shiba Inu dog as Dogecoin, which has rocketed in popularity recently.
Whether you’ve already invested or not, keep in mind that making money through cryptocurrencies or other investments is never guaranteed.
Cryptocurrencies are especially volatile, so their values can crash with little to no notice.
In other words, it’s important to not put in more cash than you can afford to lose and to never invest in something you don’t understand.
Newer cryptocurrencies are also riskier than those that have been around for longer, such as Bitcoin, and make you more open to scams.
Will Shiba Inu’s price rise?
The value of Shiba Inu is currently sitting at $0.00000629 and it’s largely unchanged over the past 24 hours, according to CoinMarketCap.
In comparison, the tokens hit their highest ever level at $0.00003641 on May 11 – but they have since collapsed in value.
It’s difficult to predict how Shiba Inu’s price will change in future, if at all, due to a wide number of factors affecting it.
This includes regulatory crackdowns around the world, comments by high profile individuals such as Elon Musk, and other developments.
5 risks of crypto investments
BELOW we round up five risks of investing in cryptocurrencies.
- Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
- Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
- Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market.
- Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.
- Marketing materials: Firms may overstate the returns of products or understate the risks involved.
In May, the value of Shiba Inu soared after Binance announced it’d list the coins on the crypto platform.
It means the price could rise again if it’s successful in listing on other recognised platforms such as Coinbase and eToro.
However, as we’ve seen in recent weeks, cryptocurrencies are highly volatile and their values can change in the blink of an eye.
Myron Jobson, personal finance campaigner of Interactive Investor, told The Sun: “It is difficult to predict the price of a something that has an intrinsic value of zero.
“All it takes is a tweet from high-profile individuals who have significant influence on sentiment to cryptos to drive up demand.
“But greater regulatory scrutiny on cryptos threatens to hamper the growth potential of the Shiba Inu.”
Simon Peters, cryptoasset analyst at eToro, added: “As to whether its value will increase – it is possible.
“As more exchanges begin to list the token and provide investors the opportunity to gain exposure, like any asset it will become more routinely traded alongside the likes of Bitcoin and Ethereum.
“That being said, anyone investing in such tokens needs to do so carefully.”
Charlie Barton, investment specialist at comparison site Finder, told The Sun the wider crypto market view is also important right now.
He added: “Many coins are unlikely to see much growth until it’s clear that sentiment is moving in a positive direction.
“Last week’s rebound has crypto bulls excited, but until positive sentiment definitively returns to projects such as Bitcoin and Ethereum, it’s unlikely we’ll see much up and to the right action from tokens like Shiba Inu.”
What will Shiba Inu be worth in 2022?
Plenty of cryptocurrency experts have predicted Shiba Inu’s value for 2022, but you should take it with a pinch of salt as it’s nowhere near guaranteed.
For example, crypto website Digital Coin Price expects a value of up to $0.0000120844 for 2022.
However, according to the predictions, it doesn’t expect the price to exceed its current all time high at any point before 2028 at the earliest.
Meanwhile, Coin Price Forecast Center expects it to hit a value of $0.00001781 by mid-January in 2022.
It then expects it to end the year at a slightly higher level of $0.00002888.
We round up five things you need to know about the Shiba Inu tokens.
The value of the tokens fell in May – check out why in our guide.
Who are Dogecoin’s founders? We reveal all about the cryptocurrency’s creators.
Changpeng Zhao says ‘even memes have value’ after Elon Musk promotes Dogecoin
