Shiba Inu (CCC:SHIB-USD) investors are continuing their season-long celebration again today. Twitter’s favorite altcoin is chalking up yet another all-time high this morning, and it’s blowing the socks off of crypto bulls. As it continues to rake in market capitalization, the SHIB token could soon be one of the top 10 largest cryptocurrencies in the world soon. So, how did we get this far? And — more importantly for SHIB holders — how high are Shiba Inu price predictions getting?
The SHIB token grew up in relative obscurity through late 2020 and early 2021. The token, created in response to Dogecoin (CCC:DOGE-USD), promises to its holders that it will be “the Dogecoin killer.” In doubling-down on this statement, the Shiba Inu token ecosystem even launched another token literally called Dogecoin Killer (CCC:LEASH-USD), which users can earn by staking their SHIB.
Today, though, that promise is closer to fulfillment than ever. The SHIB token is reaching yet another all-time-high milestone and broaching much discussion on Twitter.
After an all-time high in May, a market correction sent the whole crypto market into turmoil. SHIB spent much of the summer chasing the high, and its community continued pumping capital into the project, moving million of dollars worth of SHIB by the day. Come September, that transaction volume averaged between $1 billion and $20 billion, an astronomical figure for a token worth a small fraction of a penny. October saw values skyrocket, with SHIB shedding zeroes from its valuation and passing its May all-time high.
In a continuation of the major bull run, SHIB values today are reaching a new all-time high of $0.000049. For reference, that’s one-eighth of a cent; the new all-time high comes on a day when SHIB trading volume exceeds $9 billion.
Shiba Inu Price Predictions Make SHIB Look Like a Legitimate ‘Dogecoin Killer’
Obviously, the SHIB token is seeing absolutely massive trading interest when considering its valuation against trading volume. In fact, this consistently astonishing volume is helping Shiba Inu to look like a legitimate contender for the pupcoin crown. Today’s multi-billion-dollar pump is supplying the SHIB token with enough market cap to overtake Terra (CCC:LUNA-USD) in size. This makes SHIB the eleventh-largest cryptocurrency in the world by capitalization.
The #ShibaArmy is trending on Twitter once again this morning after the momentous gains. Users adorned with Shiba-logo profile pictures are lauding their gains since getting in early on the token. Meanwhile, SHIB developers are using the spotlight to call attention to their other tokens, LEASH and the governance token Bone (CCC:BONE-USD).
It still has a ways to go to catch up with Dogecoin, which stands at the ninth-largest crypto; SHIB has just over $18 billion in capitalization, while Dogecoin has nearly $35 billion. But, as it’s proven thus far, doubting the crypto is a futile effort. Where exactly might Shiba Inu price predictions go from here? Let’s take a look at what some analysts are saying:
- WalletInvestor is predicting that SHIB will trade sideways over the next year after one more push to a new high. The site’s October 2022 prediction prices SHIB in at $0.000053.
- Gov Capital is slightly more bullish, predicting that Shiba Inu will see a rise to $0.00008 by October of next year.
- CoinPriceForecast thinks Shiba Inu has plenty of fuel left in the tank to nearly double before 2021 is through. The outlet is forecasting a December valuation of $0.00009.
- The Economy Forecast Agency says SHIB is good for a run up to $0.000074 by the end of this year. By October of 2022, that value is predicted to grow to $0.00016.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.