Shiba Inu (CCC:SHIB-USD) is more of a trending topic by the day. The token is making huge leaps and bounds up the ranks of the largest cryptocurrencies in the world, reaching a new milestone this weekend in the form of an all-time high. But the weekend is also presenting SHIB with some adversity. Elon Musk’s big disclaimer is sending SHIB values plummeting this morning; after spending much of the summer subtly pumping the token’s value, it turns out he’s not quite as bullish on Shiba Inu as investors first thought. Could Musk send SHIB spiraling out, or is the altcoin star going to bounce back with ease? Investors are seeking out Shiba Inu price predictions to help decide.
At this point, most every investor has heard of SHIB, thanks to its meteoric rise throughout 2021. The token was one of relative obscurity through 2020 and the early months of this year; Dogecoin’s (CCC:DOGE-USD) rise in March was what truly catalyzed the similarly themed Shiba to crypto stardom. After reaching an all-time high of $0.0000388 back in May, the token fell off until late September.
Buoyed by a fervent investor base who refuse to let Shiba fall out of the spotlight, the token sees plenty of exposure on social platforms like Twitter, where it trends regularly. Thus, it retained a steady trading volume through the downturn, fueled by calls to hold one’s existing tokens or to buy the dip and add more.
October is seeing the crypto retake its former glory, gaining hundreds of percentage points over just a couple of weeks. That is culminating with the SHIB token reaching a new all-time high as of Sunday, when it reached $0.000044. This high was reached on trading volume of over $12 billion, a highly impressive number for such a small crypto.
Shiba Inu Price Predictions Heat Up After Musk Sends SHIB Tumbling
It only took one word to send SHIB on a 20% downturn, even after reaching an all-time high. Elon Musk is once again demonstrating the fragility of the asset class — and especially of speculative “meme coins” with his tweet, in which he reveals he owns no Shiba Inu at all:
— Elon Musk (@elonmusk) October 24, 2021
Musk has playfully teased Shiba Inu holders throughout the summer with tweets about meme coins and his desire to adopt a Shiba Inu. Toward the end of summer, he really did bring home a Shiba pet. Many have taken his cheeky tweets as promotion of the Shiba Inu cryptocurrency; as such, he has become a sort of quasi-posterchild for the token network, whether intentionally or not.
This tweet refutes this narrative that has been painted around Musk for some time now. He takes things a step further in another reply, in which he reveals his crypto holdings stretch only to Bitcoin (CCC:BTC-USD), Ethereum (CCC:ETH-USD) and Dogecoin. He says he “doesn’t bet the farm” on the asset class, adding his philosophy that goods and services are more valuable than any currency. The comments are enough to send SHIB dropping 20% just after its milestone; currently, prices are down just over 4%.
It will be interesting to see where the Elon Musk-Shiba Inu relationship goes from here. Whether or not this tight-knit community will keep trying to convince Musk of its strength is one thing; there’s also much to wonder regarding how Musk’s tweets will affect SHIB prices in the future, as they have before. And will SHIB prices ultimately suffer or benefit from this brief spat on social media? Let’s see what analysts think with their Shiba Inu price predictions:
- WalletInvestor expects SHIB to take new all-time highs in the next year, but with some time. By October of 2022, the site expects SHIB to be worth $0.000053.
- Gov Capital is slightly more bullish, expecting the token to reach a value of $0.000075 by the same time next year.
- The Economy Forecast Agency doesn’t think Elon Musk has let any air out of SHIB’s tires at all. The outlet is anticipating a new all-time high of $0.000051 by the end of 2021. By October of 2022, it expects that value to surge to $0.00012.
- DigitalCoin is joining the bullishness of its price prediction peers, forecasting a $0.000058 all-time high for SHIB by December.
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.