Despite predictions that the Dogecoin (CCC:DOGE-USD) renaissance is not over, the popular meme cryptocurrency began today on a low note. As of this writing, it is down 5 cents on the day from 31 cents to 26 cents. At one point, Dogecoin prices dipped as low as 21 cents, a drop of roughly 115.76%. As InvestorPlace’s Brenden Rearick notes, “When the king meme goes up, its court moves in sympathy.” That seems to be true for when it goes down as well. Similar dog cryptos aren’t fairing much better. Shiba Inu (CCC:SHIB-USD) has plunged 17% today, despite the recent purchase of 150 coins by a large wallet investor. Investors are left to scramble to understand what the future will look like for Shiba Inu price predictions.
Created in the image of Dogecoin in April 2021, at a time when the meme coin’s value was rising steadily, Shibu Inu launched with the goal of surpassing its predecessor in value. While it hasn’t succeeded in this endeavor or even come close, it has certainly done its part to benefit those brave enough to hold it. Since Dogecoin’s alleged peak in May 2021, Shibu Inu has often moved in sympathy alongside its big brother.
Today’s plunge certainly raises some questions regarding where this meme coin will go. But despite such a steep and sudden decline, many analysts foresee growth in their outlook regarding Shiba Inu price predictions.
Shiba Inu Price Predictions: Is This Crypto Destined for the Same Resurgence as Dogecoin?
Just how far is Shibu Inu destined to go, and in which direction? Let’s examine what analysts have been saying about the future of this meme coin by the beginning of 2022.
- Wallet Investor predicts that although prices will continue to decrease throughout the coming month, Shiba Inu will begin the year at roughly $0.000011.
- Coin Price Forecast predicts that Shiba Inu will reach $0.00001132 by the end of 2021 up from $0.00000570 for the middle of the year, an overall increase of 86%.
- FXStreet reports that “Cryptocurrency market analysts believe that Shiba Inu coin can overtake Dogecoin [and] expect decentralized exchange ShibaSwap to burn more SHIB. The drop in SHIB’s circulating supply is likely to trigger a price rally.”
On the date of publication, Samuel O’Brient 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.