SHIBA Inu is one of the best known cryptocurrencies out there – but how was it performed this year, and how high could its price rise?

After a price spike last October, Shiba Inu has largely been on a downward trajectory through 2021.

According to CoinMarketCap, the coin is currently worth $0.000015612, and has a market cap of $8.57bn.

After becoming one of the dominant meme currencies of 2021, Shiba Inu's value has tailed off in recent months.

This is largely because of fears around the future of crypto, as some countries have threatened to ban the payments or tighten up regulation on them.

Shibu Inu was known as a "memecoin" because it was created as an internet joke, inspired by meme of dog cartoon Doge.

But it quickly became popular and saw its price saw as a result.

Last year, Shiba became the first cryptocurrency firm in India to reach a valuation of over $1billion, earning it coveted unicorn status.

It was also helped by garnering attention from Tesla chief executive officer Elon Musk.

Mr Musk has a Shiba Inu puppy and posted a picture of it on the social media site, which triggered a big rally.

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On October 28, 2021, Shiba hit an all-time high of $0.00008845.

But what does the future have in store for the dog meme cryptocurrency?

Myron Jobson, personal finance campaigner of Interactive Investor, told The Sun in 2021: "It is difficult to predict the price of 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."

What is Shiba Inu?

Shiba Inu is a cryptocurrency token that allows users to hold trillions of them.

Tokens of Shiba Inu feature the same dog as Dogecoin, which became one of the most popular cryptocurrencies last year.

Whether you've already bought or not, keep in mind that making money through cryptocurrencies or other investments is never guaranteed.

Cryptocurrencies are especially volatile, so their value can crash with little to no notice -and often with no discernible reason.

That means 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 could be more open to scams.

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What will Shiba Inu be worth in 2022?

Plenty of cryptocurrency fans have predicted Shiba Inu's value for 2022, but you should take any forecasts with a pinch of salt – there are no guarantees.

For example, crypto website Wallet Investor expects Shiba to be valued at just $0.0000561 in a year's time.

Coin Price Forecast predicts Shiba will trade at $0.00004266 by the end of 2022 and $0.00005546 by the middle of next year.

Anyone hoping for this cryptocurrency to get close to $1 could be waiting a long time.

In fact, it's “impossible” for Shiba to reach $1 because there “simply isn’t enough money” in the world, according to Don Guo, chief executive of Broctagon Fintech Group.

For the meme coin to hit $1, it would require a “one-quadrillion” market value.

Will Shiba Inu's price rise?

Shiba has suffered a fair share of volatility over the past year or so – and it's difficult to predict how its price will move from here.

Shiba is one of the most popular meme coins out there but factors affecting its price include regulatory crackdowns around the world, comments by high-profile individuals such as Musk, and more.

Before October 28, 2021, the last time the token hit a record high was $0.00003641 on May 11, 2021.

In May 2021, the value of Shiba Inu soared after Binance announced it would list the coins on the crypto platform.

Its value also rose in September after it began trading on Coinbase.

As we've seen in recent months, cryptocurrencies are highly volatile and their values can change rapidly.

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, also 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."

But Jordan Belfort – the investor dubbed the Wolf of Wall Street – has slammed meme coins as “s**t”, insisting some of their creators should go to jail.

Mr Belfort told The Sun in November: “I'm a fan of blockchain but there's a lot of nonsense out there, a lot of s**t coins which serve no purpose and are only there to separate people from their money.

Does Shiba Inu have NFTs?

Non-fungible tokens (NFTs) have also become increasingly popular in the crypto community.

NFTs are digital artworks stored on a blockchain that has a unique code, meaning that they can only be owned by a specific individual.

NFTs could be in the form of photos, videos, or audio.

Shiba last year released 10,000 digitalised “lovable creatures” for sale known as Shiboshis.

These are NFTs and can be bought, sold or traded.

But according to Binance, their value has plunged around 97% year to date.

What is Shiba Inu's metaverse?

One particularly interesting development around Shiba is its plan to create its own "metaverse".

A metaverse is a virtual reality experience where users can interact with others. 

Shiba said it planned to launch a "Shiberse" in 2022 – it will be known as SHIB: The Metaverse.

The project will feature virtual real estate and games, among other features.

Shiboshi NFT holders are also expected to have access to an exclusive area of the metaverse, known as the Shiboshi zone, gfinityesports reports.

What are the risks of investing in crypto?

Investing in any cryptocurrency is risky – here we round up what you need to know.

• 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.

Elsewhere, we look at what are CryptoPunks and whether one really sold for $530million.

And one crypto tycoon vows to give away his $20billion fortune.

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