Shiba Inu Price Forecast for January 1, 2023

Shiba Inu Price Forecast for January 1, 2023
01
Jan-2023

Shiba Inu's current price on December 31, 2022 (06:30 AM IST) is INR 0.0006, a change of -0.44% in the last 24 hours. Shiba Inu prices are expected to range between INR 0.00055 and INR 0.0012 on January 1, 2023.

TradingView Technical displays 13 metrics that indicate SELL. The Oscillators > Relative Strength Index (14) value is 39.43, indicating NEUTRAL. According to Coincodex's technical analysis, 34% of investors are bullish, while 66% are bearish! The coin's VOLATILITY is 4.03%. The Fear & Greed Index is currently at 25, indicating EXTREME FEAR. The hourly analysis at Investing.Com is a STRONG SELL!

Shiba Inu is down for the week, with a slight drop in the last 48 hours. ???????

Shiba Inu, along with a few other major coins, has been classified as a 'ShitCoin!' by InsideBitCoins. It seems a little far-fetched.

From April 1, 2022, cryptocurrencies will be taxed in India. Click here to learn more about the new cryptocurrency taxes.

This forecast is based on several independent internet sources and is not intended to be used as financial, legal, or tax advice.

What exactly is a Shiba Inu?
Woof, woof, woof! Another altcoin based on ETH. Shiba Inu is a meme coin intended as a satire on Dogecoin, named after a cute Japanese canine breed of the same name. The coin, which bills itself as a "Dogecoin killer," was launched in 2020 and quickly took over the meme coin crypto market (that seem to be a bit quelled by now). Shibu Inu ecosystem has launched LEASH and BONE tokens in addition to the default SHIB token over the course of a year.

With the Shiba Inu Metaverse, known as the Shibverse, SHIB has also entered the virtual world ecosystem. A virtual world in which the Shiba Inu economy runs.

Shiba Inu, like all cryptocurrencies, is still in its early stages. The ShibArmy is a community of Shiba volunteers, developers, and investors who run the entire ecosystem.

Shiba Inu was created by whom?
Ryoshi, a (pseudo)anonymous (group of) developer(s), created Shiba Inu. The released white paper (dubbed the woof paper) states the developers' vision for the launch, which is that the token will be beyond the reach of centralised creators. Furthermore, Ryoshi did not create a native blockchain for Shiba because the developer believed that the Ethereum blockchain is time tested and robust enough to host meme coins like Shiba Inu without issue.

Ryoshi began with a supply of one quadrillion SHIB tokens! For liquidity purposes, 50% of the tokens are locked in Uniswap. The remaining 50% of the tokens were delivered to Ethereum founder Vitalik Buterin. Ryoshi believed it would be safer with an honest person.

Vitalik contributed over $1 billion in 50 trillion SHIBs to the Covid Relief Fund in India.

Shiba Inu made headlines in October 2021 when it dethroned a dozen cryptos to climb the leaderboard of the top ten crypto currencies.

How does Shiba Inu function?
Shiba Inu does not have its own Blockchain. Shiba is an ETH-based ERC-20 Token that runs on the Ethereum blockchain. Shibu is capable of executing Smart Contracts. This allows the coin to communicate with decentralised apps. The token now has its own Decentralized Exchange (DEX) called ShibaSwap, which will be launched in 2021.

ShibaSwap's marketplace also caters to NFTs, which are referred to as Shibosis. Shiba Inu dogs have been pixelated in these NFTs.

How should Shiba Inu be used?
Shiba Inu can also be purchased from cryptocurrency exchanges such as Binance or Coinbase. You will be able to open a wallet with these exchanges. Once your account is established, you can purchase as many tokens as you want via wire transfer. Viola! It's as simple as that. You don't have to be a cryptocurrency miner to create your own coin.

However, ShibaSwap is a better way to obtain a Shiba token.

Shiba Inu's official website explains how you can alternatively incorporate your favourite meme into your collection.

  1. To begin, create a MetaMask wallet.
  2. Send ETH to your MetaMask wallet now.
  3. Connect your wallet to the ShibaSwap now.
  4. Simply exchange your ETH for Shiba and you're done!

Shiba Inu can be used to pay for goods and services wherever cryptocurrency is accepted. Shiba Inu are accepted by at least 11 major merchants, including Twitch and Sling TV. BitPay allows you to purchase gift cards for popular retailers such as Walmart, Uber, Xbox, Airbnb, Google, Amazon, BookMyShow, Zivame, and others using Shiba Inu coins. Shib is also available at over 4000 ATMs worldwide.

 

Subscribe to our newsletter

shape