Shiba Inu coin (SHIB) — the meme-based cryptocurrency that uses the Shiba Inu dog breed for its logo, like Dogecoin — has spawned some new predictions and theories in recent days.
Experts wonder: Can SHIB coin beat DOGE?
Ben Caselin, head of research and strategy at crypto exchange AAX, told The Inverse that people should not be quick to dismiss the hype around the Shiba Inu coin.
- “Rather than simply dismissing the hype outright, it’s important to realize that what we’re seeing is the mass movement of traders new to crypto moving into the space,” he said.
However, Sam Bankman-Fried, chief executive officer at crypto derivatives exchange FTX, told The Inverse that some of the hype might be misguided.
- “I’d be surprised if SHIB overtook DOGE,” he said, according to The Inverse. “But anything can happen!”
David Hsiao, CEO of crypto magazine Block Journal, told The Inverse that SHIB coin is a meme-based cryptocurrency that people should approach with that thinking in mind. The coin is about connecting to a wider community, and not necessarily a technological or financial breakthrough.
Will SHIB coin rise in value?
- However, SHIB coin will be something of a “stable coin” that doesn’t have massive fluctuation or volatility.
- “Stablecoins are currencies that have steady prices and are expected to have ‘low price volatility’ with prices that are pegged,” according to The Express. “If the SHIB coin does, somehow, follow in the steps of DOGE, then the same kind of yield in growth can be expected later down the line.”
However, as I explained for the Deseret News, SHIB coin will always have the potential of rising because there are less of them on the market right now, meaning each individual coin is rarer and worth more value.