Popular dog meme-based cryptocurrency Shiba Inu (SHIB) will have no value by 2023, said a group of fintech experts in a survey conducted by price comparison portal Finder.com.
Close to three fourth (73%) of the 36 experts said now is the time to sell SHIB tokens.
Some of the experts said that meme coins, including SHIB, will completely disappear as the market matures and the hype around them fizzles.
One of the experts, Matthew Harry, head of funds at DigitalX Asset Management, said, “this market is maturing and things like SHIB will die as capital begins to flow to quality and value rather than being scattered across the field in the hope that every player wins a prize.”
The report comes a week after the value of Terra network-based stablecoins UST fell by 82.19% to $0.6, while the price of LUNA crashed from $120 to $0.02. The downturn in the crypto market that started in April has wiped billions of dollars in market value within a month. Several traders reported losing their life savings due to the crypto market crash.
Launched only last year as an alternative to Dogecoin and listed on Coinbase exchange in September, Shiba Inu’s value grew by 300% in nine days during October, spurring it into the list of top 20 cryptos in terms of market cap.
Vouched by several tech leaders including Elon Musk and Ethereum founder Vitalk Buterin, the value of SHIB grew due to its low entry price barrier. It is currently priced at $0.00001162, as per Coinmarketcap.
The group of experts involved in the Finder.com survey believe that the value of SHIB will fall 7.6% to $0.000018750 by the end of 2022. It will further decline to $0.000002500 by 2025 and $0.000000325 by the end of 2030, the experts predicted.
According to 82% of the experts, the biggest factor that will drive down the price of SHIB is the hype cycle, while 41% attributed it to its inclusion on major brokerage platforms like Robinhood. The launch of decentralized exchange Shibaswap (12%), investors burning tokens (6%), and businesses accepting tokens (6%) were some of the other factors that will impact the price of SHIB in 2022.
A crypto expert who was not involved in the survey told Mint that it also depends on the meme coin. If the meme coin is stable enough like Dogecoin, which has reached a stage where it is considered a mainstream token, there is nothing to worry.
On the other hand, tokens like Shiba Inu are fairly new and their value is driven purely by speculation, he warned.
“The time to buy meme coins like Shiba Inu is when it is launched. Its cycle comes only once. You have to be an early entrant as people will continue to dump and price will continue to fall,” he added.