- Top 10 Cryptocurrencies for January 25 2023; Bitcoin at US$22K - January 26, 2023
- Top 10 Best Crypto Casinos of December 2022 - December 14, 2022
- Apple Drops Encryption Plans that would Directly Benefit Crypto – - December 13, 2022
Shiba Inu, the popular Dogecoin killer expected to make headlines by reaching US$1 this year.
Shiba Inu, a meme coin though started on a lower note, gained more than 44,600,000% during the past year. It all came as a surprise as Shiba Inu cryptocurrency emerged as the most sought-after investment option in 2021, and some investors predict that it is just the beginning. As it has been showing potential in the coin market, the financial media and SHIB have been rooting for it. However, considering that Shiba Inu’s current market value is only around US$0.00002133, it has a long way to travel to reach US$1. Even then Shiba Inu token can pose a serious threat to Dogecoin’s market dominance.
SHIB had a total supply of one quadrillion coins when it was released on the Ethereum blockchain as an ERC-20 token. But later it developed itself into a full-fledged decentralized ecosystem by transferring 100% of rights to the community to manage the protocol without a governing body. The meme coin is available on several major exchanges such as Binance, Coinbase, FTX, and WazirX. Among all Binance Exchange has been the most popular and responsible for SHIB’s acceptance and success. Shiba Inu can be accessed via Shiba Swap also, which is a decentralized exchange designed exclusively to trade in Shiba Inu coins. It was launched at the same time as the SHIB token. Although Shiba Inu’s popularity has impressed many crypto investors, its lack of real-world utility is its real drawback.
Shiba Inu’s Price Prediction for 2022
The crypto domain started considering Shiba Inu as a worthy investment since the token was accepted for listing in the Binance exchange. The crypto witnessed its price skyrocketing exponentially last year, within a very short period. However, it did not succeed at keeping its position. But experts predict that mid-2022 might hold a different story for the SHIB token. Due to the increasing popularity of cryptocurrencies all over the world, SHIB may also catch the attention of investors looking for an affordable investment option. But studies reveal that as its price fell almost 60% compared to its all-time high, several investors are evading from trading SHIB tokens. Nevertheless, several large ‘whales’ have recently purchased massive amounts of Shiba Inu coins which also indicates that its prices may rise in the future.
Why is it difficult to predict if Shiba Inu will reach US$1 in 2022?
Although networks such as Ethereum and Solana have cryptocurrencies that are used to transact on their respective blockchains and the underlying services provide some level of the fundamental value of the tokens, the dynamics are not quite similar for Shiba Inu. In fact, its operations are quite simple to understand. Crypto can be used as a currency or an investment asset. Hence, its adoption and market price speculation are the main drivers of the SHIB token.
Also, if the Robinhood Markets or any other leading trading platforms make Shiba Inu available to buy and sell, that could accelerate its rate of adoption. It is also attracting some interest as a cryptocurrency that can be used for buying and selling in the metaverse virtual-world application.
At this point, it might seem quite unlikely for Shiba Inu to reach the US$1 mark, but it is also quite difficult to predict where the crypto market will land in the next 3 months.