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As Shiba Inu’s peak this year has not impressed its investors yet, what does the future hold?
The stock market, till the last decade, was considered as the only investment channel, that yields the highest profits, earning the trust of millions of people from the investor community. But the concept of cryptocurrencies turned it around to take its place quietly and consistently. They emerged as a radical form of payments, riding on the back of a decentralized system called a blockchain.
One crypto that has been gathering steam in recent times is Shiba Inu. Though starting off as a meme, Shiba Inu is gradually gaining traction in the mainstream market, hitting the highest value in 2021. Also called ‘Dogecoin killer’, Shiba Inu rocked the cryptomarket at the beginning of 2022. However, Shiba Inu is not faring well for the past couple of months owing to the volatility in the market. Even though the anticipation of its value reaching US$1 is high, Shiba Inu is losing its hold in the market.
In 2021, Shiba Inu overtook Bitcoin in terms of total views. Shiba Inu could get 188 million, whereas Bitcoin received 145 million views. Shiba Inu’s loyal investors are on a constant mission to establish it as a dominant digital token and improve its rate of adoption so that its potential as a crypto option is apparent for the investor community. However, the conditions around this Dogecoin killer are not so encouraging for investors to depend on it. The better alternatives with more practical-world use cases are pulling Shiba Inu down.
Shiba Inu Price
Even though Shiba Inu has emerged as the ‘Dogecoin killer’, the crypto market meltdown has caused the SHIB token to lose its relevance in the market. According to coinmarketcap, the current value of Shiba Inu is US$0.00002383, occupying the 15th rank in the global crypto market. In 2022, the SHIB tokens still remain to be one of the most demanding meme coins on the market and its growing community is still an asset. But experts predict that it will continue to lose its dominance even further if its market value does not rise. By the end of 2023, they predict the crypto to be even less functional. The asset will be a critical aspect for both the Shibverse and ShibaSwap, and its enhanced use cases might actually help with its case.
The self-proclaimed ‘Dogecoin killer’ got a major boost when it got listed on the Binance exchange. Allegedly, SHIB’s price shot up about 114% in 24 hours. Also, it gained a marketing buzz when Elon Musk tweeted about getting a Shiba Inu dog. Another one of its celebrated accomplishments, quite worth mentioning is the launch of its decentralized exchange called the ShibaSwap. Notably, by the end of 24 hours of its launch, ShibaSwap acquired over US$1 billion of total assets locked, which helped SHIB to be more than just a meme coin.
Is SHIB worth the investment in spite of its current dynamics?
In the last couple of weeks, the SHIB token surged, showing signs of improvement and recovery. There are several reasons why this might have happened. One of the most prominent reasons is probably because of its recent collaboration with Welly’s fast-food chain. It is a Shiba Inu-themed restaurant, located in Italy, and even has a Shiba Inu dog as its official image. It accepts cryptocurrency as a form of payment and plans to include it throughout its marketing materials. Another possible reason for its recent spike might be its blockchain project known as the Shibarium. This project aims to make Shiba Inu affordable for its users. Even though the project is still under development, it could be an encouraging sign for the investors. Shiba Inu also aims to enter the metaverse.
Well, these developments should definitely mean something to the investors. At the moment, there is not much that sets SHIB apart from other cryptocurrencies, but once it attains its requited accolades, we might then see a fair fight between Shiba Inu and the rest of the major cryptocurrencies.
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