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The metaverse debut and Shibarium update has pushed Shiba Inu to a new high
Though the cryptocurrency market is going through a rough patch, it is difficult to overlook the market value of cryptocurrency, which is a whopping US$2 trillion. While all other digital tokens have lost value significantly, Shiba Inu shines bright inspiring new hope in cryptocurrency investors. SHIB has the potential to outperform the foremost meme-token, Dogecoin; hence the name ‘Dogecoin killer’. Shiba Inu’s price has been oscillating between the highs and the lows. In October 2021 it went down by 70% just after reaching a high. However, SHIB’s value is moderate compared to other digital tokens. As SHIB is about to debut in Metaverse and have its own blockchain Shibarium, investors are nursing hopes for making fortune out of SHIB. Here, we have put together 10 reasons why you should become a die-hard fan of ShibInu in 2022.
Elon Musk is the No.1 Fan
The influence of celebrities and enthusiasts on cryptocurrencies is extremely huge. So far, it has created a whole social media sentiment across the globe. Standing out from the rest, Shiba Inu has the support of Tesla CEO, Elon Musk. Although Musk has admitted that he owns zero SHIB, people can’t turn a blind eye to his ‘Floki Frankpuppy’ tweets. Every time Musk posts a Shiba Inu dog-related tweet, the Shib Army goes crazy, driving SHIB’s price even crazier.
The Price and Supply is at its Best
Generally, cryptocurrencies’ price is determined by supply and demand. When it comes to Shiba Inu, there are more than enough tokens to address the growing demand. Its 549 trillion total token circulations are giving a major pump to the cryptocurrency.
Acts as Penny Token
While cryptocurrencies like Bitcoin and Ethereum are priced at US$40k and US$3k respectively, buying a single token might be a big task for a commoner. As a simple investor, you can only buy a small proportion of the tokens. On the other hand, with even one dollar, you can buy an impressive number of Shiba Inu tokens.
ERC-20 Gives an Edge Against Dogecoin
Many people think that SHIB is riding the growth wave of Dogecoin. However, DOGE gave a spike to Shiba Inu in the first place, but the meme coin found its own way from thereon. SHIB has an amazing feature called ERC-20 that runs on the Ethereum blockchain. Since ETH is a frontrunner in decentralized finance, SHIB gets to be a part of all the amazing Defi projects.
The Suspense Behind the Founder
The anonymity behind Satoshi Nakamoto is already unsolved. However, according to some experts, the unknown founder is a major reason behind Bitcoin’s growth. Similarly, SHIB was also created anonymously under the pseudonym ‘Ryoshi’. There is no clear evidence or trace of the SHIB founder, which instigates suspense around the cryptocurrency.
The Hype and FOMO
Many cryptocurrencies in the market go popular only after getting the hype from investors. The hype is eventually turned into Fear of Missing Out (FOMO), which makes people go completely berserk for the tokens. Similarly, every time SHIB records impressive growth, investors go bongs on FOMO and buy more tokens, only to make Shiba Inu’s price reach new highs.
Shibarium Could be a Big Boost
Although Shiba Inu has a good ecosystem already, its upcoming feature Shibarium is expected to add even more advantages to the ecosystem. Shibarium is a layer 2 solution that will extend the features of SHIB. The extended ecosystem will have more tokens and amazing blockchain technology.
Showed its Potential in the Initial Days
In the much-admired cryptocurrency world, there are over 13,000 tokens in circulation. Every day, at least 50-100 tokens are getting launched. However, not all of them are seen as good investments among enthusiasts. Some altcoins like Ethereum takes advantage of providing differentiated technology from Bitcoin while stablecoins such as Tether are adored for their stability. Surprisingly, SHIB stands out in a different way. Walking in the same way as Dogecoin, Shiba Inu has become a famous meme coin that has proved the potential initial days of its launch.
Robinhood Trading Buzz
Recently, Shiba Inu followers created an online movement by signing a petition demanding Robinhood to enlist SHIB in it. The movement became extremely popular, driving Shiba Inu’s price high. Although it is yet to be added in Robinhood, many other cryptocurrency exchanges came forward and added SHIB in their trading portfolio.
Potential Dogecoin Killer
According to the Shiba Inu website, the meme coin is a ‘Dogecoin killer’. Even though SHIB just joined the bandwagon of cryptocurrencies that stand as DOGE competitors, during the October price rally, it proved to be really one. SHIB outperformed Dogecoin for a while and even entered the top 10 cryptocurrencies for a brief time.