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Shiba Inu is one of the few digital tokens that could overcome the slump in cryptomarket
The cryptocurrency market has boomed like anything in the last two years. No other token has been even closer to Shiba Inu its bullish run so much so that it has seen 60,000,000% growth in its value. Even though it lost 74% thereafter, the buzz this Dogecoin competitor is creating is immense. It seems investors have forgotten SHIB which is well reflected in thinning Shib Army count. Is Shiba Inu out of crypto competition? Experts hold a different opinion. According to them, SHIB is very much likely to outrun the competitors in the coming months.
The cryptocurrency market has gone through a rough patch in recent times. Every digital currency including major tokens such as Bitcoins and the growing memecoins, has been on a tipsy path. Shiba Inu left many market analysts surprised as it could gain around 50% growth, while other tokens have to find a support level at some value. SHIB could find a reliance point although the growth rate was not that impressive. But investing in SHIB is still risky and is not meant for everyone who feels tempted. With developers coming up with new features for SHIB, to align with real-world requirements, it might again find wide acceptance. Shiba Inu’s indulgence in Metaverse and NFTs can make it an all-time trending token. It has also found a support zone, which can set off memcoin’s price.
Can Shibarium lead SHIB towards growth?
Currently, Shiba Inu developers are working on a scaling solution called Shibarium, which will give an edge to the cryptocurrency. It is a blockchain update that could result in lower transaction fees across the Shiba ecosystem. Although the upgrade will only hit the market later this year, it is expected to make SHIB more affordable and accessible. In a nutshell, it will cut transaction fees and network congestion that have been a matter of concern for many Shiba Inu investors.
But from the core, even the Shibarium update gives no assurance that SHIB will gain value. Since it is just another memecoin that has acquired prominence over a short span of time, people have diverse opinions when it comes to SHIB’s performance. The scenario is pretty much the same for Dogecoin as well. Although it is one of the best performing cryptocurrencies of 2020 and 2021, people don’t completely believe in its growth.
Some pointers towards prospective growth
According to a prediction, Shiba Inu’s price is all set to hit US$0.000054 in 2022. SHIB is showing surprising resiliency even when major cryptos signal bigger losses. As per the Point and Figure chart, Shiba Inu will enter the bullish territory in the coming months.
Before the Shiberse announcement came, several big Ethereum whales began buying Shiba Inu for millions of dollars. According to walestats.com, someone called ‘Jiraiya’ bought SHIB tokens worth US$1.079 million in a single day.
Besides, the Shiba Inu community engaged in a burning exercise last month, sending a certain number of crypto coins to a wallet address that is off the market. Although the coins are still there, they can never be used again. This exercise will increase the demand for existing Shiba Inu tokens.
After a short pullback, Shiba Inu has found a strong support level at US$0.000029. According to predictions, this could trigger its price to as much as US$0.000054 before the end of the year. Therefore, investors can still try their hand on SHIB but with caution.