Do you think Shiba Inu’s price fall at the end of last year is similar to other currencies?
Are you getting confident after seeing it recover? (It has risen consistently between 10th Jan and 13th Jan 2022)
If you hope the meme coin will make a comeback and think about purchasing it, think again! Shiba Inu has made unsuspecting people with little to no financial ambitions richer than they ever thought they could be. But in 2022, it might just have an opposite effect.
As we hop into the New Year and hope for greater things to come, it is better to sell Shiba Inu and target some other cryptocurrency, preferably with its own Blockchain.
Power of success stories Driving the Price of SHIB
The price of SHIB rose like a phoenix on October 27th, 2021, and reached an all-time high of $0.00007957. As per reports, a buyer bought 200 billion Shiba tokens for just $17 in October and earned nearly 6.5 million US dollars for his tiny investment.
This is just one of the many success stories that can be found in abundance on the Internet.
Stories like these have the power to change your mindset and trigger you to invest. But in 2022, it can be riskier than you can ever imagine.
Three Reasons to Avoid SHIB in 2022
Below are 3 reasons why you should not invest in SHIB and prioritize other currencies with strong fundamentals:
Too many SHIB tokens are in the hands of a small number of buyers
Too many Shiba Inu tokens are in the hands of too few people. Currently (as per CoinmarketCap.com), more than 1 million crypto wallets have Shiba Inu, but the top 100 wallets have a total of more than 80% tokens. What it means is that if these few people have a change of heart and decide to sell Shiba Inu, its price will come crashing down.
This highly focused wealth accumulation is the prime reason why Shiba Inu is risky, especially for long-term investments.
Shiba Inu is all style without substance
With the announcement of Ethereum 2.0 and the popularity of NFTs growing fast, the focus of institutional investors is likely to shift towards more reliable cryptocurrencies. The coins with their own blockchains are going to be the flavor of the season when cryptocurrencies start to recover. So, long-term investment in meme currencies might not be a great idea in 2022.
Small recoveries can be false indicators that can land you in BIG trouble
For the past few days, the price of SHIB has been recovering and it currently sits at 0.000032 (at the time of writing). But if you consider it to be an indicator of currency’s success, think again. Many cryptocurrencies receive significant investments because investors’ confidence returns after seeing them claw back. But implementing the same logic for a meme currency that rose to prominence because of an Internet meme is not justified.
Whether you are thinking about selling Shiba Inu or buying it, you need to do it logically. We believe that currently, it is better to bet on coins with their own Blockchain as they have more room to grow. As large investors start dominating the market in 2022, the chances of Bitcoin and Ethereum rising are much higher than meme cryptocurrencies like Shiba Inu.