As the fortunes of cryptocurrencies dwindled last year, Shiba Inu also fell down from its high perch. But just when we were losing faith in the power of the meme coin, it has hit back in true SHIB style. The price of Shiba Inu has been up by 32% within the last 24-hours. And, if we analyze the wedge pattern on the cryptocurrency graph, it is starting to show a potential bull run.
Shiba Inu hit its long strides and ran like a Doberman during most of 2021. Under the influence of Elon Musk’s comments, it drove retail buyers to purchase more and more coins. SHIB made many early investors millionaires and ruled the charts like a king. But unfortunately, like all good things, its good luck came to an end at the end of last year. Even January went by, and nothing seemed going well for the meme coin. But when we least expected, it has overcome the downturn and rose in value by 32%. The price is now $0.00003175, and things look more positive than ever before. Presently, the market capitalization of SHIB is $17,432,353,067.48.
Possible Reasons for SHIB’s Price Increase
Currently, SHIB operates on Ethereum’s blockchain. But soon, it is expected to make a transition to its very own layer-solution or blockchain. Therefore, the cost for the operators while trading on Ethereum’s network will be less. As a result, there is positivity in the mood of investors.
Secondly, SHIB is about to enter Mark Zuckerberg’s favorite virtual world – the metaverse. But the vision of people running the meme currency is different from the currently struggling Meta owner. The people behind Shiba Inu have made the announcement that they will launch their own version of metaverse called Shiberse. As a result, the excitement have reached a fever pitch, and the speculations are driving SHIB’s price to the sky.
Another reason for the price rise is that SHIB is now expected to be listed on Robinhood. As Robinhood is a premier platform for buying and selling cryptocurrencies, it is only logical for people to be excited at the prospect.
Will SHIB reach $1 Valuation in 2022?
Just like people contemplate whether Bitcoin will cross the $100,000 mark, there are many SHIB lovers hoping for the meme currency to breach the $1 mark. But whether it happens or not is something that cannot be forecasted now. To drive the price upwards, Shibburn (a website selling SHIB tokens), has already burned nearly 410 trillion SHIB coins. But for Shiba Inu to cross the $1 mark, it will need much more than that. Possibly many bull runs like the one we experienced on Feb 8, 2022, can make a difference.
The BIG Question: Buy or Sell
Shiba Inu has earned a profit for nearly 37% of its investors. But it has also lost money for nearly 60% of investors. Given the current bull run and the formation of the wedge in the cryptocurrency graph, the chances of profit are definitely there. But we should also not forget that SHIB hasn’t been productive for many buyers in the recent past. So, really, there is no one answer to the question. However, the situation for SHIB looks brighter than before.