We examine if Shiba Inu has the potential to break the odds and go up in value or will it fall to its previous value in 2022.
There’s been a lot of hype around the next big cryptocurrency since Bitcoin was invented in 2009. Those who invested in memes like “Dogecoin” and “Shiba Inu” have found great profits recently. Over the last year, Shibas have been the fastest-growing coin on the market with a phenomenal 82,651,174% growth. However, despite this success, they’ve had their prices fall just as much as everyone else and lag behind other coins. People are starting to explore whether the meme coin is capable of making it to the next level or not. It’s unknown how long it will take but many are hopeful that this coin will start trending in higher value once again by 2022.
Shiba Inu is a meme-based cryptocurrency that was introduced by an anonymous person or group known as ‘Ryoshi’. Although it calls itself a ‘Dogecoin Killer’, the idea behind memecoin was born from its native currency DOGE. Yes, the Dogecoin was created in 2013 after the memes featuring Shiba Inu dog went viral on the internet. It was released as a joke project and originally had a low profile before becoming more widespread in 2020. DOGE is now one of the most widely used cryptocurrencies on crypto markets. Once Dogecoin was doing well, many other crypto coins hit the scene too. One of the most popular ones is Shiba Inu that was created in August 2020 and has been quietly trading alongside its net currency SHIB. Speculators have been drawn to Shiba Inu because of how it fluctuates in price, creating a possibility for profits
Elon Musk and Mark Cuban have been influential in the memecoin space for a long time. In November, a Shiba Inu meme reached a record-high price for memes before finally surpassing Dogecoin. A petition on Change.org to list SHIB on Robinhood has gone viral and this has triggered the cryptocurrency’s price. On the other hand, its NFT announcement and FOMO (fear of missing out) by investors contributed to the price rally. There has been a lot of buzz around AI startups in 2021. The last time the public heard from these startups was at the end of November, which is why investors are really worried about what’s going to happen in 2022.
Also Read:
Ethereum’s price is falling, when will it make a breakthrough?
Shiba Inu future in 2022?
The most recent trend in cryptocurrency investment has not just affected Shiba Inu. Virtually all digital tokens, including Bitcoin and Ethereum, are also experiencing the same downward trend. However, investors tend to be less interested in those cryptos as they know mainstream tokens have a bounce value and will usually be back on track. Memecoins might also be different.
At the time of writing, SHIB tokens were last traded at around US$0.00003777 with a total market capitalization of US$24.39 billion. Experts say that one major resistance is the current trading price of about US$0.000036 which was recently broken by Shiba Inu. There’s speculation this could lead to a quick new low, and be potentially targeted at 2022. Since early December, SHIB has seen a 45% drop in its price. Experts are predicting that it will find support at US$0.0000620 and form a new swing low around US$0.0000295
How can SHIB Gain Value?
A popular strategy that cryptocurrency creators use to affect the value of their tokens is to increase the supply. Shiba Inu has also promised to convert a large number of tokens by burning them. And there are now 589,736,561,989,744 tokens available. The huge burn could cause the total supply to reduce.
Are you interested in investing in crypto coins? There are many interesting developments that are currently happening. For example, the Shiba Dog team has come up with a burn plan which is expected to open the door for memecoins to enter the metaverse space. They also have plans for their own virtual universe called Osiverse.
What could lead to Shiba inu being so hot this year?
Shiba Inu investors are worried about how the meme is doing in 2022. Although cryptocurrencies are notorious for being volatile and difficult to predict, many new investors invested in SHIB’s currency based on growth expectations. We explore some ideas that could increase the value of SHIB (valid aspects that might point it in a positive direction).
Memecoin is undoubtedly trending downwards. Furthermore, with “Shiba Inu” already at a record low, it’s possible that sellers will cash out. This will push the price down even more.
While Shiba Inu being listed on Binance and Coinbase, among other mainstream exchanges is a good thing, it could lead to volatility. Once platforms make it easier to exchange SHIB for fiat currencies, there’s potential for the price to take a dip.
SHIB is created by a company that has been in the payment processing industry since 2010. However, unlike Bitcoin and Ethereum, its adoption among institutional investors and payment modes has been comparatively less. Shiba Inu is accepted as payment only by about 100 global vendors.