The huge growth of 65,246,475% made new investors try their hand at Shiba Inu tokens
With only three days left before we say goodbye to 2021, it is quite clear that we will see another Amazon year for cryptocurrency and its adoption. Cryptocurrencies started the year with a market value of $ 774 billion and managed to surpass $ 3 trillion before it is over. Although mainstream digital tokens such as Bitcoin and Ethereum contributed to the rise, memecoins including Shiba Inu and Dogecoin also played a major role in capturing the attention of new investors. Shiba Inu’s price went from US $ 0.000000000073 on January 1 to US $ 0.00003654 at the time of writing. The huge growth of 65,246,475% got new investors to try SHIB tokens.
Over the past year, the popularity of memecoins has increased drastically. CoinMarketCap has branded Shiba Inu as the most popular cryptocurrency surpassing buzz around Bitcoin and Ethereum. SHIB is currently in the thirteenth position with a market value of USD 20 billion. The memecoin reached a record high of $ 0.000088 in October and took over the Dogecoin crown as a native memecoin for a while. It happened when a petition on Change.org demanding Robinhood to add SHIB to its portfolio received 300,000 signatures. In addition, Shiba Inu’s initiative for NFT and FOMO among investors helped the coin perform well for a while. However, its popularity did not last long. SHIB lost its position on the top 10 cryptocurrency list and is now trading at a moderate value. But crypto-investors are open to such volatility and uncertainty. After betting on Bitcoin, which has yielded 8,000,000,000,000% gain in the last decade, enthusiasts are willing to take any risk. They use social media platforms as an important medium to advance their ideologies.
However, Shiba Inu, which shattered investor expectations, did not experience a Santa Rally this Christmas season, even as Bitcoin managed to outperform $ 50,000. According to predictions, SHIB will gain value, even without a Santa rally, once it has entered 2022.
How can Shiba Inu become prominent?
The cryptocurrency market has outperformed equities and mutual funds in 2021. But within the memecoin community, it’s about survival. Yes, the next generation of cryptocurrencies is expected to conquer these grounds and SHIB could be on board to do so. Features like gaining the trust of institutional investors, great use cases, gentleness towards easy transactions, etc. will contribute to the growth.
Shiba Inu currently has 1 million holders, while its direct rival Dogecoin has 4 million. In order to attract more investors, SHIB should enter into partnerships and make the token acceptable as a payment option. In addition, it should reduce transaction costs compared to Bitcoin and Dogecoin.
SHIB’s Christmas bug
To be precise, Shiba Inu did not have a smooth Christmas this year. The Memecoin’s price faced strong resistance at US $ 0.00004000 and barely managed to stay above US $ 0.00003000. Although Shiba Inu’s price went on a short rally, the level of resistance seems undisturbed by it. But it is also dangerous to recover from the short Christmas rally, as it could result in a drop of 20% in the coming days.
Shiba Inu Burn Christmas party
Bigger Entertainment, the company behind the Spotify Technology SA playlist that burns Shiba Inu tokens with every song streamed, had a groundbreaking plan for Christmas. The company held a Christmas party on Dec. 26 and burned 176 million SHIB tokens at the time. By engaging in a massive combustion, investors can save gas fees for separate combustions. This will ultimately reduce the number of coins in circulation and add value to the existing ones.
Shiba Inu i 2022
Shiba Inu generates incredible hype in 2021. But with the colors fading, we see its potential to make a comeback in 2022. According to forecasts, SHIB will certainly break its previous high of 0.000084 USD in the 1st quarter of 2022, but will retain value throughout the 2022 year. The forecast further suggests that ShibaInu will reach $ 0.0001 in 2023.
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