Shiba Inu is the most anticipated meme coin to gain value before 2022. But will it truly happen?

At the beginning of the 20th century, no investment model was as reliable as stocks. Although stocks had their own downsides, people still chose them over other investments like gold, oil, housing, and bonds to reap good benefits in the long run. A decade later, things changed when bitcoin made its debut. People who thought stocks can help them grow their money shifted to cryptocurrency. Today, the digital token market is much more than that. While mainstream cryptos like Bitcoin and Ethereum are still in the play, other meme coins like Shiba Inu and Dogecoin are gaining value like never before. Especially, SHIB is the most anticipated meme coin to gain value before 2022. But will it truly happen? We explore.

Memecoins are cryptocurrencies born out of memes and jokes online. Dogecoin was the first-ever meme coin to make its debut in 2013. Although it was seen as a unique and weird investment model, people just talked about it but didn't invest. Years later, in 2020, Dogecoin hit the mainstream after a Reddit movement by honest investors who used sub-Reddits to trend the meme coin. Eventually, DOGE was also accepted at sports events as a payment source and AMC Entertainment also opened its door to cryptocurrency. The growing popularity of Dogecoin interested creators to make knock-offs. One of them is Shiba Inu. Today, Shiba Inu is no more seen as a copy of Dogecoin since the memecoin managed to briefly push back DOGE and take its eighth position in the top 10 crypto list. Shiba Inu's price also hit an all-time high of US$0.00008841 on October 27, recording a total of 17,335,194% since inception. But SHIB dropping one zero from its value still seems to be a far reality. In this article, we explore the performance of Shiba Inu and discuss if the meme coin could eat up one more zero from its value any time soon.

Shiba Inu's Journey So Far

Shiba Inu was created by an anonymous person or people named 'Ryoshi' in August 2020. Based on the Ethereum network, SHIB self-proclaims itself as the 'Dogecoin killer'. Currently, Shiba Inu is transitioning from Proof-of-Work (PoW) to Proof-of-Stake (PoS) as Ethereum is undergoing a makeover. The memecoin was created following the success of DOGE in 2020.

Similar to Dogecoin, Shiba Inu's price also kept a low profile for a long time before hitting the mainstream. At the beginning of October 2021, Elon Musk, the Godfather of Dogecoin, posted a picture of his Shiba Inu puppy on Twitter. This move had a direct impact on SHIB as its indicated an approaching price rally. Later, a petition on Change.org demanding the Robinhood platform to add Shiba Inu to their trading portfolio has also gained over 300,000 signatures online. It eventually led to a massive price rally that pushed SHIB to reach a record high. The preparation to launch a collection of non-fungible tokens (NFTs), containing 10,000 Shiboshi characters also contributed to the price rally. Besides, people were buying Shiba Inu out of FOMO (Fear Of Missing Out). But after this rally, Shiba Inu's price is back to a moderate state. At the time of writing, was at US$0.00004141.

How SHIB is Making Buzz?

While there is heavy debate on whether Shiba Inu is off the radar or not, the memecoin is actually recording small developments and breaking new milestones. Recently, SHIB's official Twitter account surpassed 1.8 million followers, overtaking the social media of the world's second most-adopted cryptocurrency, ethereum. This indicates that the so-called SHIB Army is more dead and is on the play to broaden the popularity of the digital token.

Taking Notes from History

The cryptocurrency sphere is highly volatile and not all predictions come to reality here. However, we can take some hints from history to anticipate what is approaching us. Similarly, Shiba Inu's sudden price rally can be compared to that of Ripple and Litecoin in the past. According to the trend they suggest, Shiba Inu's price might be heading to a 90% loss real soon. Yes, XRP's price rose to US$3.3778 in 2018 from its previous US$0.0054 with a record 62,452% gain. Litecoin also encountered a 24,613% gain in a very short span. However, both the cryptocurrencies experienced a 90% crash sooner after the price rallies.

Can Shiba Inu Drop Another Zero this Year?

It is highly unlikely for SHIB to drop one more zero from its price this year. But in the long run, this could be possible as Wallet Investor suggests that Shiba Inu has the potential to be an 'awesome' long-term investment. Its price prediction for the end of 2021 is US$0.000048 but things the price could rise to US$0.000098 by the end of 2022. According to this suggestion, SHIB will drop a zero in late 2022 or early 2023.