Memecoin season is upon us again with Shiba Inu recording another milestone yesterday. The SHIB token has officially surpassed 1 million users, which means the coin was found in 1 million crypto wallet addresses. This has eventually driven Shiba Inu price to record a 23% gain in the past 24 hours even when other cryptocurrencies like Bitcoin, Ethereum, and Dogecoin are witnessed minor changes. However, what could Shiba Inu do to its investors in 2022 is still a mystery. While some predictions suggest a further price surge in 2022 and beyond, some portray SHIB as a short-term investment model that won't keep up its pace in the long run.
Shiba Inu had an eventful month so far. The beginning of October marked the start of SHIB's rally with a simple tweet from Elon Musk driving its price. However, things changed upside down towards the end when the memecoin recorded a whopping 800% growth. Besides, Shiba Inu also managed to grab the crown from Dogecoin briefly and became the foremost memecoin for a while. Although it didn't last long, SHIB made a significant place in investors' hearts that is dwelling them to look for ways to make the digital token popular yet again. Therefore, in this article, we explore if Shiba Inu price has the potential to make another record high in 2022. We also debate on whether the expected price surge could make investors millionaires or not.
Created by an anonymous founder named 'Ryoshi', the Shiba Inu token was launched in August 2020 after Dogecoin became famous among investors. Yes, SHIB is one of many spin-off memecoins that came into play during the DOGE price rally in 2020. But who would've thought that a mere clown could take over the native coin in the coming days?
Shiba Inu tokens are hosted by the famous Ethereum-blockchain, which Ryoshi believes is 'already secure and well-established'. Shiba Inu has a total of 1 quadrillion SHIB tokens for circulation. According to its founder, nearly half of the coins are locked in a liquidity pool on decentralized exchange Uniswap while the other half was sent to Ethereum co-founder, Vitalik Buterin. Ryoshi thought that sending the tokens to Vitalik would help the memecoin grow. However, Vitalik burned half of the tokens and donated a significant amount to India's Covid Relief Fund and other charities.
As mentioned earlier, Shiba Inu had an interesting year so far. Beginning 2021 as a mere spinoff, SHIB managed to become one of the most adored memecoins among investors in the past two months. Here we have listed some of the significant milestones that investors should remember for a long time.
Between January 1 and the current date, Shiba Inu price has gained over 121,000,000% in value.
Similar to Dogecoin, Shoba Inu also maintained a low key for a long time. Although DOGE's journey is calculated in years, SHIB managed to make a breakthrough within a year of its launch.
At the beginning of October, Elong Musk posted a picture of his new Shiba Inu puppy on Twitter. To everybody's surprise, instead of Dogecoin, SHIB saw a price surge at the time.
Later on, a petition at Change.org demanding Robinhood to add Shiba Inu tokens to its portfolio has gained much traction with 300,000 people signing it. After this, many other crypto exchange platforms also opened their door to SHIB.
Vitalik's coin burn move also acted as an inflation move to trigger the memecoin's price. He removed almost 41% of SHIB tokens from the supply with a single click.
Shiba Inu's initiative in the NFT market also contributed to its fuelling price surge.
Besides, people were overwhelmed with the fear of missing out (FOMO) and piled up their Shiba Inu investment over a brief period of time.
AMC Entertainment CEO Adam Aron has poted a Twitter poll in October asking his followers whether the company should accept SHIB or not for online payment. Over 87% of respondents favored the move.
On November 25, Shiba Inu recorded another milestone by surpassing 1 million holders despite recording a value decrease in the past 1 month. This marks the expansion of the community. The move was possible because of SHIB whales as they have subsequently accumulated tokens during the price dip and the burn implementation also turned out to be positive. Besides, despite strict regulation, Shiba Inu was enlisted on the South Korean crypto exchange, Korbit.
Although many experts have come up with their own positive Shiba Inu price prediction, there is no guarantee that we will be climbing an upward path. According to Coin Price Forecast, Shiba Inu will reach US$0.00019059 by the end of 2021 and will reach US$0.00021956 by the middle of 2022. However, there is no assurance that the predictions will go on the same path since SHIB value has a flexible nature to be influenced by Elon Musk and Mark Cuban.
Besides, being a millionaire with Shiba Inu investment also depends on how much you invest in it. If you have invested even US$10 at the beginning of 2021, you would've gained a significant profit by the end of 2022. But there is no assurance that such a trend could follow in the future.
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