The US$2 trillion economies is impossible to be overlooked or ignored. However, the decentralized ecosystem is down for a while now, leaving digital tokens' prices to reach the bottom. While the whole market seems gloomy, Shiba Inu shines a bright light on cryptocurrency investors who have lost their hope. SHIB is a memecoin, also hailed as 'Dogecoin killer', for its potential to outperform the foremost meme-token. After reaching an all-time high in October last year, Shiba Inu's price went down by 70%. However, compared to other digital tokens, SHIB is maintaining a moderate value now. With metaverse debut and Shibarium update on the track, the cryptocurrency investors believe that Shiba Inu could reach new highs in the coming days. In this article, Analytics Insight lists 10 reasons why you should become a big-time fan of Shiba Inu in 2022.
The influence of celebrities and enthusiasts on cryptocurrencies is extremely huge. So far, it has created a whole social media sentiment across the globe. Standing out from the rest, Shiba Inu has the support of Tesla CEO, Elon Musk. Although Musk has admitted that he owns zero SHIB, people can't turn a blind eye to his 'Floki Frankpuppy' tweets. Every time Musk posts a Shiba Inu dog-related tweet, the Shib Army goes crazy, driving SHIB's price even crazier.
Generally, cryptocurrencies' price is determined by supply and demand. When it comes to Shiba Inu, there are more than enough tokens to address the growing demand. Its 549 trillion total token circulations is giving a major pump to the cryptocurrency.
While cryptocurrencies like Bitcoin and Ethereum are priced at US$40k and US$3k respectively, buying a single token might be a big task for a commoner. As a simple investor, you can only buy a small proportion of the tokens. On the other hand, with even one dollar, you can buy an impressive number of Shiba Inu tokens.
Many people think that SHIB is riding the growth wave of Dogecoin. However, DOGE gave a spike to Shiba Inu in the first place, but the memecoin found its own way from thereon. SHIB has an amazing feature called ERC-20 that runs on the Ethereum blockchain. Since ETH is a frontrunner in decentralized finance, SHIB get to be a part of all the amazing DeFi projects.
The anonymity behind Satoshi Nakamoto is already unsolved. However, according to some experts, the unknown founder is a major reason behind Bitcoin's growth. Similarly, SHIB was also created anonymously under the pseudonym 'Ryoshi'. There is no clear evident or trace of the SHIb founder, which instigates suspense around the cryptocurrency.
Many cryptocurrencies in the market go popular only after getting the hype from investors. The hype is eventually turned into Fear of Missing Out (FOMO), which makes people go completely berserk for the tokens. Similarly, every time SHIB records an impressive growth, investors go bongs on FOMO and buy more token, only to make Shiba Inu's price reach new highs.
Although Shiba Inu has a good ecosystem already, its upcoming feature Shibarium, is expected to add even more advantages to the ecosystem. Shibarium is a layer 2 solution that will extend the features of SHIB. The extended ecosystem will have more tokens and amazing blockchain technology.
In the much-admired cryptocurrency world, there are over 13,000 tokens in circulation. Every day, at least 50-100 tokens are getting launched. However, not all of them are seen as good investments among enthusiasts. Some altcoins like Ethereum takes advantage of providing differentiated technology from Bitcoin while stablecoins such as Tether are adored for their stability. Surprisingly, SHIB stands out in a different way. Walking in the same way as Dogecoin, Shiba Inu has become a famous memecoin that has proved the potential initial days of its launch.
Recently, Shiba Inu followers created an online movement by signing a petition demanding Robinhood to enlist SHIB in it. The movement became extremely popular, driving Shiba Inu's price high. Although it is yet to be added in Robinhood, many other cryptocurrency exchanges came forward and added SHIB in their trading portfolio.
According to Shiba Inu website, the memecoin is a 'Dogecoin killer'. Even though SHIB just joined the bandwagon of cryptocurrencies that stand as DOGE competitors, during the October price rally, it proved to be really one. SHIB outperformed Dogecoin for a while and even entered the top 10 cryptocurrencies for a brief time.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.