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When it comes to cryptocurrencies, there's Bitcoin and then there's everyone else. While there are more than 20,000 different types of cryptocurrencies in existence, Bitcoin is far and away, the most popular and dominant coin on the market. But what if there is a cryptocurrency or a meme coin to be exact that can be considered a better investment option? The Shiba Inu Coin has been in the limelight for several reasons, though its current value is not very high. However, the coin is taking over a lot of the crypto market and proving itself an excellent choice for investors.
Shiba Inu is one of the many meme coins that entered the market in 2020 when FOMO started building up around Dogecoin. It gained traction quite fast and rose to become one of the hottest meme coins ever created. Besides its status as a meme coin, Shiba Inu use cases are on a growth trajectory both as a transactional currency and in the emerging metaverse space.
At the moment, Shiba Inu has a higher utility value than Dogecoin. With its Shibarium layer-2 solution, transaction costs are getting lower, which means a higher potential for adoption as a currency. Besides, with the recent launch of the Shiba Inu Metaverse, a lot more people are likely to be attracted to Shiba Inu as NFT gaming gains traction.
If the bear market of 2022 ends by the start of 2023, then the SHIB coin is expected to have a good start. After studying the chart patterns of the Shiba Inu coin, analysts suggest that the maximum price will be around $0.00002271. The minimum and average trading prices will be $0.00001959 and $0.00002014, respectively, in 2023.
Bitcoin, at its core, is a peer-to-peer cryptocurrency that prides itself as the most decentralized of all cryptocurrencies in the market today. Bitcoin is also gaining traction as Bitcoin gold. This is all thanks to its immutable nature and the fact that it has a fixed supply.
In other words, governments do not have any say in how Bitcoin operates or how it can be used. This also makes Bitcoin remarkably resilient against manipulation, and fraud, since its value does not depend on any individual or organization.
Also, with a total supply of only 21 million Bitcoins to be in circulation, compared to fiat currencies which can easily be inflated at will by central banks and governments, it's clear that Bitcoin truly represents a distinctive form of monetary freedom. It is the closest thing that society has come to digital Gold.
Before you decide whether Bitcoin is a good investment or not, you should know that all Bitcoin price predictions are speculative. That said, these predictions are educated guesses because they are based on a mix of fundamental and technical analysis.
Most cryptocurrency market analysts believe that Bitcoin could go up in 2023. The average Bitcoin price prediction for 2023 is $30,000. However, it is more long-term that analysts expect Bitcoin to do well. For instance, analysts expect Bitcoin to trade at $200k or more in 2025.
On the face, it may look like Shiba Inu may grow in the future more than Bitcoin, but the latter is much more widely known and still dominates the cryptocurrency market. Thus at this level, there still isn't a sure reason why one must not invest in Bitcoin.
Bitcoin has had many price runs over the past years as it started with trade for pennies in 2009 and reached $68K per coin in 2021. This figure is still the highest of all cryptocurrencies of all time.
Shiba Inu has recently turned the market upside down with a sudden hike over this weekend. One never knows how long it will last. So it is way better for one to check the latest trends and previous investments as well.
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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.
