Shiba Inu is Losing its Ground! What Awaits Down the Road?

As Shiba Inu's peak this year has not impressed its investors yet, what does the future hold?

Traditionally, the stock market was considered as the one and only, top investment market or asset that could indirectly turn itself into a wealth-building machine. Over the years, the stock market has yielded immense amounts of profits and gained the trust of millions of individuals from the investor community. But the emergence of cryptocurrencies has turned this conception overnight. These decentralized investment options have lapped the stock market many times over since its inception, creating a radical form of payments. Now, one of the cryptos that have gained considerable attention and popularity, over these years, is Shiba Inu. Emerging out of a meme, Shiba Inu has quite rapidly turned itself into one of the biggest names in the crypto domain, delivering historic gains in 2021. Calling itself, the 'Dogecoin killer,' Shiba Inu rocked the crypto market in 2022. But for the crypto market, where volatility is in their core DNA, lows, as well as highs, are a part of all cryptocurrencies. Quite similarly, the past couple of months have also been quite difficult for Shiba Inu. There are increased anticipations about the crypto's potential to reach the US$1 mark, but Shiba Inu seems to be losing its ground, rather than expanding its market dominance. 

Over the last 12 months of 2021, Shiba Inu received more than 188 million views, whereas, the major crypto player, Bitcoin, received 145 million views, approximately 43 million fewer than Shiba Inu. Within a very short period of time, the SHIB token gathered quite a loyal investor base who are relentlessly working on the mission to establish it as a long-term investment option and boost its rate of adoption, so that everyone in the crypto community can intercept and understand the future potential of the crypto. However, several of its present investors are losing interest due to fewer or almost no practical-world use cases, and also because of the emergence of better alternatives. 

Shiba Inu Price

Even though Shiba Inu has emerged as the 'Dogecoin killer', the crypto market meltdown has caused the SHIB token to lose its relevance in the market. According to coinmarketcap, the current value of Shiba Inu is US$0.00002383, occupying the 15th rank in the global crypto market. In 2022, the SHIB tokens still remain to be one of the most demanding meme coins on the market and its growing community is still an asset. But experts predict that it will continue to lose its dominance even further if its market value does not rise. By the end of 2023, they predict the crypto to be even less functional. The asset will be a critical aspect for both the Shibverse and ShibaSwap, and its enhanced use cases might actually help with its case. 

The self-proclaimed 'Dogecoin killer' got a major boost when it got listed on the Binance exchange. Allegedly, SHIB's price shot up about 114% in 24 hours. Also, it gained a marketing buzz when Elon Musk tweeted about getting a Shiba Inu dog. Another one of its celebrated accomplishments, quite worth mentioning is the launch of its decentralized exchange called the ShibaSwap. Notably, by the end of 24 hours of its launch, ShibaSwap acquired over US$1 billion of total assets locked, which helped SHIB to be more than just a meme coin.

So, with its current shenanigans, is SHIB still a worthy investment?

In the last couple of weeks, the SHIB token surged, showing signs of improvement and recovery. There are several reasons why this might have happened. One of the most prominent reasons is probably because of its recent collaboration with Welly's fast-food chain. It is a Shiba Inu-themed restaurant, located in Italy, and even has a Shiba Inu dog as its official image. It accepts cryptocurrency as a form of payment and plans to include it throughout its marketing materials. Another possible reason for its recent spike might be its blockchain project known as the Shibarium. This project aims to make Shiba Inu affordable for its users. Even though the project is still under development, it could be an encouraging sign for the investors. Shiba Inu also aims to enter the metaverse.

Well, these developments should definitely mean something to the investors. At the moment, there is not much that sets SHIB apart from other cryptocurrencies, but once it attains its requited accolades, we might then see a fair fight between Shiba Inu and the rest of the major cryptocurrencies.