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As a meme coin, Shiba Inu (SHIB) is creating a storm in the highly volatile cryptocurrency market in 2022. Despite being in the crypto crash cases, SHIB is gaining attention from crypto investors for outperforming Bitcoin (BTC) up by 31%. Thus, this meme coin is showing potential to drive sufficient profit to crypto investors with all its effective strategies in recent times. The crypto market pressure is letting the meme coin slip its price again, but Shiba Inu is fighting against the flow. Recently, the SHIB token has surpassed one of the popular altcoins known as Avalanche (AVAX) in the market and can take over Dogecoin (DOGE) in the nearby future. Shiba Inu is transforming itself from a meme coin to a valuable cryptocurrency for crypto investors. Though Dogecoin is up there in the list of the top ten cryptocurrencies, Shiba Inu is performing well to surpass AVAX and Bitcoin with its sheer performance.
In the highly volatile cryptocurrency market, Shiba Inu has just shifted its price by 2.47% in two weeks while Dogecoin slipped its price by over 3% in two days. Though crypto investors can experience red flags in the market, the meme coin market is fluctuating better than popular cryptocurrencies such as Bitcoin or Ethereum. At the time of writing, the current SHIB price is US$0.00001197 with a market cap of US$6.57 billion and a market rank of 16 while the current price of the AVAX token is US$23.83 with a market cap of US$ 6.77 billion with a market rank of 14.
Crypto investors must consider that Shiba Inu is not safe from the prolonged bearishness in the highly volatile cryptocurrency market. SHIB is moving in the favour of the bearish market— thus the 2.47% movement did not have a drastic effect on crypto investors and their crypto wallets. Crypto investors are not set to pull their millions of dollars out of Shiba Inu in recent years because SHIB has four key projects down the line with the recent one including the SHIB Visa card.
Meanwhile, AVAX has a feature known as Avalanche Bridge that has added Shiba Inu as a transferable ERC-20 token to Avalanche. The meme coin crypto investors can look out for the new access to decentralized applications on AVAX. Avalanche Bridge is created on one of the fastest smart contracts blockchains of Avalanche. Shiba Inu is providing impressive performance with significant moves as a meme coin. It has gained some key support on popular major platforms though it has no real-life use cases. SHIB is set to offer a peer-to-peer payment network without any central authority and a community-based project.
It has been speculated that the meme coin will soon cross Dogecoin, yes, it can turn out to be true! Shiba Inu management is working hard with upcoming projects and initiatives to be one of the top ten cryptocurrencies in the cryptocurrency market as well as reach the target of US$1. Shiba Inu has a competitive advantage over Dogecoin with the shift from the Proof-of-Work mechanism to the Proof-of-Stake mechanism for the Ethereum merge related to Ethereum 2.0.
That being said, Shiba Inu is surprising the global cryptocurrency market with its outstanding performance against popular cryptocurrencies such as Bitcoin and Avalanche (AVAX). Now it is time for the SHIB army to outperform Dogecoin in the nearby future to drive substantial profit.
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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.
