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Shiba Inu (SHIB) is a decentralized, community-based cryptocurrency in the Shiba Inu ecosystem. Shiba Inu operates on Ethereum (ETH) blockchain. Shiba Inu has multiple advantages like faster, cheaper, and more efficient transactions. Shiba Inu has gained popularity in the market after Elon Musk tweeted about his interest in owning a Shiba pup. Shiba Inu was launched to imitate what Dogecoin (DOGE) did in the past, and Shiba Inu is pretty successful in doing it.
Despite being successful cryptocurrencies, both Dogecoin (DOGE) and Shiba Inu (SHIB) always get criticized for their lack of usability. Unfortunately, it is a fact that most of the meme coins are just becoming popular because of the strong online community.
One of the factors likely to play in Shiba Inu's favor is its recent entry into the Metaverse. The Metaverse is considered one of the next big things in crypto. Some analysts even expect the Metaverse to hit a market value of US$8 trillion by the end of this decade. However, the Metaverse is just one of the reasons why investing in Shiba Inu could be a profitable move.
Shiba Inu was one of the best performing cryptocurrencies in 2021. It went up by 48,000,000%, easily beating the likes of Bitcoin and Ethereum by a considerable margin. While Shiba Inu has been on a downtrend, it has been in sync with the broader market. Essentially, it means that once the broader market turns bullish again, Shiba Inu will have the chance to do well.
Shiberse is the metaverse of the Shiba Inu meme currency, which will be a meeting point for owners of this digital token, with games and could include virtual land and non-fungible tokens (NFTs). The Metaverse is the Shiba Inu ecosystem's own metaverse space, described by developer Eric M as "a place where our community, tokens, game, ShibaSwap and way more is going to meet together."
Hosted on SHIB.io it will feature 100,595 plots of land that will be made available to purchase. These will all be placed on the metaverse map, lined with streets with Shiba-related names. The metaverse land will also contribute towards the SHIB burn, using a renaming process similar to the Shiboshi NFT burns. Shiboshi NFT holders will have an exclusive area of the metaverse, known as the Shiboshi Zone.
The token is also getting increasingly adopted for payment purposes, and the number of organizations that accept it is on the rise. It is one of the most dominating and interesting cryptocurrencies in the world today. It began its journey with quadrillion tokens, but now almost 50% of its tokens have burned. The predictions for the year 2022 include that Shiba Inu (SHIB) can reach US$0.0001 in the crypto market following the crypto winter. By 2023 the pricing is expected to rise to US$0.00015 in 2023 and by 2025 US$0.0002. The ecosystem for this token is still in its developmental phase, and this year, the performance is bound to escalate.
This year, investors are still wondering if the price of Shiba Inu will reach US$1. To do this, various data must be considered. Currently, Shiba Inu has a total supply of 589.6 trillion tokens. If SHIB reaches a price of US$1 with this supply, it should have a market capitalization of US$589.6 trillion.
In this sense, it would become the most valuable asset on the planet, surpassing the capitalization of Apple by about 235 times. Apple is the company with the largest capitalization globally. Based on this hypothesis, Shiba Inu should reduce its current supply by more than 99%. In this sense, the burning of SHIB tokens is being carried out to reduce the circulating supply of the meme cryptocurrency.
The crypto domain started considering Shiba Inu as a worthy investment since the token was accepted for listing in the Binance exchange. The crypto witnessed its price skyrocketing exponentially last year, within a very short period. However, it did not succeed at keeping its position. But experts predict that mid-2022 might hold a different story for the SHIB token. Due to the increasing popularity of cryptocurrencies all over the world, SHIB may also catch the attention of investors looking for an affordable investment option. But studies reveal that as its price fell almost 60% compared to its all-time high, several investors are evading trading SHIB tokens. Nevertheless, several large 'whales' have recently purchased massive amounts of Shiba Inu coins which also indicates that its price may rise in the future.
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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.
