Experts say that Shiba Inu is one of the few cryptos that could overcome the bearish trap
For the past two years, the cryptocurrency market has boomed like never before. But no other token has been on a wilder ride than Shiba Inu. In 2021 alone, Shiba Inu’s price has soared to as much as 60,000,000%. Although it lost 74% later on, the buzz around the Dogecoin competitor is not fading away. But some of the investors seem to have forgotten that SHIB exists. On the other hand, the so-called Shib Army count is reducing, leading to many thinking that Shiba Inu is out of the crypto competition. Fortunately, experts say that SHIB is one of the few cryptocurrencies that have the potential to overcome the current bearish trap in the next few months.
The cryptocurrency market is extremely gloomy recently. Starting from the top token- Bitcoin to growing memecoins, every digital currency is on an oscillation. While they were desperately seeking to find a support level at some spots, Shiba Inu recorded a whopping 50% growth, leaving many crypto investors speechless. Although the growth was not permanent, the way it found a reliance point was impressive. But investing in SHIB is not for all. It is a tempting, yet, risky investment. However, the developers behind the cryptocurrency are also coming up with new features to make SHIB align with real-world requirements. For example, Shiba Inu is jumping into Metaverse and launching NFTs that could keep the token trending all the time. Besides, it has recently found a support zone, which could trigger the memecoin’s price in the coming months.
Shibarium as the Catalyst to Growth
Currently, Shiba Inu developers are working on a scaling solution called Shibarium, which will give an edge to the cryptocurrency. It is a blockchain update that could result in lower transaction fees across the Shiba ecosystem. Although the upgrade will only hit the market later this year, it is expected to make SHIB more affordable and accessible. In a nutshell, it will cut transaction fees and network congestion that have been a matter of concern for many Shiba Inu investors.
But from the core, even the Shibarium update gives no assurance that SHIB will gain value. Since it is just another memecoin that has acquired prominence over a short span of time, people have diverse opinions when it comes to SHIB’s performance. The scenario is pretty much the same for Dogecoin as well. Although it is one of the best performing cryptocurrencies of 2020 and 2021, people don’t completely believe in its growth.
Indicators of the Upcoming Growth
According to a prediction, Shiba Inu’s price is all set to hit US$0.000054 in 2022. SHIB is showing surprising resiliency even when major cryptos signal bigger losses. As per the Point and Figure chart, Shiba Inu will enter the bullish territory in the coming months.
Before the Shiberse announcement came, several big Ethereum whales began buying Shiba Inu for millions of dollars. According to walestats.com, someone called ‘Jiraiya’ bought SHIB tokens worth US$1.079 million in a single day.
Besides, the Shiba Inu community engaged in a burning exercise last month, sending a certain number of crypto coins to a wallet address that is off the market. Although the coins are still there, they can never be used again. This exercise will increase the demand for existing Shiba Inu tokens.
Conclusion Note
After a short pullback, Shiba Inu has found a strong support level at US$0.000029. According to predictions, this could trigger its price to as much as US$0.000054 before the end of the year. Therefore, investors can still try their hand on SHIB but with caution.
