Shiba Inu reached a recent high of US$0.0000296 on March 28, instigating a long bull-run
The very idea of Shiba Inu evoking images of a cute Japanese breed puppy is long forgotten. In the fast-evolving financial ecosystem, SHIB literally means a rapidly-growing cryptocurrency that could make investors rich in the short span. At the time of writing, the Dogecoin competitor is being traded for US$0.00002777 with a market capitalization of US$15.23. Shiba Inu reached a recent high of US$0.0000296 on March 28, instigating a long bull-run in the coming days. While things seem positive for Shiba Inu in 2022, experts add more glory to the cryptocurrency by saying that it could experience a 2021-like rally this year.
2021 was an eventful year for many cryptocurrencies including Bitcoin, Ethereum, Dogecoin, Shiba Inu, etc. However, among the front-running tokens, SHIB scored big in the past year. Besides the long-term gains, the Dogecoin killer also recorded some whopping short-term profits that made investors go berserk. However, things have been dark for Shiba Inu in 2022. The cryptocurrency was fighting against the bearish trend that surmounted the whole market. Fortunately, Shiba Inu managed to break through the odds and recorded impressive growth in March. In the past week, it registered a 20% spike, according to CoinMarketCap data. On the other hand, ShibArmy is also trying its best to bring back SHIB into the spotlight. Constant burnings and newly-added features in the Shiba Inu ecosystem are expected to pump in more value this year. Therefore, investors are already staking up the Shiba Inu token before it could go on a 2021-like rally.
2021: A Historic Year for Shiba Inu
Since the ‘blockchain’ and ‘decentralized finance’ concepts hit mainstream adoption, the number of cryptocurrencies in the market surged drastically. Today, there are over 13,000 digital tokens in circulation, and every day, at least 50-100 new cryptocurrencies are entering the market. Amidst this increasing competition, Shiba managed to stand out in 2021. The Dogecoin competitor recorded a whopping 49,000,000 price rally in the last year.
SHIB started 2021 at US$0.000000000073 and ended at US$0.000036. To put this in simple terms, even a US$1 Shiba Inu investment could make anybody a millionaire. The Dogecoin killer hoped for a massive bull run when a petition to include it on Robinhood gained more than 4,000,000 signatures. Eventually, it led to FOMO and more investors started pumping in massive amounts.
Shiba Inu Price Analysis: Fighting the Resistance Level
Despite breaking the ice and recording an interim high, Shiba Inu is still facing a major resistance level at US$0.000028. Besides the one-time outperformance, SHIB couldn’t hold up above the resistance mark in the last few days. However, experts say that the one-time breach is a good sign and investors can expect a further price rally in the coming days.
Remarkably, this Shiba rally in 2022 came as a big surprise to many crypto enthusiasts. Although SHIB didn’t disappoint the investors despite the bear takeover, the market was not expecting the beginning of the bull run in March. Shiba Inu has now managed to pair up some of the losses made this year and is already above its 20 and 50-day exponential moving averages. Still, it has to keep up the pace to break its temporary resistance level. But according to predictions, SHIB could record a 20% spike in the coming days.
Other Factors Contributing to Growth
Shiba Inu has introduced ‘SHIB’, its metaverse initiative. In an effort to compete with Decentraland, the community has unleashed SHIB to form a perceived virtual reality environment. It is aimed to create ‘one of the strongest communities ever gathered in all of crypto’s history’.
Recently, Shiba Inu has made its debut in Netcoins, an online cryptocurrency brokerage that makes it easy to buy, sell, and hold cryptocurrencies in Canada. Besides, fashion brands including John Richmond have announced SHIB and LEASH burns to pump the value of the tokens. Anonymous whales are also purchasing Shiba Inu tokens in large numbers. On 30th March alone, over 621 billion SHIB have been secured by the top ETH whales.
