Shiba Inu’s Potential to Reach US$1: Will it Succeed this Year?

Shiba Inu is currently one of the most popular meme coins that are expected to explode in 2022

The Shiba Inu cryptocurrency has established itself as the most explosive and unlikely investment winner of 2021. SHIB's token price soared more than 44,600,000% during the past year, and some investors are betting that its growth streak has just started. Since its win, it seems that all crypto investors are talking about the future growth potential of the Shiba Inu token. Since the token showed its true potential for growth, the financial media and SHIB have been rooting for the token to hit the US$1 mark. But currently, the journey to the US$1 mark is quite long, considering Shiba Inu's present market value is around US$0.00002133, according to coinmarketcap. But even after the downstream in its present value, the crypto continues to pose serious threats to the market dominance of Dogecoin.

SHIB was released on the Ethereum blockchain as an ERC-20 token with a total supply of one quadrillion coins. But as the project grew, the creators of Shiba Inu wanted to turn it into a full-fledged decentralised ecosystem and transfer 100% of rights to the community to manage the protocol without a governing body. The token is available on several major exchanges, including Binance, Coinbase, FTX, and WazirX, to name a few. But its most convenient and popular success has been SHIB's acceptance in the Binance Exchange. The Shiba Inu ecosystem also holds a decentralized exchange called Shiba Swap, which was launched at the same time as the native SHIB token. Shiba Inu's popularity among crypto investors might impress some crypto investors, but its lack of real-world utilities might become a negative factor for several others.

Shiba Inu Price Prediction for 2022

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 from trading SHIB tokens. Nevertheless, several large 'whales' have recently purchased massive amounts of Shiba Inu coins which also indicates that its prices may rise in the future.

Can Shiba Inu really hit the US$1 mark in 2022?

Although networks such as Ethereum and Solana have cryptocurrencies that are used to transact on their respective blockchains and the underlying services provide some level of the fundamental value of the tokens, the dynamics are not quite similar for Shiba Inu. In fact, its operations are quite simple to understand. Crypto can be used as a currency or an investment asset. Hence, its adoption and market price speculation are the main drivers of the SHIB token.

Also, if the Robinhood Markets or any other leading trading platforms make Shiba Inu available to buy and sell, that could accelerate its rate of adoption. It is also attracting some interest as a cryptocurrency that can be used for buying and selling in the metaverse virtual-world application. 

At this point, it might seem quite unlikely for Shiba Inu to reach the US$1 mark, but it is also quite difficult to predict where the crypto market will land in the next 3 months.