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Although the cryptocurrency sphere is crowded with over 13,000 digital tokens currently, it is Shiba Inu that 'barked' the most in 2021. It has outperformed the top currencies like Bitcoin and Etheruem on many grounds and also gave tough competition to Dogecoin. But since the massive price rally last year, SHIB has been maintained a low key. To be precise, the memecoin is going through a bear run that is pressurizing Shiba Inu's price. However, the memecoin has got a set of honest followers called 'Shib Army' who is at the rescue anytime. We explore if SHIB supporters can really help the cryptocurrency retain its position again in 2022.
Shiba Inu is the second largest and most adopted memecoin in the digital sphere. Since its inception in 2020, SHIB has recorded a whopping 49,539,173% growth. Unfortunately, the cryptocurrency is not doing well now. It has lost over 65% from its previous high and has passed through major resistance levels during its downward rally. Recently, Shiba Inu stuck at US$0.0297 demand zone. Investors thought that the memecoin might find a resistance level there and gain value over time. Unfortunately, it didn't happen and SHIB's price is also not indicating any signs of recovery or stalling. The market structure's bearishness is also having a major impact on Shiba Inu's value. At a time like this, can the Shib army really do magic as they did before? It was solely SHIB followers who made the memecoin rally at a record high in 2021. Therefore, the factual clarifications indicate that the Shib army has the potential to drive SHIB's price to record highs in 2022 if they come up with an effective strategy or a campaign.
On the official Shiba Inu website, it is mentioned that the memecoin is a 'Dogecoin Killer'. Although other dog-themed cryptocurrencies are also on the play, it is SHIB that has risen as a major competitor to Doge.
One thing that Shiba Inu and Dogecoin have in common is their investors. Generally, memecoins are heavily backed by investors who are also called followers or supporters. They often trigger the price by doing a social media campaign or unleashing disruptive moves. Similarly, the Doge supporters and Shib army fight head-on with each other to place their memecoin at the top. That is how the major Dogecoin vs Shiba Inu fight took place in 2021. When Shiba Inu rallied to record high and outperformed Dogecoin for a while, Doge supporters geared up their game and proved their stance. A similar fight in 2022 could easily trigger both Shiba Inu and Dogecoin's value.
Big names like Elon Musk and Mark Cuban are always on the memecoin radar. What they do to major cryptocurrencies like Bitcoin is far smaller than the impact their words cause on memecoin. Shiba Inu is one such cryptocurrency that gets influenced easily by enthusiasts.
Before the massive SHIB rally, Elon Musk played a small role in triggering its price. He posted a picture of its recently bought Shiba Inu puppy on Twitter, which made the Shib army go crazy. Usually, Dogecoin gets the attention whenever Elon addresses the Shiba Inu concept. But that time around, it was SHIB that took the blow. Therefore, it is safe to say that familiar names have great power over Shiba Inu and if they initiate, SHIB could rally at a record high.
During the price rally in 2021, it was found that Dogecoin and Shiba Inu were the most discussed cryptocurrency on Twitter. The report unleashed by ICO Analytics suggested that Shiba Inu emerged as the winner with a 22% share of all crypto assets discussion centering around it. Some Shiba Inu terms like #SHIBARMY #ShibaSwap #shibainu #shibainucoin #SHIB have been trending on the microblogging platform. This eventually drove many Twitter users to invest in cryptocurrency.
Shiba Inu has gained over 17,000,000% in value in 2021 alone, thanks to the supporters who pushed major crypto exchanges to list the memecoin. Yes, a petition in Change.org to list Shiba Inu in the Robinhood platform has gained over 3 lakh signatures, which eventually triggered its price. Although Robinhood didn't add it to their portfolio, the move triggered many major exchanges to consider the SHIB coin.
As the access to Shiba Inu coin has increased, so has the size of the community. According to a recent report obtained from WhaleStats, the total number of wallets holding SHIb now stands at 1,145,212.
According to a report by Bacancy Technologies, Shiba Inu has averaged 2.8 million searches per month on Google. Only Bitcoin and Ethereum stand prior to this. This indicates investors' desperation towards the memecoin. According to experts, a major part of the recent Shiba Inu price rally was triggered by FOMO (Fear of Missing Out). More and more people, even new investors bought SHIB out of anxiety.
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