The meme coins are trending like crazy. First, Dogecoin caught the cryptocurrency world by surprise with its funny meme dog mascot, now Shiba Inu is following Dogecoin in the same footsteps creating a consistent fanbase for itself.
Dogecoin started with a dog meme that kept circulating on the internet in 2013. The mascot is a Shiba Inu dog, which looks very funny in several memes. Later, it surged tremendously following the pushing Tweets of celebrities like Elon Musk and Snoop Dog.
Shiba Inu is following the same trend and also has a Shiba Inu dog for its mascot. In addition, Shiba Inu also brands itself as a ‘dogecoin killer.’ Judging the current value of Bitcoin, it is easier to buy the meme coins than to buy Bitcoin.
The recent months have been very profitable for the Shiba Inu investors since this coin’s price is going upwards. Experts predict that Shiba Inu will reach $1 per SHIB. But is that possible? In this article, let us explain if Dogecoin will get $1 in 2022.
What is Shiba Inu?
Following the success of Dogecoin, Shiba Inu came into existence. Shiba Inu is an altcoin based on Ethereum, and it has a Japanese hunting dog Shiba Inu for its mascot. Like all the other altcoins, Shiba Inu is also a decentralized cryptocurrency and offers p-2-p payment to users worldwide.
An individual or anonymous group named Ryosdhi is responsible for the creation of Shiba Inu in 2020. The current value of Shiba Inu is $0.00005425, and it has a market cap of $29.547B in November of 2021.
Shiba Inu helped the developers build the “Shiba SwapDex”; Dex means decentralized Exchange. There are also some other products that the developers could create using Shiba Inu, like Leash and Bone.
Like all the other altcoins and also Bitcoin, Shiba Inu is also highly volatile and has the potential to spike its value at any time. Two factors determine the rise of SHIP tokens.-
- Celebrity support, social media campaigns, memes, and trends.
- Since Shiba Inu is built on an Ethereum network, it has applications in NFTs.
Shiba Inu’s Advantage Over Other Coins?
Shiba Inu has significant advantages over other altcoins. Here are the reasons why Shiba possesses advantages that some other altcoins do not –
Ethereum is the second most popular cryptocurrency after Bitcoin; it offers to create dApps and smart contracts. Shiba Ibnu works like Ethereum Blockchain and does all the NFT and other significant functions using Ethereum’s blockchain.
Dogecoin theoretically has no limited market cap. But Shiba Inu has a market cap of one quadrillion. This limited market of Shiba Inu, according to some experts, makes it an excellent investment.
Besides, Shiba Inu was only born in 2020, and within a few months, it reached tremendously high limits. Its rapid growth makes it a tough competitor for altcoins like Dogecoin and XRP.
Why Will Shiba Inu Take Time To Reach $1?
Cryptocurrencies themselves are very volatile; so, it is unpredictable whether any coin will reach a specific price or not. A coin might reach your expected price; it may also fall down. So, Shiba Inu coins may reach $1, but it may take time. Here are why it may be so-
Celebrity Support
Dogecoin, the beginner joke currency, has celebrity support from Elon Musk, and that has given Dogecoins a huge advantage to grow rapidly. Elon Musk has 61 million followers on Twitter, and one-third of the Americans follow his tweets to make their investments.
Elon Musk’s Tweet about Dogecoin has given it several frequent upward pushes. Elon has mentioned Shiba Inu a few times, but that was just about it. So, truthfully, Shiba Inu has no celebrity support like Dogecoin. It is safe to say without celebrity support; the Shiba Inu coin is not getting further soon.
Shiba Inu Is New
Launched only in late 2020, Shiba Inu is a newborn altcoin. From the very beginning, SHIB has been marketing itself as “The Dogecoin Killer.”
Shiba Inu has profited a lot by following Dogecoin, but it still has a long way to go to reach $1. It is a newborn coin, so it needs time to reach a $1 value.
Will Shiba Inu Reach $1?
Considering the surge of Dogecoin to the highest ever value of $0.77 this year, we can say that it will soon reach the $1 price. The constant promotion, social media campaign, and celebrity support and influencers and investors are potent enough to push Dogecoin to the $1 value.
Since Shiba Inu is following the same trend, sooner or later, it will reach the $1 value. Besides, it has been growing the interest of the investors exponentially.
Cheaper coins like Shiba Inu are great investment options because these tend to rise in value overnight sometimes, and the impressive trading volume of Shiba Inu makes it possible for it to reach a $1 price.
Conclusion
You can ride the volatile wave of cryptocurrencies like Shiba Inu and earn a sizable amount in crypto arbitrage. But, if a coin is doing well in the crypto market, then it gains the possibility to rise in value.
Shiba Inu has risen in value during the end of October and the beginning of November in 2021, and it may possibly reach $1 if not in 2022, then maybe in the following years.
Author bio:
Ani Johnson is a passionate blogger. She loves to share her thoughts, ideas, and experiences with the world through blogging. Ani Johnson is associated with Gossipment, TheParentsmagazine, TheLegalGuides, EssayWritingGuides.
