How is Shiba Inu Doing and How Much Will the Coin Be Worth in the Coming Months?
2022-05-27 16:27:40
What Will The Price Of Shiba Inu Be In The Future?
In 2021, meme coins, especially the dog-themed ones, demonstrated exponential growth in the crypto industry. Meme coins are meme-inspired cryptocurrencies, which tend to be highly volatile in comparison to major cryptocurrencies. The reason why is because they typically have no real use-cases and they are strongly influenced by social media and community sentiments. It can be said that by buying meme coins a person is showing support for the respective community. Retail investors can find meme coins attractive usually because they only cost a few cents or even a small fraction of a cent.
One of the first meme coins was DOGE, which was followed by many others like for instance SHIB, the so-called ‘Dogecoin Killer’. SHIB had a great price trend in the very beginning, when many people started to buy Shiba Inu coin as an attempt to capitalize on the mass appeal that Dogecoin generated. For now, the year 2022 has not started strongly for memecoins, although SHIB is still managing to remain in the top 20 of the most capitalized coins of the entire crypto market. One of the most argued questions is whether Shiba Inu will ever reach the important price level of $0.01.
Since January 2022, SHIB has lost over 60% of its value and it is therefore one of the worst-performing cryptos this year. Its price is now trading between $0.00001138 and $0.00001202 and the market capitalization is around $6 billion. In fact, Shiba Inu’s capitalization rank fell from 15th to 16th position, surpassed by DAI. It is important to consider that the whole cryptocurrency market is not going through a positive period in general, so Shiba Inu is not the only currency that has lost its value.
Shiba Inu developers have been working to expand the SHIB utility network by adding a Shiba Inu Metaverse. This Shibaverse (VERSE) is a social, educational, and entertainment-styled Metaverse project that aims to be a decentralized virtual reality platform on the blockchain. The users will be able to mint the land and the owners earn income for their land. Currently, there are 100,595 different pieces of land on offer in the Shibaverse and they can be now purchased by using SHIB (initially it was possible to do it only with ETH). Despite the common narrative that declares SHIB to be a simple meme coin, its ecosystem has grown to support non-fungible tokens (NFTs) and the decentralized finance (DeFi) platform ShibaSwap.
Shiba Inu has a strong support from its community, and it may be that the recent sell-offs are only seasonal considering the market’s general situation. However, it should be kept in mind that SHIB market cap is much smaller than BTC and ETH, which makes it more volatile. On the other hand, volatility itself could push the price very high if the development and subsequent adoption of the currency is to increase in the coming months. It may not hit the price of $0.01, but is likely to hit another all-time high.
If you are interested in buying SHIB, the crypto exchange Gate.io supports its purchase with many different currencies options. In addition, the platform offers various tools that allow its users to do the necessary research before investing.
In 2021, meme coins, especially the dog-themed ones, demonstrated exponential growth in the crypto industry. Meme coins are meme-inspired cryptocurrencies, which tend to be highly volatile in comparison to major cryptocurrencies. The reason why is because they typically have no real use-cases and they are strongly influenced by social media and community sentiments. It can be said that by buying meme coins a person is showing support for the respective community. Retail investors can find meme coins attractive usually because they only cost a few cents or even a small fraction of a cent.
One of the first meme coins was DOGE, which was followed by many others like for instance SHIB, the so-called ‘Dogecoin Killer’. SHIB had a great price trend in the very beginning, when many people started to buy Shiba Inu coin as an attempt to capitalize on the mass appeal that Dogecoin generated. For now, the year 2022 has not started strongly for memecoins, although SHIB is still managing to remain in the top 20 of the most capitalized coins of the entire crypto market. One of the most argued questions is whether Shiba Inu will ever reach the important price level of $0.01.
Shiba Inu - Performance and New Developments
Since January 2022, SHIB has lost over 60% of its value and it is therefore one of the worst-performing cryptos this year. Its price is now trading between $0.00001138 and $0.00001202 and the market capitalization is around $6 billion. In fact, Shiba Inu’s capitalization rank fell from 15th to 16th position, surpassed by DAI. It is important to consider that the whole cryptocurrency market is not going through a positive period in general, so Shiba Inu is not the only currency that has lost its value.
Shiba Inu developers have been working to expand the SHIB utility network by adding a Shiba Inu Metaverse. This Shibaverse (VERSE) is a social, educational, and entertainment-styled Metaverse project that aims to be a decentralized virtual reality platform on the blockchain. The users will be able to mint the land and the owners earn income for their land. Currently, there are 100,595 different pieces of land on offer in the Shibaverse and they can be now purchased by using SHIB (initially it was possible to do it only with ETH). Despite the common narrative that declares SHIB to be a simple meme coin, its ecosystem has grown to support non-fungible tokens (NFTs) and the decentralized finance (DeFi) platform ShibaSwap.
Shiba Inu Price Could Rise on Account of its Numerous Innovations
Shiba Inu has a strong support from its community, and it may be that the recent sell-offs are only seasonal considering the market’s general situation. However, it should be kept in mind that SHIB market cap is much smaller than BTC and ETH, which makes it more volatile. On the other hand, volatility itself could push the price very high if the development and subsequent adoption of the currency is to increase in the coming months. It may not hit the price of $0.01, but is likely to hit another all-time high.
If you are interested in buying SHIB, the crypto exchange Gate.io supports its purchase with many different currencies options. In addition, the platform offers various tools that allow its users to do the necessary research before investing.
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