We cannot deny 2021 has been a year right out of its dreams in terms of popularity for Shiba Inu. One would not have imagined that the SHIB community get tens of millions of members just after a year since its introduction. The tireless commitment of the community has made it one of the top 10 most powerful cryptocurrencies in operation today. Reports have mentioned that pocket changes have turned to millions when Shiba reached its best position in the middle of 2021. The further developments that followed made the coin a viable investment option for 2022.
What is Shiba Inu?
Shiba Inu is the knock off of Dogecoin, the earliest of meme-coins. However, the creation of Shiba Inu was proclaimed to bring an end to the dominion of Dogecoin and, thenceforth, operated with this singular objective. Backed by the fervent internet community, the coin has announced its future designs for gaming and metaverse in an anonymous blog post.
History of SHIB
The Shiba Inu project began as a taunt towards the growth of Dogecoin in the market. SHIB uses the same breed of dog Dogecoin used from the popular ‘doge meme.’ This ambitious project was introduced by Ryoshi, an unidentified creator, in 2020 to exploit the same model that Dogecoin used. However, the coin is currently trying to get rid of the meme tag to ensure its relevance in the market. During mid-2021 the coin momentarily surpassed Dogecoin fulfilling its objective, although the currency was met with a free fall resulting in a 60% loss soon after.
Working of Shiba Inu
The Shiba Inu coin is built on the blockchain of Ethereum and the smart contract extends also to the transactions of Shiba Inu. It is an ERC-20 Token with only a limited supply for circulation. However, it is currently 500 trillion, which is more than the current coin volume of Dogecoin.
Positives and Negatives of Shiba Inu Coin
The current bullish trend is expected to skyrocket the value of the Shiba Inu coin. For those desirous of an investment in the SHIB coin, here is the list of positive and negative sides of the coin you must know.
The Positive Side
- Shiba Inu is one of the cheapest coins helping you to acquire a larger percentage of the volume.
- The aggregate of capital makes it a larger-cap coin. A large-cap coin is reliable. Because if it were not, it would not have broken through small-cap and medium-cap zones.
- Shiba inucano interact with other decentralized finance projects on Ethereum.
- The meme-coin has one of the amazing trading volumes with predictions about a 260% growth.
- The popular exchanges have started listing Shiba Inu on their platforms. Binance, Huobi and Kraken are few among the several exchanges that allowed trading with Shiba Inu.
- In recent times, as per the Shib coin predictions, Shiba Inu proved to be one of the impressive options for short-term investments and great returns.
The Negative Side
- The nascent meme-coin does not look as established as its counterpart, Dogecoin. However, the community of Shiba is never to be undermined.
- Shiba Inu is dependent on the Ethereum blockchain and therefore be affected by the increased gas price and slow processing speed of the blockchain.
- The infrastructure of Shiba Inu is not as laudable as other coins like Bitcoin, Litecoin, Monero or, even, Dogecoin.
Experts Say About Shiba Inu Coin
Shiba Inu is one of those coins whose volatility helped its journey to the forefront. According to Investorplace.com, the prediction for Shiba Inu in 2022 seems pretty solid due to the rapid gains in recent times. However, there seems to be no rush among the investors who put their money into the coin. It could be because platforms like Walletinvestor have suggested that SHIB would not be the best option for long-term investments. The forecast also announces that the coin would fall by the end of 2022 to somewhere between $0.000025 and $0.000016 as the bear market kicks in. As per the reports of Gov Capital, the fall would be even steeper, around $0.000006. Yet, on the contrary, DigitalCoinPrice has predicted that the coin would settle around $0.000044.
Curiously, it is difficult to say which outweighs the other between the pros and cons ofthe Shiba Inu coin. But what is praiseworthy is the currency managed to achieve what other coins took years to complete. Furthermore, Shiba Inu has got the confidence and is ambitious enough to hold its ground longer than the predictions. With SHIB’s plans all underway, the value of the coin is likely to bounce up.