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Will Shiba Inu Surge After Hitting A Yearly Low?

Altcoins

thecryptobasic.com 24 January 2022 10:56, UTC
  
Reading time: ~2 m

Shiba Inu (SHIB) was one of the best performing cryptocurrencies last year. The cryptocurrency surge started in April and grew to an all-time high (ATH) of $0.000086 in October 2021, according to data on Coingecko. 


However, 2022 did not start on a good note for many crypto enthusiasts, especially SHIB investors, as the token has fallen over 75% from its ATH, prompting holders to reconsider whether the cryptocurrency is still poised for another rally this year. 

Shiba Inu’s History & Use Case

It is worth noting that SHIB Inu was launched in August 2020 as a meme coin, mainly referred to as an internet joke. The cryptocurrency is tipped to ultimately become the Dogecoin (DOGE) killer by surpassing the latter’s growth and becoming the most popular meme coin in the market.  

However, SHIB has continued to use the same tactics as DOGE, But Shiba Inu does have some tangible use cases. The first-ever utility introduced by the meme token was ShibaSwap, its native decentralized exchange (DEX). Shiba Inu’s team also announced the first phase of DOGGY DAO, known as DAO 1 (Beta), intending to work towards decentralization continually.

Last year, the project generated massive hype from famous figures, including Elon Musk, attracting many investors to adopt it. SHIB has also been listed across several cryptocurrency exchanges and casinos, with payment providers like Bitpay and Flexa adding it as a payment option.  

Investors Looking Forward to Another SHIB Rally 

Interestingly, many investors are already loading their bags and anticipating another Shiba Inu hype in a bid to enjoy the SHIB rally once again. 

At the moment, the hype, which the project has heavily relied on, has not started yet. While the project’s 2.6 million followers could come in handy when the promotion restarts to push its price to a new ATH, investing heavily in meme coins is not worth it.

A majority of these influencers, who succeeded in fostering SHIB’s widespread adoption, can choose to abandon the project when they make a substantial profit and move on to other juicy offers at any time. 

Hopefully, the Shiba Inu team is quickly developing use cases for the project so that its value will not be tied only to the amount of hype the project receives. 

The Shiba Inu team has been up to some big things. Last year, Shiba Inu announced that it would be expanding its ecosystem to support play-to-earn (P2E) non-fungible token (NFT) games.

On one side, the demand is growing for the SHIB, and on the other side, Burning is gaining momentum day after day, decreasing the supply as in the last 24 hours, 64M Shib coins were burned.


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