It is valid to say that 2021 was one of the greatest years for cryptocurrency investors. Many digital tokens reached all-time highs and the cryptocurrency market as a whole has touched a US$3 trillion market valuation this year. With bitcoin reaching new heights, even meme coins like Dogecoin and Shiba Inu experience massive price rallies. To be precise, SHIB and its investors had the time of the year when the digital token stepped over its native competitor and entered the top 10 cryptocurrency list. However, the popularity didn’t last long. Shiba Inu slipped again to fall out of the top 10 list. In this article, we debate if SHIB has the potential to break into the top 10 cryptocurrencies list by 2022 or not.
Shiba Inu is the second famous meme coin after Dogecoin. The digital token has reached a new all-time high last month when the price touched US$0.00008456. Although the price was triggered by an online petition, the meme coin experienced a massive price rally that followed. Many new investors tried their hand on SHIB while native investors added more numbers to their cryptocurrency portfolio. Even without Elon Musk’s support, Shiba Inu managed to gain value as investors crowded the digital token. Eventually, SHIB entered the top 10 cryptocurrency list and pushed back Dogecoin from its long-standing eighth position. This was the first time a meme coin has won against Dogecoin.
DOGE has honest followers who are always willing to do anything to help the cryptocurrency. Remember the Reddit wave that pumped gave prominence to DOGE? Yes, that was one of the initial moves Dogecoin investors did to pump value into the digital token. Therefore, overtaking the foremost meme coin is not simple and SHIB investors were capable of doing it. However, Shiba Inu is not on the highlight anymore. We discuss if the digital token has enough coins to hit the top 10 list in 2022.
The Fundamentals of Shiba Inu
Dogecoin was incepted in 2013. But the memecoin maintained a low profile till 2022 when it rose to prominence after becoming a source of payment in sports events and gaining acceptance in AMC theaters. Following the success of the first meme coin, many knockoffs like SHIB, New Moon, Floki Coin, etc emerged. Shiba Inu was created in 2020 and was labeled as the ‘Dogecoin Killer’ for its potential. SHIB stood by its name and provided its dominance in October 2021 when it briefly surpassed its tough rival DOGE.
Similar to Bitcoin’s mysterious founder Satoshi Nakamoto’s story, Shiba Inu also has an anonymous creator named Ryoshi. However, the project was largely supported by the Ethereum co-founder, Vitalik Buterin. Buterin held almost 50% of the whole SHIB currencies, which he gave away for the India Covid Relief Fund. This move helped the Shiba Inu community gain attention from mainstream investors.
Shiba Inu’s Recent Price Surge
The recent SHIB price rally came after a petition on Change.org urged the Robinhood platform to include the meme coin in its portfolio. The petition titled ‘Kindly request of Robinhood to list Shiba Inu coin’ gained over 300,000 signatures. Although Robinhood didn’t add SHIB to its trading ecosystem, the move triggered many other crypto exchanges to consider the option, which eventually drove its price towards an all-time high.
Besides, Shiba Inu also announced its initiatives to enter the NFT market at the same time. Users were allowed to trade Shiboshis on its platform. Since NFTs are gaining prominence recently, the move came as a massive sweep to SHIB investors. On the other hand, many new investors tried their hand on the meme coin due to FOMO (Fear of Missing Out). FOMO was also a major reason for Shiba Inu entering the top 10 crypto list and overtaking DOGE.
Will SHIB Make it into the Top 10 List by 2022?
According to predictions, Shiba Inu has the potential to enter 2022 at US$0.0003. However, it is very low compared to its long-stood resistance of US$1.
Unfortunately, predicting SHIB price with exact calculations seem to be difficult even for crypto experts. The meme coin reached US$0.00003641 on May 11 this year before reaching an all-time record high on October 28. Besides, this price rally was partially triggered by the Bitcoin bull run and Elon Musk. Shiba Inu gained value after bitcoin touched US$66,000 towards the end of October. Before this, Elon Musk posted a picture of his Shiba Inu puppy on Twitter, which eventually gained attention from investors.
Besides, a number of factors like government crackdowns on cryptocurrency, the opinion of the Shiba Inu Community, and influencers’ support resist experts from accurately predicting the meme coin’s future. One thing for sure is that unexpected twists are always in favor of SHIB. If these sudden announcements or moves continue to take place in 2022, Shiba Inu has no option but to get on the train to the moon.
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