We explore if the Shiba Inu has the potential to break the odds or will it fall to its previous value in 2022

Javed Alam Khan

 


Since the inception of Bitcoin in 2009 when virtual tokens came to light, crypto investors have been sniffing for the next big winner always. Fortunately, those who went after memecoins like Dogecoin and Shiba Inu became big profiteers in recent years. But 2021 is solely dedicated to Shiba Inu’s growth. The cryptocurrency recorded a phenomenal 82,651,174% over the last year alone. However, despite the price rally it has experienced, SHIB’s value has fallen ever since. Therefore, we explore if the memecoin has the potential to break the odds to make it big or will it fall to its previous value in 2022.


Shiba Inu is a meme-based cryptocurrency created by an anonymous person or a group called ‘Ryoshi’. Although SHIB calls itself a ‘Dogecoin Killer’, the idea of the memecoin itself was born out of its native currency DOGE. Yes, Dogecoin was launched in 2013 after the memes featuring Shiba Inu dog went viral on the internet. After its popularity, Dogecoin was created. DOGE maintained a low profile for a long time before hitting the mainstream crypto market in 2020. Once Dogecoin was doing well, many other memecoins came to the play. One of the foremost creations is ShibaInu. Similar to its native cryptocurrency, SHIB also maintained a low key for a long time since its inception in August 2020 and only hit the real market in 2021. Shiba Inu is popular for its short-term dips and rises, allowing investors to pump and dump their assets for potential earnings.


Famous names like Elon Musk and Mark Cuban are long-time supporters and influencers of memecoins. In November, Shiba Inu reached record-high pricing and eventually toppled its competitor, Dogecoin briefly. An online petition on Change.org to add SHIB at Robinhood exchange has gained 300,000, which eventually triggered the cryptocurrency’s price. On the other hand, its NFT announcement and investors’ FOMO (fear of missing out) contributed to the price rally. However, despite the buzz, it is all silent since the beginning of December. Therefore, ShibaInu investors are really worried about what is coming forth in 2022.