Shiba Inu lost 86% of its value in one year. Is it time for long-term investors to build a Shiba Inu position?
The crypto market had a bull run in 2021 with major cryptocurrencies surging to record highs. Meme tokens also ride on the coattails and were not left out. But for some investors, Elon Musk-backed crypto Dogecoin had the best performance as investors made millions of dollars in profit. However, Shiba Inu (SHIB), the second-largest meme coin, was the meme coin that generated the most profit for investors.
Is Shiba Inu (SHIB) a Good Investment?
Between 2020 and November 2021, the Shiba Inu coin made a splash and surged by over 40,000,000%. The meme coin created overnight millionaires as newbies turned hundreds of dollars of investments into millions. For context, if you had invested as little as $50 in SHIB, you would have become a millionaire by just holding the token with no known utility at that time.
However, 2022 has not been a great year for tor Shiba Inu coin. Unlike 2021, Shiba is now trending in the negative territory for most of 2022. At the time of writing, SHIB is trading at $0.00001006, according to data from CoinMarketCap. The SHIB coin lost 86.03% of its value from a year ago.
Due to the massive dump, is it possible for Shiba Inu to rally again and reclaim its spotlight once again after the ongoing recession is over and mainstream investors jump right back into the market? In this piece, we will explore these questions and many others, and provide you with a price prediction for Shiba Inu now and a couple years from now.
Due to the massive dump, many are wondering if this is the right time to jump right in and start buying the Shiba Inu tokens. However, there are doubts that SHIP has not reached the bottom yet, especially as the current market conditions look extremely bearish. Meanwhile, this piece is not financial advice.
Watch Out for These Listings
Even before the extraordinary 2021 rally, SHIB was not available to trade on major crypto exchanges with exception of centralized exchanges, such as Coinbase, Gemini, and Kraken, with Binance leading the charge. But now, you can trade SHIB even with trading platforms available on BitiCodes. However, that is not the best part of the partnership. With Coinbase also adding SHIB, it means that many more users would use the Shiba Inu token.
In addition, the crypto exchange also partnered with Google. In turn, it translates to more users and payment transactions for Shiba Inu. In the partnership with Google, Coinbase had said:
“Google Cloud will be positioned to enable select customers, starting with those in the Web3 ecosystem, to pay for its cloud services via select cryptocurrencies through Coinbase Commerce. Coinbase Commerce is a platform that helps merchants anywhere in the world accept cryptocurrency payments. Merchants can get paid in crypto, and access powerful tools for crypto integration and business analysis”
So, how exactly does the listing affect the SHIB price? Just like every other market, the price of cryptocurrencies is determined by demand and supply and other market forces. So, it is possible that Shiba Inu becomes a high-demand token because of its widespread availability. Also, if the accumulation usage begins as soon as possible, it is likely that SHIB fails to go lower than the 86% drawdown. Still, there is no certainty that it will be the case especially as Bitcoin has spread its impact on the market across the board. So, what other factor could signal that it is time to add some SHIB to your portfolio?
Shiba Eternity on Point
Prior to 2022, Shiba Inu had no known utility. However, the token gained a lot of attention during its peak period which now makes it easier for SHIP investors to build a use-case to be behind it. Because of this, more Shiba Inu developers have sprung up and are now building new ideas around Shiba Inu.
One of the use cases that Shiba Inu has created is the Shiba Eternity game. Since its launch, Shiba Inu has expanded the game to about 40 countries with the aim of making it available globally. With the development, it means that Shiba Inu is now a participant in the GameFi industry. The new game opens the door of opportunity for non-SHIP users, including gamers to take advantage of Shiba Inu and create new ideas.
Look! The Metaverse Is Here
Another area of opportunity that Shiba Inu seems to have done well in is the building of its own Metaverse. Despite the likes of Sandbox, and Decentraland being the most sought-after projects, Shiba Inu looks like it’s prepared to take over these lots.
In July 2022, Shiba Inu announced that it was collaborating with The Third Floor, a large visualization studio to help with its Metaverse objectives. This same partnership is what led the SHIB team to develop the “We’re All Gonna Make It” (WAGMI) art concept.
According to Shiba Inu, the WAGMI Temple would provide the strongest creative reference for the project. Interestingly, it seems the Metaverse goals have been gaining momentum. This is because the SHIB price almost always increased whenever there was an update on the developments about the Metaverse. Apart from the WAGMI concept, Shiba Inu has added the Metaverse Canyon art which is focused on having different concepts across different cities.
After all said and done, it is likely that Shiba Inu will play a vital role in the Metaverse in the years to come. With less than two months in the year, we shall see how SHIB performs for the rest of 2022.
How has Shiba Inu (SHIB) Performed In 2022?
In 2022, Shiba Inu has had its ups and downs. SHIB increased by 3.52% from the previous day. Its market cap is currently around $5.98 billion. However, it has not been smooth sailing for the 2-year-old decentralized cryptocurrency.
On January 1, 2022, SHIB’s worth was $0.000034. Five months later, Shiba Inu had decreased to $0.000020, making it one of the worst performances ever. In fact, Shiba Inu went as low as $0.000001. However, it revived back to $0.000016 on August 15. In between all of the price consolidation, Shiba Inu has remained one of the tokens to watch before the next bull run starts.