July 24, 2024

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Shiba Inu Token: Meme token About to Break Out or Not?

Shiba Inu Token: Meme token About to Break Out or Not?

It has become a little quieter around Shiba Inu in the last few weeks and months. The current phase is probably one of the most important for the meme token. What is the current situation around Shiba Inu?

Most recently, Shiba Inu (SHIB) was able to gain around ten percentage points in the last 24 hours. SHIB is currently trading at $0.0000357 – the all-time high is still around 60 percent away. Warnings about projects like Shiba Inu (SHIB) are repeatedly issued – the meme tokens are too volatile. In addition, there is no real benefit behind cryptocurrencies of this type.

Shiba Inu (Shib) Network Is Growing

Even if the price of Shiba Inu has fallen enormously since it reached the all-time high in October, the meme token network continues to grow indefinitely. The meme token now has almost 1.1 million holders.

Although searches have dropped significantly of late, the community behind Shiba Inu continues to have a very stable following that continues to await another meme token breakout. Meanwhile, Shiba Inu has fallen well behind Dogecoin (DOGE) again. The Dogecoin price is $0.17 with a market cap of $23 billion. SHIB’s market cap, on the other hand, is $19.2 billion.

Layer 2 Solution For Shiba Inu?

A problem that also affects Shiba Inu is the high fees on the Ethereum network. Finally, Shiba Inu is an ERC-20 token. However, it may take some time before network charges are reduced. Although work on the Ethereum 2.0 upgrade is in full swing, the work is not expected to be completed before the end of 2022.

The Shiba Inu developers don’t seem to want to wait that long. With their own second-layer solution called Shibarium, they want to relieve the network – the token on the chain should be BONE. That, too, had already been revealed a few months ago.

SHIB just a scam? Serious allegations from “Ask The Doctor”

Meanwhile, the developers have to put up with accusations from “Ask The Doctor”. According to the company, Shiba Inu is just a scam. Therefore, co-founder Shytoshi Kusama would hide behind a pseudonym.

Meanwhile, “Ask The Doctor” has already contacted some crypto exchanges to disable trading with Shiba Inu. In Great Britain, there are even plans to file charges in the near future. It is currently not possible to say what exactly is behind these allegations.

How Will The Shiba Inu Course Develop In 2022?

In summary, SHIB has made an impressive development in 2021. Early investors can look forward to big profits. Even at the current time, 52 percent of investors are still in the black – this is shown by the data from into the block.

Meme coins like Dogecoin, Shiba Inu see massive fall in prices after govt  proposes Cryptocurrency Bill 2021 - BusinessToday

The network grows. The media jumped on the meme coin months ago. At the same time, the developers are working on an NFT game, a layer 2 solution and other technical innovations. The project wants to break away from the meme coin image.

Therefore, this will be the crucial aspect. Whether Shiba Inu can set new records again depends on whether the developers really keep the promises. In the long term, a meme coin will therefore hardly be able to assert itself.

Exchanges Are Essential To The Price Of A Cryptocurrency

Regardless of whether it is a meme token or a serious cryptocurrency project from the start. Without large stock exchanges, a cryptocurrency will not be able to assert itself. In addition to the hope of making high profits with a cryptocurrency, trust also plays an important role for many investors.

When exchanges such as Binance, Coinbase or Robinhood list a cryptocurrency, the cryptocurrency not only attracts more attention due to the number of users on the exchanges but also automatically gains the trust of potential investors. Just last month, Coinbase added Shiba Inu. Investors had also started a petition for this, which a little more than 40,000 users had signed.

Are We Seeing Another Shiba Inu (Shib) Explosion?

Tesla CEO Elon Musk has also identified himself as a Shiba Inu fan. He regularly posts pictures of his own Shiba Inus Floki. With his tweets, Elon Musk regularly causes strong price movements. What is surprising, however, is that Shiba Inu and Dogecoin are largely a large number of small investors who are collectively trying to boost the value of these cryptos.