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What’s Next With The Meme Coin Shiba Inu

Shiba inu Meme Coin

Shiba Inu is one of the most popular cryptocurrencies in 2021, After reaching one million holders Shibu has been popular around the world.

Looking forward to the meme coins Dogecoin was the king recently but with its worldwide coin holders, Shiba Inu is challenging dogecoin. Shiba, just one-year-old which was created in 2020 has performed admirably well.

Meanwhile, its price prediction for 2022 is still a tragedy and still a mystery.CoinWist team has done many analyses on Shiba Inu while some experts say it is a good coin to hold on to and some say it is still a bad choice.

Deep into Shiba Inu

October 2021 Shiba Inu started its main price rally which was driven by Elon Musk’s tweet about this meme coin. The tweet caused an 800% gain in Shiba Inu. Some days later the price was bearish once again, despite the Shiba Inu coin was able to gain true investors to it. In case of that Shiba Inu was able to gather one million holders on November 25, 2021.

Shiba Inu Holders Overview Image
Unsplash image by ferhat

2020 October Shiba Inu was created by an unknown founder named Ryoshi. This created an impact on dogecoin and a panic was created among doge investors. This is an Ethereum hosted blockchain and SHIB is the native token.

After the creation, Shiba Inu had a 1 quadrillion total in Circulation. Half amount of the SHIB token is locked in Unisawp exchange by its creator Ryoshi and the other half was sent to Ethereum co-founder, Vitalik Buterin.

2021 was the golden year for Shiba Inu after its creation in 2020 October it has almost gained 12,000,000%. 

Crypto kings like Bitcoin, Ethereum even Dogecoin never had such a spark. While other coins took years to appreciate Shiba Inu was appreciated in a few months.

When we look forward there are some key price drivers which caused Shiba Inu price.

Shiba Inu’s price appreciation Overview
pexels image by Anna

Elon Musk’s tweet was the major reason for Shiba Inu’s price appreciation. Elon Musk posted a picture of his Shiba Inu dog on his Twitter account. Shiba Inu coin was named with a Shiba Inu dog in this case the coin price started climbing up.

Vitalik buterin burnt around 41% of the SHIB token and this was able to reduce the supply greatly and make its price surge.

The AMC Twitter Poll was an interesting option for Shiba Inu. In October the CEO of AMC Entertainment conducted a poll on Twitter asking people should they accept Shiba Inu as a form of payment or not. After Adam Aron Ceo’s this poll 87% of responders voted yes. As AMC Entertainment is a leading company in the USA theatre industry this poll caused so much popularity for Shiba Inu.

Source : CoinMarketCap

Many experts say Shiba Inu will not have a major price rally in 2022. The reason behind this is that the Shiba Inu price was influenced by some major activities like tweets and polls. Shiba Inu currently has a market cap of $16.7B and it is ranked as the 10th crypto coin. The total supply of SHIB is 549T SHIB coins. Some experts say Shiba Inu will reach $0.000260 in 2024.

End of the Story

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