It’s an asset that either makes perfect sense to you, or is a complete puzzle. I’m talking about dog-themed altcoin Shiba inu (CCC:SHIB-USD), and love it or hate it, Shiba Inu has posted some life-changing wins this year.
Of course, not all traders made a lot of money on SHIB-USD. As we’ll see, there has been a recent pullback in the price, although this can be a great entry point for investors.
Also, it’s not just about the price action. Devotees of Shiba Inu (sometimes also referred to as Vikings) strongly believe that this token can help protect holders against inflation.
And indeed, there is an upcoming event that could make the SHIB more valuable. So whether you have a dog running or not, this is a cryptocurrency that you will definitely want to pay special attention to.
Analyze the price of the Shiba Inu
On the afternoon of December 8, Shiba Inu was trading at $ 0.000037. It might not seem like much, but it actually represents a massive price gain over several months.
I’ll tell you this way: SHIB-USD started the year at $ 0.0000000073. My old calculator doesn’t even allow me to enter this number.
Zak Killermann, expert in financial technology (fintech) and crypto with Searcher, put the amazing returns of the token in perspective.
“Looking at the past 12 months, SHIB’s gains stand at 22,717,023.9%, which puts it on the list of the top 20 cryptocurrencies by total market cap,” Killermann calculated.
On the other hand, Shiba Inu has recently taken a step back. The price peaked at around $ 0.000087 on October 27.
Therefore, if your brain can handle all of those zeros, keep your eyes on SHIB-USD. Maybe even consider buying a few coins on the drop.
Burn baby burn
As I mentioned earlier, one of the selling points of Shiba Inu is that it can provide some protection against the inflation of the US dollar.
Or at least he can avoid inflation, which is at a huge 6.8% on an annualized basis.
For six months, the inflation rate remained at 5% or more. It is unacceptable to a lot of people.
In contrast, the supply of Shiba Inu tokens will actually get smaller, not bigger.
Apparently over the next few weeks there will be a huge coin burn in order to reduce the supply of SHIB parts.
Additionally, apparently, “Ryoshi,” the enigmatic founder of Shiba Inu, said the burning of the piece should pave the way for the project to enter the metaverse.
An expanding Shiba Inu ecosystem
Ryoshi has reportedly teased some upcoming projects related to SHIB.
They said, “We are working on many aspects of Shiba Inu including Shibarium, Shi, Shibanet, decentralized Shiboshi game, Incubator and many more which will only become evident in the near future. “
This is encouraging, as the token may have multiple applications.
If the Shiba Inu project can gain a firm foothold in the booming metaverse, it should benefit investors.
The idea here is to improve the credibility of the play. It is already very popular and more and more traders are interested in SHIB.
In September, 1.5 million people searched for the “Shiba Inu coin”, believe it or not. This represents a huge jump of 2.1 million percent.
Obviously, SHIB-USD has come a long way since its introduction. It is likely that more people will start taking the token and the project seriously in 2022.
The bottom line
So, is it a bad thing that the price of Shiba Inu has gone down?
This could be your chance to add to your post or start a new one.
The impending burning of the coins, along with the expansion of the project into the metaverse, is expected to help push the SHIB-USD price up.
So, don’t hesitate to try your luck with this inexpensive but very convincing dog coin.
At the date of publication, David Moadel did not hold (directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.
David Moadel provided compelling content – and sometimes crossed the line – on behalf of Crush the Street, Market Realist, TalkMarkets, Finom Group, Benzinga and (of course) InvestorPlace.com. He is also a chief analyst and market researcher for Portfolio Wealth Global and hosts the popular YouTube financial channel Looking at the Markets.