Shiba Inu is the second most popular meme coin today after Dogecoin. This coin has become a competing rival to Dogecoin and is hence called the Dogecoin killer. The price of this coin has been drastically affected by the bear market this year, pushing the price down to fourteen years low at $0.00000729 marking an over 88% loss of value in 2022.
To create more utility for this coin amidst the bear market, the developers of this coin launched three different projects this year including; a new decentralized exchange called the ShibaSwap, a yield farm package that allows users to stake their tokens on the Shiba exchange to earn rewards and some NFT projects. They further announced that they are currently working to upgrade the network to a two-layer solution to eliminate its dependence on the Ethereum network.
These innovations have been designed to create more demands for the Shiba Inu coin and help push the price higher amidst the bear market. Do you suppose they can achieve this aim? What does the future hold for Shiba Inu? Is it safe to buy Shiba at this point? This work has examined these important questions for all those seeking to buy the Shiba Inu coin today.
What is Shiba Inu
Shiba Inu is a meme coin created in 2020 by an unknown founder popularly known as Ryoshi. This coin was created as an experiment on the decentralized community network; hence it has the largest community of followers today.
As a meme coin it was designed to ridicule Dogecoin, hence having a similar logo with it – as the head of a Japanese breed of dog.
Shiba Inu is one of those coins with a very high supply. This coin has a total supply of 589, 735, 030, 408, 322. Despite its high supply, it still ranks today as the Fifteenth most valuable cryptocurrency with a market capitalization of $4.5 billion.
Is Shiba Inu expected to perform better in the future?
The Shiba Inu coin is currently trading close to its lowest levels since its creation. This is a result of the dominant bear season in 2022. However, the developers of this coin have worked so hard to create more utilities for this coin in 2022 to ensure that investors will have more demand for this coin in the future.
The most prominent utility created for Shiba Inu recently is the creation of a decentralized exchange called the ShibaSwap. Here the Shiba Inu token is used for paying the transaction fee to create more demand for this token.
Another important utility created for the Shiba Inu token is the yield farm program that allows investors to stake their tokens on the ShibaSwap and earn rewards. Thus, the exchange now has more than 1.5 billion worth of tokens locked in it today.
With these important developments on the Shiba Inu project, many investors have been attracted to invest in this coin again, creating a brighter future for this coin amidst the bear season. Hence, many are optimistic that this coin will perform better in 2023.
Is Shiba Inu a good investment package?
Shiba Inu is one of the most traded meme coins today. The price of this coin has performed excellently in 2021 after it created an all-time-high at $0.00008854 marking an over 2700% ROI from its creation. Many investors today are optimistic that this coin has got more value and support to revisit its all-time-high during the next bullish season.
Notwithstanding, all cryptocurrency investments involve risk and there is hardly any guarantee that prices will visit any previous level again in the future.