Will Shiba Inu Double This Year?

Will Shiba Inu Double This Year?

Will Shiba Inu Double This Year: Read our analysis on why Shiba Inu will double or fail to double this year.

The Current Price of Shiba Inu is:

Shiba Inu along with almost all the cryptocurrencies have been struggling and have failed to make much recovery. The overall crypto market which breached $3T in November 2021 is below $1T and Bitcoin which had over 60% market domination has now fallen to only about 42%.

Talking about Shiba Inu, in October 2021 Shiba Inu’s price surged and breached $0.000080. The bullish momentum of Shiba Inu suggested it was going to shed off one more “0” from its price but the bullish run halted and Shiba Inu after reaching its all-time high of $0.00008845 crashed below $0.000030. However, Shiba Inu reminded over $0.000030 even in the first week of January.

In the last 6 months, Shiba Inu has lost almost all the gains that it had made in 2021. In June 2022, the price of Shiba Inu went below $0.000010 leading to a mass sell-off. But in the past few weeks, Shiba Inu has been able to stay at over $0.000010. The Greed and Fear Index of Shiba Inu still remains high.

Will Shiba Inu Double This Year: Factors That Can Help Shiba Inu Double

Despite Shiba Inu’s price crashing below $0.000010 and many predictions pointing to the end of Shiba Inu, there are many factors that point to Shiba Inu’s future being bright. Here are the few factors that will help Shiba Inu Double this year:

  • Expansion of Shiba Inu’s Eco-system

Shiba Inu’s eco-system is expanding and the developers of Shiba Inu are working hard to shed off its “meme coin” tag. Shiba Inu has entered the world of metaverse with its own metaverse platform, Shibverse.

Added to it Shiba Inu’s makers have recently launched the first phase of their true decentralized platform, Doggy Dao. The Doggy Dao will help influence the voting system using the Shiba Inu platform.

Shiba Inu is soon expected to launch its own blockchain platform, Shibarium which will help them reduce their dependence on the ETH blockchain and thereby it will help them lower the transaction fee.

  • Whales Supporting Shiba Inu

The Whales have been one of the major reasons for the SHIB surge in 2021. It is reported that ETH whales have been purchasing Shiba Inu tokens in larger numbers. This indicates the growing trust for Shiba Inu among the Whales.

  • Shib Burn Platform

The Shiba burn platform has become one of the efficient ways of removing the excess Shib token from circulation. One of the main reasons for Shiba Inu’s price remaining lower has been the number of Shib tokens in circulation.

Will Shiba Inu Double This Year: Conclusion

Shiba Inu is turning out to be one of the most exciting projects. The growing acceptance of Shiba Inu shows the growing popularity of Shiba Inu. However, for Shiba Inu’s price to double, it will depend completely upon the market condition. If the current trend follows, Shiba Inu may not double this year.

Read: Gold Price Prediction

Will Shiba Inu Double This Year?

Will shiba Inu Double This Year

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