Shiba Inu is, without a doubt, the winner of the crypto race in 2021. The coin reportedly posted growth of multiple thousandfolds in the first half of the previous year, helping the early investors to bag a large sum home. However, there are doubts surrounding its ability to perform just the same in 2022.
First of all, Shiba Inu does offer several features like the layer-2 solution Shibarium, ShibaSwap, and the recently announced DAO. The protocol’s deal with the Flexa payment system helped the coin to become an accepted payment mode at around 40,000 merchants. Yet, the coin does not have anything that distinguishes itself from other coins, except maybe for the fervent community that made SHIB’s race to the top possible in just a year.
Another setback in the protocol is its dependence on the Ethereum blockchain. The lack of a dedicated blockchain network is often cited as the steepest of drawbacks. Cryptocurrency is expected to change the entire outlook of the financial system. Shiba Inu could be slow to adapt to such changes without a separate blockchain network. Nevertheless, it does not mean Shiba Inu has no positive side. And the positive side of the coin owes much, if not everything, to its emboldening community. If they keep up the good work, the currency could potentially triple its value in the next market upsurge. Such an instance would make the coin the 5th largest cryptocurrency in the world, with a value of $55 billion.
However, the coin would never be 1 cent, much less 1 dollar, because such an unlikely event would bring Shiba Inu’s worth higher than what the whole industry is valued at. Probably, if the circulation limit is brought down, the coin could show some potential to reach 1 dollar in the future. But SHIB’s ability to multiply investment could never be understated given the performance of the coin in 2021. Yet, the coin stumbled towards the end of the year, losing as much as 60% of its value before reaching this bullish trend.
This Shiba Inu coin price prediction for 2022 reports it to be a good asset for short-term investments. Due to its high volatility rate, even a slight increase could convert the coin into a multibagger. But long term investments need to look for lodging elsewhere as Shiba Inu is a high-risk coin.
Introduction As a global financial hub, Singapore has seen tremendous growth in the …