Despite a recent lacklustre performance, Shiba Inu, the cryptocurrency that gained popularity in late 2021, still has a dedicated community of supporters who remain optimistic about its future trajectory and price breakout to the highly-coveted $0.001 price. While there are concerns about its high supply and lack of utility, the Shiba Inu team is actively working on initiatives to address these issues, such as developing Shibarium, an upcoming layer-2 (L2) blockchain network.
2022 saw favourable conditions for the 2nd most popular meme coin as growing adoption and integration continued. More exchanges and merchants began to accept Shiba Inu as a form of payment. In addition, burn events and supply reduction permanently reduced some of Shiba Inu’s supply from circulation. If this continues, it could help reduce the supply and increase the value of the cryptocurrency.
Shiba Inu has one of the most loyal communities in Crypto, and the launch of Shiboshis, Shiba Inu’s own NFT project, and other NFT projects built on the Shiba Inu network could add utility and value to the Shiba Inu ecosystem. However, according to a recent interview in the international business times, the Shibarium Layer 2 blockchain project is still in development, according to Project Leader Shytoshi Kusama.
Shibarium is currently in beta test mode, and as Kusama had previously stated numerous times, all tokens on the testnet Puppynet are not real and are merely for testing. However, he once more cautioned the Shiba Inu community about this, noting that thus far, no actual tokens have been singed.
On the other hand, some general factors may influence the price of SHIB. First, the state of the market as a whole is probably going to have an impact on Shiba Inu’s price. For example, Shiba Inu’s price is more likely to increase if the cryptocurrency market, in general, is bullish. On the other hand, Shiba Inu’s price is more likely to diminish if the market is bearish.
Shiba Inu prices can also be impacted by news and events. For instance, the price will likely increase if there is good news regarding Shiba Inu, such as a new alliance or a significant advancement. In contrast, the price will probably decrease if there is bad news, like a security breach or scandal.
As with all meme coins, there is, of course, speculation. Shiba Inu buyers engage in speculation when they purchase SHIB in anticipation of a price increase. Speculation can cause prices to rise quickly, but it can also cause prices to fall quickly.
As with all meme coins, investors should proceed cautiously and only invest what they can afford to lose.
