Shiba Inu: Can SHIB Reach 1 Cent in 2022? Data Shows Meme-based Crypto on Uptrend

Shiba Inu recently surpassed Bitcoin in terms of its popularity becoming the most viewed cryptocurrency on the internet. The meme coin, which is currently ranked 15th on the popular trading platform CoinMarketCap, is creating a huge buzz for its new and upcoming projects that are scheduled to launch in 2022. The altcoin dubbed as DOGE-killer is garnering much attention from new investors as well.

As per the latest reports, the meme token has jumped over 11% in the last 30 days of its trading period in the crypto market. The popular dog meme crypto, which is widely available on several exchange platforms, is being searched by many people on google to check the price of SHIB and its stability for online trading as experts claim the the token has a very bright future unlike several other volatile altcoins present in the cryptocurrency market.

Can SHIB Reach 1 Cent in 2022?

Meme-token Shiba Inu, which was launched in 2020 anonymously under the pseudonym "Ryoshi" recorded an All-Time High at $0.00008845 five months ago on October 28, 2021. The crypto, known to be the second-largest meme-based token in the $1.6 trillion crypto industry was added to Binance Custody and this development has been termed as a "key milestone for cryptocurrency projects the exchange offers investors the opportunity to be their bank and safeguard holdings against theft and hack," according to FXStreat.

Shiba Inu
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However, as per Fool, Shiba Inu's chance of reaching a $1 valuation is only if major token burns take place. Reports suggest there are currently 549,000,000,000,000 SHIB circulating in the crypto market. All it needs is a bull run identical to that of October 2021 when the meme token spiked upto +360% in a period of merely three days.

While Shiba Inu is one of the most in-demand cryptocurrency in the market at present, investors are somewhat worried about the lack of its utility. Many crypto analysts have identified that the crypto token lack utility as its value is dependent on market fluctuations apart from social media hype.

Shiba Inu Trading Price

SHIB at the time of publishing was trading at $0.00002495, down by -2.41% with a market cap of $13,701,241,035 while the world's largest crypto Bitcoin (BTC) was trading at $43,535.36, down by -4.07%.

This article was first published on April 7, 2022