The amazing rise of the Shiba Inu (SHIB) token has been one of the most exciting and unlikely trading stories of 2021. The crypto coin’s valuation has spiked roughly 45,000,000% this year and produced life-changing returns for traders who even invested a relatively small amount of money into the coin and held it through its bull run.
Even after a pull back from its lifetime high, Shib currently has a market cap of $19 billion. The crypto has enjoyed excellent momentum despite a volatile trading cycle, but could it cross the $100 billion point by the end of 2022?
How the SHIB token has become a sensation
The SHIB token is one of the most explosive investment winners in history. The performance of the crypto is even more amazing, considering it began as a joke. While Dogecoin was minted to spoof Bitcoin, SHIB came into the market as a spoof on Dogecoin. Even in the time of memes, entering into the world of crypto as a spoof of a spoof is not a likely foundation for producing legendary returns.
Virtual currencies being started as a joke and generating a billion-dollar market capitalization was at one point considered an impossible development for a spoof coin, but here we are. Shib has managed to gather a large and highly engaged number of supporters, and individuals who doubted its massive growth potential have watched from the sidelines as the token continuously beats the odds. While the coin lacks use cases or traditional fundamentals beyond serving as a speculative trading vehicle or currency, that has not stopped it from generating massive gains.
If SHIB continues gaining adoption among crypto investors and traders, it is possible that its token value will climb significantly over current levels. Considering that the crypto has already generated massive gains across 2021’s trading, it is not out of the question that it could see growth of an additional 4.5x by the end of 2022.
What could drive SHIBa Inu to $100 billion?
Shiba Inu was recently valued at roughly $0.000034, which was down more than half from its lifetime peak share price of $0.00008841 per coin. Climbing back up to its lifetime peak would bring the coin’s market capitalization back up to about $50 billion. From there, it would just need to double one more time to hit the $100 billion threshold.
Cryptos can allow services and businesses to lower transaction fees and other obstacles created by the need of moving money by using payment processing services and banks. SHIB will be accepted as a payment tender at AMC Entertainment’s theaters within a few months, and its integration with other companies and services could help create more momentum for the token. Here recently, SHIB traders have been getting their hopes up about the possibility that the coin could be used by future metaverse projects.
Author: Scott Dowdy