Recently, Shiba Inu (SHIB) has seen an increase in price due to some countries’ plan to make it a payment, including Turkey. So, what are the predictions for this year’s Shiba Inu?
By far there have been several stores in the United States (USA) that accept payments with Shiba Inu coins.
So, what exactly is this meme coin prediction for 2022? Here is the full review.
Shiba Inu Predictions: What is Shiba Inu?
What is Shiba Inu? According to the official Shiba Inu website, SHIB is a completely secure and decentralized meme coin. This coin is a variant of the ERC20 token.
SHIB also earned the nickname “Dogecoin killer” because of the many similarities that the two have in common. However, one thing that sets it apart is that SHIB has a decentralized exchange (DEX), namely ShibaSwap.
For information, this token was created by “Ryoshi”—an anonymous figure—in August 2020.
Shiba Inu News Update — Shiba Inu Prediction
Here are some news updates about Shiba Inu:
- According to Cointelegraph information, the SHIB price has slowly increased by more than 4.5 percent to 0.000011 US dollars on June 6, 2022.
- However, crypto analysts from Fool.com believe the price of this coin could reach 5 US dollars in 2050 based on a number of factors.
- SHIB has announced a new burning mechanism on ShibaSwap, which can be very useful for its users.
- The creator of Shiba Inu Koin (SHIB), “Ryoshi”, has deleted all tweets and articles on his Twitter and Medium accounts. Despite the decline, the price of the Shiba Inu was not significantly affected, especially after Ryoshi said, “I am not important, and one day I will leave without notice. Grab SHIB and go up with passion.”
Shiba Inu Development in 2022
So, how is the development of SHIB this year?
As one of the best performing crypto assets in 2021, Shiba Inu is predicted to strengthen again this year for the following reasons:
- First, access to Shiba Inu is expanding: as is known, when a crypto asset is widely available on the exchange, its price tends to increase.
- Second, Shiba Inu is controlled by whale investors: IntoTheBlock, a blockchain analyst site, notes that 70% of the SHIB supply is dominated by 8 whales.
- Third, the growing function (usability) of the Shiba Inu: although its value largely stems from the nature of the meme, the interest in SHIB has led to widespread adoption.
Factors That Contribute to the Increasing price of Shiba Inu
The following are factors that contribute to the increasing price of Shiba Inu.
Vitalic Buterin Support
The co-founder of Ethereum, Vitalik Buterin, is considered a hero in the Shiba community because he provides great support for SHIB.
He expressed his support through his official Twitter account, plus his actions which had a big impact on the price movement of the Shiba Inu token. Among the actions the 27-year-old man showed for Shiba and managed to make a big impact on the dog-image token, including the approximately $1 billion donation for the COVID-19 response in India in May 2021.
This action also has an impact on the popularity of the Shiba Inu token, which is starting to attract attention of traders and crypto asset investors. If Vitalik Buterin continues to support the Shiba Inu token through his statements and social media post, a price hike will soon occur.
Existence of ShibaSwap
ShibaSwap is a DEX or decentralized exchange launched by the Shiba Inu team. For information, less than 24 hours since its launch, this DEX already has locked liquidity – Total Value Locked (TVL) of $1 billion.
There are three main tokens in ShibaSwap, namely Shiba Inu (SHIB)—as the network’s own native token—, Dogecoin Killer (LEASH) and BONE. On the other hand, Shibaswap also offers “Bury and Dig” features: staking tokens and providing liquidity.
This is the term used on the platform to provide liquidity. Proportionally, the liquidity pool will distribute rewards based on the number of tokens staked in ShibaSwap.
As claimed by SHIB token holders, ShibaSwap is one of the major upgrades that could affect the price of Shiba Inu and the associated token (Leash & Bone).
That’s the predictions for the Shiba Inu (SHIB) in 2022 that you need to know. Come and see other articles about crypto assets, blockchain, and others only at Indodax Academy.