Shiba Inu (SHIB), the meme cryptocurrency, has been a major draw for the new investors. Despite the prevailing leading crypto assets like Bitcoin (BTC), Ethereum (ETH) and other players in the market.
The year 2021 was a significant year for the crypto sphere which was also the case for Crypto SHIBA as it posted significant gains in 2021. Despite seeing a significant setback in the last two months of last year, crypto Shiba Inu (SHIB) has ended the year up nearly 46,000,000%.
And this could be the largest single-year gain crypto enthusiasts have ever seen for any given crypto-asset, and it’s more than enough to gain traction and attract new money and investors.
Then there was another factor that while it is relatively easy for skeptics to go short a stock or maybe buy a derivative like a put option, there are no derivatives to bet against Crypto Shiba Inu (SHIB). Additionally, a number of crypto exchanges do not even allow short selling. This created a natural propensity to buy which, when fused with the social media frenzy, facilitated the shipment of crypto Shiba Inu to the moon.
But there is skepticism about how the crypto asset would perform this year and how it would succeed in making its mark in the vast crypto ecosystem. And it’s pretty foggy that the asset will even come close to matching last year’s performance.
If we look at Krypto Shiba, it is an ERC-20 token developed on the Ethereum blockchain. And there is no specialty like Shiba Inu’s payment use case. What’s more, its ties to the Ethereum network have made transactions through SHIB significantly costly.
Then the coin burning mechanism would most likely also not support crypto, Shiba. Former Ethereum founder Vitalik Buterin burned 41% of SHIB’s 1 trillion token stash. Half of Shiba Inu’s coin supply was gifted to Buterin by its founder Ryoshi, but no future fire events will come close. And there are trillions of Shib floating around, and burning coins as such might not help.
Additionally, recent downtrends have affected many major crypto tokens like BTC and ETH, not to mention Shiba Inu (SHIB).
With these factors, it will be interesting to see how the crypto asset will develop in the future. But there’s no denying that the meme currency also has many advocates, holders, and investors. And the asset may not see a drop to zero. It ranks seventeenth by market capitalization.
Additionally, the crypto asset has also seen many developments in its ecosystem in the recent past, which has contributed to its growth and popularity.
At the time of writing, Crypto Shiba Inu (SHIBA) is trading at $0.00000776 with a market cap of $4,260,060,489 and is down about 11% in the last 24 hours.
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