Bitcoin and Ethereum deem to be crypto gold for a large portion of a nominal surge in the crypto market cap over the two years. Bitcoin’s overachievers like Shiba Inu or SHIB have attracted retail interest in the cryptocurrency platform. SHIB coin has surged by 0.12 percent in the value, which increases the chances of the digital currency replacing bitcoin to become the next crypto gold.
The unexpected rise of Shiba Inu made market insights question whether or not it can snatch the most prestigious status of the crypto gold from bitcoin.
The best-performing stock that does not make the total value of a company’s asset may gain 2,000 percent or more in a typical year. In 2021, SHIB conveyed what might drop down as the sole greatest gain of a year ever seen from a crypto asset. The Dogecoin rival has proven its capacity to be of much more significance, despite receiving negative investor scrutiny and harsh criticism.
The SHIB coin surprised the cryptocurrency market by producing skyrocketing profits last year.
According to experts, the increased visibility of the Shiba Inu coin was the most obvious for the cryptocurrency to be unavoidable in 2021. As the coin got an increased ranking in popularity, investor community, and market capitalization, it did tremendously well in its market liquidity.
The SHIB developer launched ShibaSwap, the decentralized exchange, in July 2021, which also helped surge its community. Consequently, the token overtook the crypto gold, bitcoin, and some other leading digital currencies to rejoice in its growing popularity last year. Even the Google Trends over the last year revealed a lack of popularity and interest in the first cryptocurrency, bitcoin.
At present, it shows a small number of investors making queries on the first digital currency. The latest trend suggests the demand for bitcoin has seemingly decreased over the past months. The current scenario reminds me of the case in late 2017 when bitcoin spiked to its then-rival ethereum at about $20,000.
On the other hand, Shiba Inu has fallen by 4 percent in value over the past seven days. It also demonstrates the silver lining to the recent fall. The top analysts from the crypto marketplace indicate a further drop in SHIB’s value, opening up a new opportunity to buy the coin.
According to the CoinMarketCap, one Shiba Inu token is available for $0.00002555. its Relative Strength Index or RSI has also dropped below 50, suggesting that retail investors continue to pull out for a short time.
Analysts also suggest the present scenario is because of the new profits quarter, which has broken down in the United States. The decreased value of Shiba Inu could observe a further fall to $0.000022, which becomes a 12 percent loss in the price. However, it will probably create a new opportunity for retail investors to invest in the dip before the prices bounce back once again.
SHIB rejoiced implausible breakouts in 2022. The recent listing placed on the Robinhood platform will lead to new opportunities for millions of dollars to invest in SHIB once it can do well to reimburse the recent losses.