Can Shiba Inu Cancel Out a Zero Before 2022?

Shiba Inu
Source: shi

Shiba Inu is one of 2021’s most popular cryptocurrencies. Cryptocurrency has been one of the hottest topics of the 21st Century. Many people from across the world are moving from past ways of investment such as bonds and are openly embracing crypto. 

Mainstream cryptocurrencies like Ethereum and Bitcoin have received huge acceptance from various parts of the world. Meme coins, otherwise known as altcoins, have surprisingly been embraced widely. Meme coins refer to crypto coins that are born out of online jokes and memes.

One of the meme coins that has hardly escaped the mouth of any cryptocurrency lover or analyst this year has been SHIB. The SHIB token has had many memorable moments this year, with many expecting it to cancel out a zero before 2022. Will this be possible?

The Shiba Inu Journey

An anonymous person named ‘Ryoshi’ created one of the most famous meme coins in the world in August 2020. As you have probably read many times before, the crypto coin proclaims itself the ‘Dogecoin Killer.’ 

This is a trait the digital coin has stayed true to by giving DOGE a run for its money ever since its launch. At one point, SHIB toppled the DOGE coin from its eighth place on the list of top 10 cryptocurrencies.

Shiba Inu’s best performance was back on October 27 when the token hit its all-time high record of $0.00008841. This was a 17,3000,000% increase since the token’s inception. 

What Worked in Shiba Inu’s Favour?

One of the things that have helped with the meme coin’s popularity apart from Elon Musk’s tweets is the token’s present and growing online community. Its official Twitter page has accrued more than two million followers. The online community has helped put the token on the map, such as running the petition to have SHIB listed on Robinhood.

Additionally, the token has been popular among many due to the fact that it is a meme coin. Since it’s a meme coin, many people are buying the token due to fear of missing out (FOMO). 

What Worked Against SHIB?

First and foremost, the SHIB token is a meme coin. As much as that trait has worked to the token’s advantage, it makes it highly volatile. This means that SHIB investing is high risk, and you could end up losing all your money. Secondly, at the moment, SHIB has no utility in the real world since you can’t use the token to pay for purchases from major merchants. 

Will SHIB Drop a Zero Before the Year Ends?

Given Shiba Inu’s current performance, the chances of SHIB losing a zero by 2022 are very slim. Crypto analysts predict the token closing the year with a value of $0.000048. Additionally, they note that the token’s trade value may hit $0.000098 by the end of 2022. With these analyses in mind, SHIB will either cancel out a zero by the end of 2022 or at the beginning of 2023.

At the time of writing, the SHIB token is trading at $0.0000395, a 2.06% increase within 24 hours.