2022-6-9 22:34 |
Shiba Inu’s core metrics are getting better despite the market crash
Key points:Shiba Inu is currently trading at over 80% off its most recent highs.
Shiba Inu adoption is on the rise, an indicator that trust in it as a network is rising.
Once the bull market returns, Shiba Inu is one of the cryptocurrencies with a good rebound chance.
Shiba Inu (SHIB) was one of the hottest cryptocurrencies to buy in 2020/21. Today, anyone who bought more than $100 worth of SHIB in 2020 and sold by November 2021 is a multi-millionaire. However, like the rest of the market, SHIB has tanked in 2022. It is down by over 80% from its all-time highs. While it may feel like SHIB and meme coin season is over in general, there is a lot to look forward to regarding SHIB.
For instance, Shiba Inu has proven to be a pretty progressive project. It started as just a random meme coin looking to compete with Dogecoin. However, it has since evolved to have a broad ecosystem of developments. One of the more notable ones is the Shiba Inu layer-2 solution designed to scale Shiba Inu payments. This is a big deal as it incentivizes businesses to accept Shiba Inu for payments. It is not surprising that since SHIB launched, the number of businesses accepting it for payments has shot up.
Then there is the recently launched Shiba Inu Metaverse. While transactions in the Shiba Inu Metaverse are settled in Ethereum, the Metaverse is a significant boost to the Shiba Inu brand. It could play a role in SHIB’s value growth going into the future.
There is also the fact that Shiba Inu is a deflationary cryptocurrency. Close to 50% of the SHIB total supply is already burned. This means the price of SHIB is in a unique place to go up in value in the long run.
Is Shiba Inu good crypto to buy now?Shiba Inu is trading at a massive discount at the moment. When you factor in its fundamentals, such as growing adoption and a deflationary supply, the odds are high that SHIB could do well going into the future. Besides, Bitcoin seems to have found strong support around the $28k price level. If it bounces off this level, it could lift the entire market with it, including Shiba Inu.
The post Why Shiba Inu is still a top cryptocurrency to watch in 2022 appeared first on CoinJournal.
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