Shiba Inu is unstoppable to reach the top — overtaking Bitcoin in extreme market conditions
Bitcoin or BTC cryptocurrency has disappointed the highly volatile cryptocurrency market with its hard crypto crash in May-June 2022. The price has been decreasing from the all-time high of US$68k in November 2021 to US$17k in June 2022. Though Bitcoin has reached the bear flag stage, crypto investors are expecting a further crypto crash of BTC to incur huge losses in the wallets. Meanwhile, a memecoin known as Shiba Inu is surprising crypto investors amidst this crypto crash ecosystem. Shiba Inu or SHIB is constantly increasing its price with the help of SHIB Army strategies in the volatile crypto market. Thus, let’s explore how Shiba Inu is maintaining its status in the market as a serious cryptocurrency despite being a memecoin and outperforming Bitcoin in the current times.
Bitcoin is carrying a bear flag and Shiba Inu is set to defy the bearish crypto market with more than 30% return on investment in 2022. As a memecoin, SHIB has started dominating BTC with its unique token and a very special Shiba Inu dog. Crypto investors are getting attracted to SHIB because BTC is creating a lot of pressure on them by yielding profit or incurring huge losses. Shiba Inu is showing a brighter side to them than Bitcoin expecting to experience downfall again in the nearby future.
The success journey of SHIB
Yes, there are multiple reasons for this bearish crypto market and the drastic fall of Bitcoin including high inflation, looming recession, strict US Federal Reserves, extreme market conditions, filing bankruptcy, and many more. But it is unexpected for a memecoin as Shiba Inu to overcome all these major challenges and beat BTC to be one of the important cryptocurrencies in the volatile crypto market. At the time of writing, the current price of SHIB is US$0.00001041 with a market cap of US$5.71 billion and a volume of US$385,956,697 along with the total SHIB token availability is 37,106,272,544,358, despite the total global market cap is US$897.29 billion. There are multiple cryptocurrencies struggling to keep up with crypto crashes like Terra, Tether, Bitcoin, Ethereum, and many more. But Shiba Inu is showing the championship spirit in the cute dog to overtake popular cryptocurrencies in this current environment.
Reasons for Shiba Inu’s popularity among crypto investors
The main aim of Shiba Inu is to become the Ethereum-based counterpart to its competitor, Dogecoin’s Scrypt-based mining algorithm. There are multiple reasons why this memecoin is gaining popularity among crypto investor communities. The top reasons include being one of the favorite cryptocurrencies of Elon Musk, a valuable sense of tokenomics, prevailing crypto price, potential to be long-term crypto, overcoming Dogecoin, as well as internal developments such as Shibarium, and many more.
Crypto investors can reap the benefits of SHIB and shift from Bitcoin investment through a credible crypto exchange platform with a secure password and a diversified portfolio. Though it was created by Ryoshi in August 2020, it is performing better than a long-decade-lasting cryptocurrency, BTC. It is an ERC-20 token on the Ethereum blockchain network with a rank of 14 in the global crypto market, amidst the crypto crash. It is the second-largest holding among the communities of Ethereum whales worth US$400 million means 13.9% of the total Shiba Inu tokens.
It is overtaking Bitcoin because there are four key development projects getting ready to launch for crypto investors including Shibarium layer-2 blockchain, BONE token, Shi stablecoin, as well as Shiba collectible card game. These four projects are sufficient to gain the attention of crypto investors being a decentralized platform. Shibburn strategy has also reaped some fruits among crypto investors with the change in demand and supply of the token in the crypto market. It also launched the decentralized crypto exchange known as ShibaSwap in July.
That being said, 2022 is a tough year for cryptocurrencies like Bitcoin, Ethereum, or any stablecoin. But Shiba Inu is pulling off the stress with the constant jumps in its cryptocurrency price and becoming one of the top profitable cryptocurrencies in this crypto crash ecosystem. Crypto investors are losing interest in Bitcoin due to constant drops and creating a bear flag with potential opportunities to drop its price further down. Hence, memecoin like Shiba Inu is showing its potential at their best while other cryptocurrencies are struggling to keep up with the bear market.
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