by Satavisa Pati via Analytics Insight
The most prestigious status of ‘crypto gold’ can be snatched away by Shiba Inu from Bitcoin.
Although Bitcoin and Ethereum account for a sizable portion of this nominal increase in crypto market value over the past two years, its highfliers like Shiba Inu ( SHIB 0.12% ) have really drawn retail interest into the digital currency arena. This brings in the question of whether Shiba Inu can be the next ‘Crypto Gold’.
The Rise of Shiba Inu
In a typical year, the top-performing publicly listed stock that isn’t a microcap is probably going to gain 2,000%, or perhaps a bit more. Last year, Shiba Inu delivered what may go down as the single greatest one-year gain we’ll ever see from an investable asset. The self-proclaimed ‘Dogecoin-killer’ has proven itself to be of much more importance, despite harsh criticism and negative investor analysis. The Shiba Inu coin produced massive profits in 2021 and astonished the crypto market with skyrocketing profits. The most obvious reason SHIB was unstoppable in 2021, was due to its increased visibility. As the token rose the ranks in popularity and market capitalization, so did its market liquidity and investor community. Shiba Inu celebrated its growing community in 2021 as it crossed 1 million. In fact, it became the most-searched cryptocurrency in 2021, overtaking Bitcoin and some other major cryptocurrencies. The launch of decentralized exchange ShibaSwap in July also helped its cause.
Google Search Shows ‘Lack of Interest’ in Bitcoin
Currently, it seems that the demand for Bitcoin from retail investors has declined in the past several months, at least according to data from Google Trends. The number of queries on the world’s largest search engine typically shows the behavior of smaller investors, which tend to arrive at the scene amid the most substantial bull runs. This was the case back in late 2017 when BTC spiked to its then-ATH at roughly $20,000.
The Silver Lining to the Current Drop
Shiba Inu has dropped 4% in price over the last week, however top analysts from FXStreet suggest a further drop will open up a unique opportunity to buy the dip. The price of Shiba Inu is currently at $0.00002555 according to CoinMarketCap. Shiba Inu’s relative strength index (RSI) has fallen below 50, indicating that investors are pulling out momentarily. Analysts have suggested this is because the new earnings quarter has kicked in in the United States. A fall in Shiba Inu could likely see $SHIB prices fall towards $0.000022 – a 12% loss. This however would create an opportunity for investors to buy the dip before prices rebound once more. Shiba Inu enjoyed incredible breakouts last year, and a new listing on Robinhood will open the door for millions of dollars to pour into Shiba Inu once it can make back recent losses.