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Although Bitcoin and Ethereum have accounted for a substantial chunk of the nominal gain in crypto market value over the last two years, highfliers like Shiba Inu (SHIB 0.12%) have truly piqued retail interest in the space. This raises the question of whether the Shiba Inu will be the next “Crypto Gold.”
In a typical year, the best-performing publicly traded stock that isn’t a microcap will likely increase by 2,000 percent or more. Shiba Inu may have delivered the single highest one-year increase ever seen from an investable asset last year. Despite harsh criticism and poor investor analysis, the self-proclaimed “Dogecoin-killer” has proven to be far more important.
In 2021, the Shiba Inu coin generated tremendous earnings and astounded the cryptocurrency market with its rising gains. SHIB’s enhanced visibility was the most obvious reason it was unstoppable in 2021. The token’s market liquidity and investor community grew in tandem with its popularity and market value. Shiba Inu’s population surpassed one million in 2021, marking a milestone in the breed’s history. In fact, it surpassed Bitcoin and other major cryptocurrencies as the most-searched cryptocurrency in 2021. The creation of ShibaSwap, a decentralised exchange, in July also aided its cause.
According to Google Trends data, it appears that retail investor demand for Bitcoin has decreased in recent months. The volume of requests on the world’s most popular search engine often reflects the behaviour of smaller investors, who tend to enter the market during the most significant bull runs. This was the situation in late 2017, when BTC reached an all-time high of almost $20,000.
The price of Shiba Inu has decreased 4% in the last week, but leading analysts at FXStreet believe that a further drop will present a unique opportunity to purchase the dip. According to CoinMarketCap, the price of Shiba Inu is currently $0.00002555. The relative strength indicator (RSI) for Shiba Inu has dropped below 50, indicating that investors are withdrawing for the time being. This, according to analysts, is due to the start of the new earnings quarter in the United States. With a drop in Shiba Inu, $SHIB prices are projected to tumble to $0.000022, a loss of 12%. This, on the other hand, would provide an opportunity for investors to acquire on the cheap before prices rise again. Shiba Inu had a breakout year last year, and a new listing on Robinhood will expand the market.