Predicting the future is difficult, especially regarding cryptocurrency. Prices can change in an instant in such a volatile market. Nonetheless, many people have made a fortune from the market. The crypto space is especially hostile to newcomers, as most newcomers rely on internet and social media buzz rather than concrete analysis and logic.
For example, popular meme coins such as Shiba Inu and Dogecoin have dominated the media, and as a result, many people have jumped on board.
This article is not intended to promote or denigrate any cryptocurrency project. To be profitable in the crypto space, however, you must be able to make decisions that are based on more than just buzz and PR.
Beyond just the noise, Shiba Inu has seen steady growth in the past two years and has been a major profitable investment for many cryptocurrency traders. So, let’s see how this meme coin, popularly known as the “Dogecoin Killer,” has faired in 2022, with some of its biggest achievements and setbacks.
Shiba Inu Journey to 2022
The Shiba Inu cryptocurrency, named after an adorable Japanese dog, was created as a parody of dogecoin, designed to mimic bitcoin. Dogecoin’s value skyrocketed after entrepreneur Elon Musk promoted it on Twitter. Then, in August 2020, an unknown individual or group known as Ryoshi arrived with Shiba Inu, the “dogecoin killer.”
Shiba Inu followed dogecoin into the spotlight in late 2021 when Musk tweeted a few photos of his real Shiba Inu, Floki. Musk’s tweets, which have nearly 70 million followers, caused quite a stir in the financial and cryptocurrency markets.
The total market value and price of cryptocurrency are used to calculate its value. These metrics can and do fluctuate dramatically from day to day, depending on the whims of traders. Nothing but cryptocurrency’s potential value as a store of value or medium of exchange supports it.
Dabbling investors are taking on the significant risk because such value depends on marketing and technological innovation, and new digital money is constantly being created.
Shiba Inu numbers increased steadily through 2021. In October of that year, the price of a Shiba Inu coin reached $0.0000845, a 1,000% increase over the previous 25 days. The coin increased by an incredible 43.8 million percent in a single year.
Shiba Inu briefly outperformed dogecoin in terms of market capitalization, climbing into the top ten of all cryptocurrencies.
New Use Cases for Shiba Inu in 2022
Traders successfully petitioned for the coin to be made available to buyers and sellers on Robinhood, a popular mobile trading platform, and it is also available on Kraken.
A series of 10,000 Shiboshis — graphic designs of the now-famous breed — were also released. These non-fungible tokens are spreading the coin’s popularity even further. A coin, however, must be more than a novelty to be successful for investors.
Shib coin use cases are gradually emerging. Shopping.io, for example, supports it, so holders can use the coin to make purchases from Amazon, eBay, and Walmart in a roundabout way. Before the holidays last year, Newegg began accepting Shiba Inu.
Furthermore, shib is now the native token for the new Shiba metaverse, where users can mint land with the coins.
That metaverse could be growing. Shiba Inu has collaborated with The Third Floor, a visualization firm that works with Marvel, to create environments and landmarks in the Shiba metaverse, according to FXStreet. Time will tell whether Shiba Inu projects, particularly its metaverse, will succeed.
Toon Finance is a one-of-a-kind cryptocurrency project that debuted a few months ago and is currently outperforming other cryptocurrencies in the market. This is due to the currency’s winning team. The developers are well-versed in the industry, and the artists have innovative ideas to keep investors interested.
Toon Finance is Committed to Keeping Cryptocurrency Decentralized
As previously stated, one of the issues in the crypto space is the entry barrier for new users. This is risky because the main issue is remaining profitable in the market rather than simply entering it. Many new traders and investors have struggled to make a name for themselves.
Toon Finance guides new cryptocurrency users through the proper channels ensuring they’re properly suited for the highly volatile market. Their goal is to improve and expand on the P2E metaverse concept.
Toon Finance’s expansion has shown no signs of slowing. Toon Finance plans to launch a billboard one block from Twitter’s headquarters in San Francisco in December,. Furthermore, over 70+ billboard locations are locked in and mapped out across America.
The project is currently ranked as the fastest-growing cryptocurrency project on CoinMarketCap and has been vetted by crypto.com.
*This article has been paid. The Cryptonomist didn’t write the article nor has tested the platform.