Shiba Inu, a popular dog-themed cryptocurrency, is gaining significant attention in the market. What started as a mere joke has evolved into much more since its launch. Although the coin had limited popularity at the beginning, it surged in 2021 and gained the limelight. As per past records, Shiba Inu traded at US$0.00001377, but experts now proclaim that the coin will be worth $10 by 2024, thanks to its promising growth potential.
Shibaverse and ShibaSwap
One of the factors that could pump Shiba Inu’s trading prices is its appearance in the metaverse world called Shibaverse. At the time of writing, the Shiba Inu price is valued at US$0.000013, with a trading volume of US$561,822,164. The developers of Shiba Inu created ShibaSwap, a decentralized exchange that competes with well-known brands like UniSwap and Curve Finance to take advantage of the hype.
ShibaSwap accumulated almost $1 billion in total assets locked within 24 hours of its launch, reinforcing SHIB’s status as more than just a meme coin. Additionally, a collaboration with Shopping.io gave SHIB another significant boost, allowing customers to use it as a payment method on eBay, Walmart, and Amazon.
Shibarium Upgrade
The implementation of Shibarium, the Layer 2 protocol for the Shiba Inu platform, will influence the coin’s growth potential. It is expected to help the coin meet US$10 by 2024, making it a promising year for Shiba Inu. Shibarium enables users to transfer assets for a lower gas price, making it easier to complete small transactions through dApps powered by Shiba Inu. Additionally, the Shiba Inu team has added developers to enhance the platform’s user interface and experience.
Bitcoin Correlation
As with many other cryptocurrencies, Shiba Inu’s value is highly correlated with Bitcoin’s performance. The coin’s price fluctuation is significantly influenced by the most valuable digital asset. For example, over the past 30 days, SHIB and BTC have a connection of 85%.
Popularity Factors
The popularity of Shiba Inu is due to various reasons. Elon Musk’s tweet that he wanted to have a Shiba puppy stoked the cryptocurrency market and caused its value to increase by 300 percent. Additionally, after Vitalik Buterin, the creator of the Ethereum Blockchain Network, donated Shiba Inu Coins worth 50 trillion to the India Covid Relief Fund, their prices dropped by as much as 40%.
Decentralization
SHIB is a peer-to-peer (P2P) virtual currency that allows users to make and receive decentralized payments, similar to DOGE. Shiba Inu’s rapid block time of only one minute, compared to DOGE’s ten-minute duration, is another factor contributing to its popularity. A decentralized cryptocurrency exchange is where Shiba Inu coins can be exchanged. Decentralized bitcoin exchanges do not rely on centralized power, making them less prone to cyberattacks and fraud.
In conclusion, Shiba Inu’s growth potential is promising, and it is predicted to reach $10 by 2024, thanks to its appearance in Shibaverse and Shibarium upgrades. Its popularity and decentralized nature make it a unique and viable investment opportunity in the cryptocurrency market.
