Top Coin to Explode in 2022?

There is no questioning Shiba Inu’s (SHIB) popularity. The coin has been a favorite in the crypto community and even among whales. Shiba Inu (SHIB) fans, popularly called SHIB Army, are one of the most loyal fanbases.

In a recent post by The Herald, Shiba Inu was chosen as the “Top Pick For Next Meme Coin to Explode.” It was no surprise, as the coin has made waves in the crypto space; according to the outlet, SHIB’s near 5 million percent growth by May 2021 and the recent enrichment of its ecosystem influenced their decision to include SHIB in their list.

Moreover, SHIB is growing more robust against its rival canine coin, Dogecoin (DOGE); the token has been rallying in the greens for some time.

What’s pushing Shiba Inu?

Shiba Inu has a plethora of releases ahead; one of the most awaited initiatives in the Shibarium network intends to be a layer-2 network and vastly reduce gas prices in the ecosystem.

Additionally, the team recently revealed that they would launch a fourth new token called TREAT, which will serve as a reward token. Another stablecoin, Shi, is also on the charts for the Shiba Inu ecosystem.

SHIB has also seen plenty of listings this year. One of the most significant announcements came from Robinhood, allowing SHIB transfers in April. However, the token is not yet available on the platform. Nevertheless, it is still a significant step for the project.

Furthermore, Shiba Inu’s burn portal sends SHIB tokens to a dead wallet, reducing the circulating supply. This crunch created from burning the tokens helps the price to move up. Meanwhile, DOGE does not have such a portal, which is another victory point for SHIB.

Also, the SHIB team is working on a digital collectible card game. However, we do not have an official launch date, and SHIB has partnered with Playside Studios for this venture. In addition to the game, the team is also working on SHIB: The Metaverse. The launch was scheduled for 2022, but no specific date has been revealed.

Some downsides of SHIB

Although SHIB has a lot going for itself, there are some points one should keep in mind.

Firstly, SHIB burns are inconsistent, and it has not done much to push SHIB’s price movements. At press time, SHIB burns were down by 82.33%.

Another concern is that a few whale wallets hold most SHIB tokens. If these wallets dump their holdings, SHIB’s price could go for a toss. Shiba Inu now makes up 17.39% of the holdings of the top 100 Ethereum whales.

And lastly, Shiba Inu has very few use cases as of now. The ShibaSwap exchange and the availability of smart contracts are the only valuable offerings. Although the project has plenty in the making, there is not much they have to offer. Social media solely back the token’s popularity. However, this may change once their projects head for launch.

At press time, SHIB was trading at $0.00001090, up by 7% in the last seven days.