Shiba Inu has been trending as the token became one of the top gainers during the daily timeframe. The token has surged upwards by more than 20% during the past twenty-four hours and the upside surge has attracted a lot of attention. SHIB token had entered a consolidation period during a steep uptrend. Initially, it appeared as though the token has broken out to the downside from the consolidation but the recent price movements may suggest an uptrend. At the time of writing, the crypto stands at a price level of $0.000027. The daily trading volume has surged upwards by nearly 400% as Shiba Inu garners more and more attention.
What should you bet on Shiba Inu?
Shiba Inu started off as a meme token. It was originally launched as competition to its more popular cousin, Dogecoin. The problem with Dogecoin was that while it had the support of some of the high-profile figures, critics often pointed out its lack of utility in the real world which would make it nothing other than a pump and dump coin. Shiba Inu was designed to offer utility and real use cases to give it intrinsic value. The project delved into the NFT segment back in 2021 but its commitment to the NFT market has contributed to the hype around it.
The current year of 2022 is expected to help SHIB token towards the moon as the development team has a lot of underworks. Recently, the project announced a partnership with Welly’s – which is the market’s first blockchain-based fast-food chain. Welly’s is not a global brand but has a strong presence in Naples, Italy which resonates closely with Shiba Inu’s mission of supporting sustainability. The partnership is expected to be mutually beneficial for both the partners and the real-world use cases for SHIB are expected to have just begun.
Why should you not bet on SHIB?
While there is a lot of good things about the project, critics still exist. The class of meme coins is not liked in certain circles of the crypto market as they are most susceptible to pump and dump actions. Moreover, these tokens also derive much of their value from such actions which are why critics still exist. However, it is safe to say if Shiba Inu successfully establishes a strong real-world use case then its reputation as a meme coin will wane off.
