LONDON (IT BOLTWISE) – Shiba Inu, known as a meme coin, has caused a stir in the crypto world. Despite its meteoric rise in 2021, the question remains whether it can hold its own again. The next 12 months could be crucial as regulatory changes and market trends provide direction.
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Shiba Inu, once launched as a meme coin, has made a splash in the cryptocurrency world. Its impressive rise in 2021, which saw it gain over 11 million percent at one point, surprised many investors. But since then the performance has been rather subdued, and the question remains whether Shiba Inu can experience highs again.
Unlike established cryptocurrencies such as Bitcoin or Ethereum, which are based on their own blockchains, Shiba Inu is an ERC-20 token on the Ethereum platform. This technical basis offers both advantages and challenges. On the one hand, Shiba Inu benefits from the proven infrastructure and continuous updates of the Ethereum blockchain. On the other hand, it shares the platform with thousands of other tokens, which can lead to network congestion.
The developers of Shiba Inu have tried to further develop the project by launching ShibaSwap, a decentralized exchange. This platform allows users to swap tokens and earn rewards through so-called “burying,” similar to staking on proof-of-stake networks. Nevertheless, the return remains low compared to other cryptocurrencies, which reduces the attractiveness for investors.
Over the next 12 months, Shiba Inu’s success will depend heavily on overall market sentiment and regulatory developments. The US government recently announced looser regulation of cryptocurrencies, which could benefit the industry as a whole. However, Shiba Inu remains a speculative investment that is influenced by short-term market movements.
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