Shiba inu (SHIB) has recorded an astronomical gain of over 29,500,000% throughout 2021. 2022 starts with a fake good news on social media, which gave SHIB a boost.
Shiba Inu in the top 10 ETH portfolios
On January 13, 2022, the price of SHIB jumped following false rumors on Twitter mentioning a listing of the cryptocurrency on the trading app Robinhood. The latter’s CEO Vlad Tenev had indicated in an interview with CNBC in October 2021 that Robinhood had no plans to list SHIB, that the token had to go “through a rigorous set of criteria” first.
Also on January 13, 2022, a tweet from WhaleStats indicates that shiba inu enters the top 10 most purchased cryptocurrencies by the top 1,000 Ethereum (ETH) wallets. Another tweet on the same day from WhaleStats indicates that a whale bought 58,900,000,000 SHIB worth $1,906,592.
Serious project or canine shitcoin: what potential for the Shiba Inu in 2022?
How should the markets interpret this whale interest in shiba inu? The dilemma for other traders and investors now is whether or not to follow their lead.
If the price of SHIB were to explode in 2022, then investors who bet on the cryptocurrency from the beginning of this year, will be able to cash in on significant profits. Vladimir Kardapoltsev, CEO of PointPay – a crypto wallet – believes that SHIB can indeed record strong growth in 2022, citing the extension of the holding period of shiba inu by Coinbase Global users. This duration has increased from 6 to 32 days “in just over five weeks”.
To determine the price of SHIB in 2022, investors should, according to Kardapoltsev, consider elements that enrich or expand the Shiba inu ecosystem, such as the second layer of the SHIB network, Shibarium, or DEX Shibaswap.
Such a bet is not without risks, however, as the price of shiba inu could on the other hand suffer a fatal crash and see its value return to zero this year. After all, the crypto-currency is far from having enjoyed a serious image in the past. The shiba inu was thus regularly the target of criticism, such as that of Edward Snowden, the former CIA and NSA employee, who advised against investing in the token.
Although the whales have thus shown increased interest in shiba inu in mid-January 2022, the cryptocurrency is recording a loss of more than 8% on the month at the time of writing this article. SHIB had already closed the previous two months with two big red candlesticks. However, the canine token can count on its community of followers to support it, such as this entertainment company that burns SHIB to increase its price.
