Digital assets, such as Bitcoin and Ethereum, have seen a massive sell-off in the past weeks, causing investors to trim risky investments from their portfolios. This has led to the emergence of rumors about a “crypto winter” — a period in which prices stay depressed for a long time.
However, the dogecoin-inspired cryptocurrency Shiba Inu jumped to its highest this year on Monday, rising sharply along with other meme coins. As of 8th of Feb, 2022, the token rose 51.12% in 24 hours to $0.00003492 by 1:11 p.m. ET, according to CoinMarketCap data.
Other meme coins like Dogecoin and Floki Inu also gained on Monday after a slump in recent days.
The Shiba Inu has managed to slowly rebound thanks to several factors.
Last weekend, the community behind the cryptocurrency revealed that Welly’s, a small fast-food chain in Naples, Italy, will accept the coin. Welly’s will also launch non-fungible tokens and initiate a full rebrand of the store to reflect the new joint venture.
In addition, the rally in the meme coin was triggered by Kusama’s announcement on Twitter about a sneak peek of a Shiba Inu metaverse project. The team initially touted plans for a metaverse back in November in a blog post.
“Shiba Inu has also developed a cult-like following in recent months, which has resulted in increased prices,” Vladimir Kardapoltsev, CEO of PointPay, a blockchain-based financial ecosystem, said in a recent note. “According to Etherscan wallet addresses, the passionate SHIBArmy has grown to over 1 million hodlers, and Elon Musk’s tweets have contributed to the project’s growth.”
Despite the doubts that the meme token will not be able to overcome the bear market, with plans to expand the Shiba Inu ecosystem with new products, the meme token still has potential for growth over the long term. It will be interesting to see how the Shiba Inu and the crypto market will evolve over the next few years.
You can read the full article on Business Insider.
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