Sun, 24 Apr 2022 08:43:05 +0000
Is Bitcoin ready to throw in the towel and allow Shiba Inu to snag its crypto gold status?
But, anything can happen.
If you want a more reliable and stable trade then go for the kings of cryptocurrency, Bitcoin, and Ethereum.
These two leading cryptocurrencies have been consistently moving on an upward trend for the past two years.
However, Shiba Inu is getting more attention for its recent remarkable increase in market value at 0.12%. Was it just a lucky streak or is Shiba Inu primed to be the next crypto gold?
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Why is Shiba Inu gaining that instant fame threatening the post of Bitcoin and Ethereum? Well, the Dogecoin killer Shiba Inu (SHIB) has performed way beyond the standards of a top-performing asset.
The standard is around the figures of 2,000% or a little higher. However, Shiba Inu was able to surpass that in 2021.
In fact, not even Bitcoin or Ethereum was able to reach that pinnacle of sorts. That humongous one-year gain by SHIB was enough for traders and crypto enthusiasts to compare Shiba Inu with Bitcoin and Ethereum.
SHIB total market cap at $13.50 billion on the weekend chart | Source: TradingView.com
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Despite the criticisms and naysayers, SHIB was able to go beyond the expectations of many.
What makes SHIB more robust than ever in 2021 is the fact that it has worked doubly hard to increase its visibility to its target market.
SHIB has amassed great profits in the past two years. It was able to increase its market liquidity and capitalization. The popular vote on the SHIB fence has also increased its following and investors. In fact, the SHIB community has grown so rapidly to more than 1 million.
Shiba Inu is also regarded as the most-searched crypto last year. It has clearly outperformed Bitcoin in terms of popularity and market value.
It might be an issue of having too much information regarding Bitcoin and Ethereum. Clearly, SHIB is enjoying the spotlight and looks ready to ‘bark’ louder.
According to Google Trends, the demand for Bitcoin has died down a bit in the past couple of months.
Shiba Inu has dropped to 4% which gives more opportunity for a buy-in before the prices go up.
The token’s relative strength index (RSI) is now below 50. Buying SHIB now will help crypto aficionados have that vantage point once the prices rebound.
Featured image from NDTV Gadgets 360, chart from TradingView.com