The Shiba Inu coin had a mammoth year in 2021, and is still a big name in the crypto world throughout 2022. Its exponential growth in price created humongous wealth for its early investors, and despite being ranked #16 on its platform, CoinMarketCap noted Shiba Inu as the most searched cryptocurrency throughout 2021 – outperforming Bitcoin by 43,000,000 views.
About Shiba Inu
Shiba Inu is a ‘meme coin’ – a cryptocurrency associated with a popular viral internet meme. Popular in cryptocurrency in India and worldwide, its growth journey has been exponential since its August 2020 inception.
While a considerable amount of ‘meme coins’ have fallen by the wayside upon their creation, Indian price of Shiba Inu coin has demonstrated tremendous staying power, and is even being considered the ‘Doge Coin Killer’ – the original meme coin.
Shiba Inu is still in a growth stage, holding similarities in its own crypto journey with the India market. As the cryptocurrency in India market continues to grow, coins like Shiba Inu will no doubt benefit from continued investment and a growing optimism towards the industry from the Indian market, with its price and valuation being a benefactor of this too.
Combining the potential of Shiba Inu and India together, three words come to mind – watch this space.
Crypto in India
Cryptocurrency in India has been the subject of wide discussion in 2022, with the introduction of a crypto tax at a rate of 30% for all holders. This has had a detrimental effect on holdings across the country, with some cryptocurrency trading app and exchanges reporting that their total trading volumes for the region are down.
With that said, there are still many options available to traders in the country when looking at where to buy crypto, and indeed what to buy.
Meme Coins in India
The role of meme coins in the crypto ecosystem is significant, although they are not always taken as seriously as other tokens. Nonetheless, Shiba Inu has managed to buck that trend to become one of the top ranked cryptocurrencies available to traders. As an alternative to the most popular cryptocurrencies, Indian crypto traders may see SHIB as a cool way of diversifying their portfolio.
Another popular meme coin is DogeCoin. Shiba and Doge are the two most successful memecoins, both deriving from an internet meme of a Shiba Inu dog with a famous side-eye. Sometimes, these tokens are pitted against each other in an attempt to create a rivalry between both coins, however they have more in common than they do that divides them.
With Shiba Inu and DogeCoin being memecoins, they’re a bit more humorous than other crypto tokens. Comparing the two, DogeCoin is more valuable per token, however you can own a lot more Shiba Inu with the same amount of fiat if investing in SHIB usdt. DOGE is famously held by the billionaire entrepreneur Elon Musk, and his comments about the crypto tend to have an effect on its valuation. That said, however, this tends to be the same across all of the memecoins.
The Current Meme Coin Market
Currently, crypto markets are suffering under the strain of economic developments in the United States. Rising inflation levels are expected to continue their climb, as the Consumer Price Index reached record percentages. The impact of these developments are being felt across the world, with both stock and crypto markets feeling harsh winds blow through their respective industries.
Looking ahead to the future, Shiba Inu is still tipped to be a core part of the future of crypto. As we are currently seeing, Shiba will undoubtedly follow the lead of the market. Though markets are currently bearish, when they turn bullish again, so will Shiba. Crypto tends to operate in cycles, and Shiba’s time will surely come again and it will make back some of the ground that it has recently lost.