The most coveted status of ‘crypto gold’ could be snatched from bitcoin by the Shiba Inu.
Although Bitcoin and Ethereum account for a large portion of this modest increase in crypto market cap over the past two years, its high-flyers such as the Shiba Inu (SHIB 0.12%) have actually attracted retail interest in the digital currency sector. This raises the question whether the Shiba Inu could be the next ‘crypto gold’.
Rise of the Shiba inu
In a typical year, the top-performing publicly listed stock that isn’t a microcap is going to gain perhaps 2,000%, or maybe a little more. Last year, the Shiba Inu delivered what could go down as one of the biggest gains we’ll ever see from an investable asset. Despite harsh criticism and negative investor analysis, the self-proclaimed ‘dogecoin-killer’ has given himself a lot of importance. Shiba Inu Coin made massive profits in 2021 and stunned the crypto market with skyrocketing profits. The most obvious reason for SHIB’s halt in 2021 was because of its increased visibility. As the token rises in popularity and market capitalization, so has its market liquidity and investor community. The Shiba Inu celebrates its growing community in 2021 as it surpasses 1 million. In fact, it overtook bitcoin and some other major cryptocurrencies to become the most searched cryptocurrency in 2021. The launch of decentralized exchange Shibaswap in July also helped in its cause.
Google Search Shows ‘Lack of Interest’ in Bitcoin
Currently, it seems that the demand for bitcoin from retail investors has declined over the past several months, at least according to data from Google Trends. The number of queries on the world’s largest search engine generally reflects the behavior of smaller investors, who tend to be on the spot among the most bullish. This was the case in late 2017 when BTC reached its then ATH of around $20,000.
Silver Lining to the Current Drop
The price of the Shiba Inu is down 4% over the past week, although top analysts at FXStreet suggest a further decline would open up a unique opportunity to buy the dip. According to CoinMarketCap the price of Shiba Inu is currently $0.0002555. The Shiba Inu’s relative strength index (RSI) has dropped below 50, indicating that investors are running out of time. Analysts suggest this as the new earnings quarter begins in the United States. A decline in the Shiba Inu could cause the $SHIB price to drop to $0.000022 – a loss of 12%. However, this would create an opportunity for investors to buy the downside before prices bounce back once again. The Shiba Inu enjoyed an incredible breakout last year, and a new listing on Robinhood would open the door for millions of dollars to put in the Shiba Inu when it could rebound its recent losses.