There’s a chance that the Shiba Inu coin — the meme-based cryptocurrency that has been deemed a “dogecoin killer” — could double in value once cryptocurrencies rebound.
- The cryptocurrency would rebound when the market recovers from a recent crash, according to FXStreet.
Why would SHIB coin rise?
How could SHIB coin — a lesser-known cryptocurrency compared to Bitcoin and Ethereum — rebound so quickly? Well, it’s because the coin is already trending upward.
- “Despite almost two weeks of consolidation, SHIB has overcome indecision, working in favour of the bulls after gaining over 55% in market value from its bottom,” FXStreet reported.
SHIB coin could beat Dogecoin
Experts told The Inverse that SHIB coin could outpace the popular Dogecoin in terms of value because of the hype around it.
- “Rather than simply dismissing the hype outright, it’s important to realize that what we’re seeing is the mass movement of traders new to crypto moving into the space,” Ben Caselin, head of research and strategy at crypto exchange AAX, told The Inverse
Why do coins like SHIB coin rise?
Lucy Gazmararian, founder and managing partner of Token Bay Capital, told Business Insider that the rise of SHIB coin and other meme-based currencies shows the power of the modern markets.
- “Today with the rise of cryptocurrencies, we are witnessing groups of anonymous individuals experiment with the democratization of money itself and the shiba token embodies this new trend,” Gazmararian said.
- “As long as participants within a growing ecosystem are united by a shared purpose and vision and incentivized to continue building out the network, the network will become increasingly valuable, and this will be reflected in the price of the shiba token,” she added.