After enduring two days of massive sell-offs, Shiba Inu (SHIB) broke the trend to lead the Altcoin rally. The rally saw SHIB shoot up by more than 40% from its January 22nd lows.
Shiba Inu Surpasses Polygon (MATIC)
Through the rally, SHIB rose from a value of $0.00001704 to as high as $0.00002354 before retracing. The gains saw Shiba Inu (SHIB) overtake Polygon (MATIC), the Layer-2 scaling solution, which topped the crypto gainers chart of 2021.
Despite the fact that is has since retracing down to $0.00001962 as of this writing, Shiba Inu maintains a market cap of $10.7 billion, which makes it the 15th largest cryptocurrency. Polygon sits one place behind Shiba, with a market cap of $10 billion.
Shiba’s rally comes in the wake of SHIB’s listing on Uphold, a regulated, multi-asset digital exchange. Uphold joins the growing number of top trading platforms to embrace the meme coin.
Price Predictions for SHIB
With Shiba Inu transitioning from being community built, typically relying on hype, to becoming a project that offers value, especially with its upcoming NFT, GameFi, and metaverse launches, there have been some bullish predictions for the meme coin.
Experts have estimated that if Shiba Inu’s 2022 projects are launched in a timely fasion, and it persists with its continuous push to become deflationary, the value of SHIB could potentially increase.
Unlike its previous 46 million percent gain, analysts have predicted that SHIB could continue growing, and eventually hit $0.000088 by Q3 2022.
The 24 hour price chart for Shiba Inu (SHIB). Source: Tradingview
On the Flipside
- After a strong rally, SHIB has joined the market-wide crash, dropping by 12% in the last 24 hours.
Why You Should Care
While community support is what made Shiba Inu into the most popular meme coin, the project is undergoing multiple vital changes this year to provide utility to the crypto.