Shiba Inu Coin Rally in 2022?
Dogecoin was the main meme coin for many years, until the Shiba Inu token started to enter the mainstream, after gathering a large base of support, forming the Shiba community, which is one of strongest crypto communities. Shiba Inu is one of the most searched cryptocurrencies in search engines, which shows that it has a large base of followers, which is a major factor for traders to accept a cryptocurrency.
On top of that, he has the backing of one of the most influential people for cryptocurrencies like Elon Musk who helped raise the Shiba token. In October we saw SHIB/USD move from $0.0000080 to $0.000088, although it returned most of the gains, breaking decent support levels and technical indicators as it continues to follow the market crypto for three months now. Despite this, this coin is up nearly 20,000,000% since the start of 2021!
Shiba Inu Daily Chart – The 200 SMA turns into resistance
Will Shiba Inu continue to decline until it reaches the previous range at $0.00000050-0.0000090?
Also, this retreat is a good opportunity for those who are away to start thinking about buying Shiba coins, as this token has a lot of potential. But, Shiba developers should take care of few things in order to make it more attractive which would help Shiba coin to have another great year in 2022.
Will Shibarium bring lower fees?
Shiba Inu is an ERC-20 token built on the Ethereum blockchain, but he plans to deploy the Shibarium project, which is a layer 2 blockchain. Ethereum is a strong network, although it has high fees and transaction times longer, which are the result of congestion, meaning Shiba isn’t that competitive right now. Low transaction fees are imperative to facilitate simple transactions and Shibarium should exactly lower the fees. So if Shibarium is successful, that should help reduce the fees.
Shiba Coin Acceptance
The number of merchants accepting Shiba coins is not that large, although it is growing. In 2021, we saw two big names start accepting Shiba coins, e-commerce platform Newegg Commerce which focuses on technology, and AMC Entertainment which is a movie theater chain.
The Cryptwerk online business directory lists around 600 global merchants that accept SHIB coins, along with around 40 bing crypto exchanges. Although, if Shibarium fees drop, SHIB should become a more attractive payment option, which would attract more retailers, since the number of SHIB holders recently exceeded 1.1 million. This means that Shiba has decent retail demand, which should put pressure on retailers, especially if transaction fees become cheaper.