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CRYPTOCURRENCY

Cryptocurrency USA: can Shiba Inu be the highest rising altcoin this year?

The altcoin has had a huge rise in value in the last two years, though its value remains far below one cent.

Update:
Crypto.com signage during the Bitcoin 2022 conference in Miami, Florida, U.S., on Friday, April 8, 2022. The Bitcoin 2022 four-day conference is touted by organizers as "the biggest Bitcoin event in the world." Photographer: Eva Marie Uzcategui/Bloomberg via Getty Images
BloombergGetty

What brought the altcoin Shiba Inu into the investor conciousness was its crazy rise from obscurity in January 2021 to a high of $0.00008841 on October 27, 2021. This rise in value was around 121,000,000% in less than a year.

However, if investors were hoping its rise was to continue, they were mistaken. Now, the memecoin is approaching a deadline which could mean it never reaches these heights again.

As of April 19, the value of Shiba Inu coin is, $0.00002515, around four times lower compared to its aforementioned peak. For it to hit even $0.01, Shiba Inu’s token would need to increase in value by nearly 40,000% from where it is at the time of this writing ($0.00002515) on April 19, 2022.

Accounting website The Motley Fool believes there is nothing new or interesting about Shiba Inu to make it valuable, let alone hit $0.01. They argue that between 93% and 99% of payment altcoins surrender their maximum value between 12 and 24 months after reaching their peak.

Shiba Inu coin was recently minted on the Robinhood crypto website, which is expected to drive up demand for the coin. While some analysts are expecting its failure, some cryptobros are already heralding the coin and the new Dogecoin, the memecoin that blew up last year.

However, as ever with cryptocurrency trying to predict which will rise and fall is nigh impossible.

What are altcoins and how are they different to Bitcoin?

Since Bitcoin and cryptocurrencies blew up in 2018, many others have tried to replicate the success. These are the altcoins, simply ‘alternative coins’.

Altcoins include all cryptocurrencies that are not Bitcoin. According to aggregate site statista, there are over 10,300 altcoins globally. These range from tiny coins that are only just beginning to joke coins like Dogecoin. Originally started to troll crypto users, Dogecoin became a beast of its own. It had next to no value until the coin was taken up by Reddit, from which its value increased tenfold.

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