- Shiba Inu is one of the best performing cryptos, up by 48,000,000% since its launch in 2020.
- Shiba Inu looking to sustain growth with the launch of a layer-2 scaling solution.
- SHIB is currently trading at a key resistance level and could sway any direction before the end of February.
Shiba Inu (SHIB) is one of the world’s most famous meme coins and one of the largest cryptocurrencies by market capitalization. Shiba Inu shot to prominence in 2021 and was able to effectively capitalize on the meme coin rally that Dogecoin had triggered in 2020.
Shiba Inu went on to become one of the best performing cryptos ever, recording gains of more than 48,000,000% in under a year. Essentially, if you had put just $10 in SHIB back in 2020, you would be a millionaire today.
Shiba Inu is working on a number of developments that could help increase its intrinsic value going into the future. One of the most anticipated is the launch of a Metaverse, which would give Shiba Inu entry into what a trillion-dollar market could potentially.
Shibarium a potential growth driver for Shiba Inu
For the last two years, Shiba Inu has mainly been riding on the excitement around meme coins. However, it is currently in the process of moving away from this and adding actual utility to the token.
One of the moves that the Shiba Inu team has made is to come up with a layer-2 solution for Shiba Inu called Shibarium. This will help cut transaction costs and increase speeds. The result is that SHIB will become more useable as a currency, and will drive adoption.
This is a big deal considering that Shiba Inu is already recording significant growth in adoption, even by major corporations like AMC. With a layer-2 solution in the works, SHIB could be a great investment in 2022.
Should you buy Shiba Inu?
Shiba Inu has been on an uptrend for the last 48-hours. However, upside momentum seems to be slowing down around $0.00002534 on the 38.2% Fibonacci resistance.
If Shiba Inu breaks the 38.2% Fibonacci, then it could end the month on a high note and possibly test prices above $0.00002700 before the end of the month.
However, if broader market momentum drops, Shiba Inu could retest the 23.6% Fibonacci support at $0.00002357 before the end of February.