Cryptocurrencies have been the hottest asset class since the coronavirus epidemic bottom in March 2020.
The collective value of digital currencies has increased by more than 1,500% in the last 21 months. It reached $2.31 trillion as of Dec. 12.
As expected, Bitcoin and Ethereum (CRYPTO:ETH) have played a significant role in these advances. After all, these two digital currencies account for 62 percent of the $2.31 trillion market valuation. But, in terms of sheer performance, meme coin Shiba Inu (CRYPTO:SHIB) has generated what may be the largest single-year rise.
On Shiba Inu
According to CoinMarketCap.com, at midnight on January 1, buyers could have purchased SHIB for $0.000000000073 per token. These identical tokens have gobbled away six zeroes over the period of 11 months and 12 days. Now, they are worth closer than $0.000037. We’re looking at a year-to-date increase of 50,588,941 percent. This means that a $2 investment at midnight on January 1 would have made an investor a billionaire as of Dec. 12.
Unfortunately, the Shiba Inu coin’s social media buzz does not match its real-world prospects. Shiba Inu has essentially little use in terms of market value for a borderline top-10 coin. Only 385 retailers globally accept SHIB as payment, and more than 10% of these “merchants” are actually crypto exchanges.
Shiba Inu likewise does not provide any competitive benefits or distinction. It’s an ERC-20 token developed on the Ethereum blockchain, therefore it’s subject to the same high transaction fees and processing lag times as the Ethereum network.
There is nothing about its design that will help it stand out from the rest of the listed cryptocurrencies. To begin with, the track record for cryptocurrencies that provide life-changing revenues in a short period of time is not promising.
They all go on to lose 90 percent or more of their value. As we prepare to turn the wheel to a new period, the following trio of cryptocurrencies all have the tools and stories necessary to allow them to run circles around Shiba Inu in 2022.
