After enduring two days of massive sell-offs, Shiba Inu (SHIB) broke out of the downtrend to lead the altcoin rally. The rally saw SHIB shoot up by more than 40% from its January 22 lows.
Shiba Inu Surpasses Polygon (MATIC)
The rally saw SHIB rise from $0.00001704 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 retracing down to $0.00001962 at the time of this writing, Shiba Inu has 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 just after the SHIB listing on Uphold, a regulated, multi-asset digital exchange. Uphold joins the growing number of top trading platforms to embrace the meme coin.
Price Prediction for SHIB
With Shiba Inu transitioning from being built around community hype to becoming a project that offers value (with its upcoming NFT, GameFi, and metaverse launch), there have been some bullish predictions for the meme coin.
Experts have announced that if Shiba Inu’s projects for 2022 are launched, along with its continuous push to become deflationary, the value of SHIB could potentially increase.
Unlike the previous 46 million percent gain, analysts have predicted that SHIB could continue growing and hit $0.000088 by Q3 2022.
The 24 hours price chart of 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 made Shiba Inu the most popular meme coin, the project is going through multiple vital changes this year to add utility to the crypto.
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