Isn’t it a shame that some folks still label dog-themed altcoin Shiba Inu (CCC:SHIB-USD) a knock-off of Dogecoin (CCC:DOGE-USD)? In 2022, it’s time to let go of labels and assumptions. SHIB-USD isn’t a clone coin, but a real, valuable digital asset.
Moreover, cryptocurrency fans shouldn’t feel the need to pit the two coins against each other. SHIB isn’t going to be a “Dogecoin killer,” so let’s drop the dogfight fantasies already.
As it gains acceptance and credibility, broader adoption will be the key to Shiba Inu’s future success. However, that’s an ongoing process that could take a while.
In the meantime, investors will have to deal with the price volatility of SHIB. Yet, there’s definitely hope on the horizon as a recent tweet points to a new initiative that involves exciting digital worlds.
Let’s take a closer look at the canine cryptocurrency and its plans for the metaverse.
Analyzing the Shiba Inu Price
Oct. 26, 2021, marked the top for Shiba Inu as it traded at $0.00008. Everything seemed fine, but the entire cryptocurrency market was about to take a turn for the worse.
Just as a rising tide can lift all boats, a sinking ship can drown all of the passengers. This is what happened with SHIB, which $0.000034 by the end of 2021.
Anyone hoping for a relief rally to start 2022, was certainly disappointed. By Feb. 2, Shiba Inu sank to the ultra-low price of $0.00002.
That’s fairly close to where SHIB was trading in early October of last year, before it went parabolic. So, is it a good time to reload in anticipation of the year’s first big rally?
All indications suggest that the answer is yes. After all, it’s not every day that investors get to join the Shiba Inu army at a major discount like this.
The Special Surprise
You just never know where SHIB coins show up next. Again, adoption will catalyze the token’s next move higher.
For example, in a recent TikTok video, Brazilian investment influencer Erick Roch was reportedly spotted buying food at a beach hut which accepted Shiba Inu. That’s a good sign, and great publicity.
Yet, there’s an even more important development. In a tweet from @Shibtoken, an announcement was made which could unite and galvanize the SHIB community.
“As promised, we are so excited to announce our first special surprise for the year #ShibArmy!” So, what’s the big surprise?
“In 2022, we are reaching new heights and welcoming the #Shiberse… An immersive experience for our ecosystem and the Metaverse space! We can’t wait to show you more. Woof!” the tweet continued.
A Metaverse of Their Own
As of Feb. 2, that tweet had garnered nearly 39,000 likes and 12,000 retweets. Clearly, there’s grassroots support behind this venture into the metaverse.
Interestingly, I found a website called Shibaverse, which purports to be a metaverse with “Shibacity” is its capital. I couldn’t confirm any connection to the “Shiberse” alluded to in the @Shibtoken tweet, however.
Instead of guessing and speculating, it’s probably better to just stick to what we know. In the @Shibtoken tweet, there’s an image of a virtual dog in virtual woods, with a virtual hammer in its mouth.
The image is sharp and crystal-clear, and suggestive of what a Shiba Inu-themed digital 3D world might look like. Will this “immersive experience” be a place where people can spend their SHIB tokens?
Only time will tell, so crypto investors should stay tuned for further developments.
The Bottom Line
The cryptocurrencies that are meant to last, are the ones that can be adapted to emerging technologies.
Among those technologies is the development of the metaverse. Clearly, the team behind Shiba Inu is dedicated to leveraging 3D virtual worlds.
This should prove to be a huge step forward for SHIB-USD investors, who could certainly benefit from some good news during this brutal crypto bear market.
On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
David Moadel has provided compelling content – and crossed the occasional line – on behalf of Crush the Street, Market Realist, TalkMarkets, Finom Group, Benzinga, and (of course) InvestorPlace.com. He also serves as the chief analyst and market researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets.