As the market continues to struggle to pull itself out of the bear phase, Shiba Inu, another meme cryptocurrency created on the lines of Dogecoin, has gained over 10% in the last 24 hours. Enthusiasts, mostly DOGE followers are betting on a bullish SHIB. The token has already made up for the loss in price it incurred last week.
Currently, SHIB tokens have a market capitalization of USD 3.4 billion. What’s noticeable is that it took them just 10 months to reach there. From the trends, it is clear the tokens are expected to expand their market cap further in 2021. Named after a popular Japanese Dog breed, Shiba Inu is also a direct rival of Dogecoins.
While everything is always speculative when it comes to tokens like DOGE and SHIB because they don’t offer any practical utility as such and have risen to fame owing to the growing internet culture, the fact that Binance, the world’s largest crypto exchange recently added support for SHIB is indeed a solid positive indicator.
While the price of SHIB tokens is in cents right now, there is no dearth of experts and analysts predicting a $1 Shiba Inu token by the end of 2021. Adding to their confidence is the project’s effort to transition from its initial goals and add practical utility. SHIBA INU recently revealed plans to launch a decentralized crypto exchange like Uniswap.