Here Are Three Major Catalysts That Can Boost The Growth For Shiba Inu

Initially released as a joke, Shiba Inu quickly emerged as the leading crypto asset, taking the crypto market by storm.

The crypto enthusiasts hailed SHIB as a Dogecoin threat earning the nickname “Dogecoin Killer” and Shiba Inu didn’t disappoint, it outperformed the market cap of DOGE on 27 October 2021.

The reason behind the hike of meme currency wasn’t clear, however, many experts attributed it to speculations instead of technical upgrades. The SHIB Army quite shamelessly promoted their favorite cryptocurrency on social media. Interestingly, they even got the support of Tesla CEO Elon Musk.

Meanwhile, other analysts attribute the growth of the coin to the ShibaSwap launch, a decentralized exchange as many investors adopted the “HODL” strategy in the hope of unprecedented yields.

The coin’s listing on various exchanges in September 2021 only flared its popularity, with its supporters urging Robinhood to do the same. In the following month, the price of the coin skyrocketed 600% after the billionaire Elon Musk posted an image of the Shiba Inu dog on his Twitter account.

However, the meme coin couldn’t escape the wrath of wild volatility and suffered its share of market reds. The coin however looks promising to make a comeback this year.

Since October 2021, SHIB has suffered a loss of two-thirds of its value. Now, the interest of proponents is increasing with several developments happening around it.

Factors That Can Boost Shiba Inu Prices

A core member of the team behind the popular meme currency known as ‘Archangel’, revealed that ShibaSwap2.0, a purposely latest version of the decentralized crypto exchange of Shiba Inu, will also contain a feature that would allow the SHIB tokens to burn, as a result reducing its circulating supply and during the process surging its price.

However, the exact launch of the ShibaSap 2.0 is not revealed yet as the work is in progress. Many market analysts believe that the launch of the third quarter of the year with the burning mechanism being hailed as the main catalyst for the growth of the coin.

Another major development that can catalyze the growth of the digital coin is the imminent launch of Shibarium, a layer-2 solution. The listing of Shiba Inu on various platforms also popularized the assets among investors since it is inexpensive and backed by a history of blowing up.

The ecosystem’s huge metaverse plans are among the factors keeping investors interested in the meme coin. Till now, several developments around the SHIB virtual world are already welcomed by the SHIBArmy. An exclusive land sale was held last month using LEASH tokens and a public sale is anticipated to happen soon.

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Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing