Should you buy SHIB on January 6 after its recent developments?

Shiba Inu SHIB/USD is an altcoin based on Ethereum, which features the Shiba Inu dog as its mascot, which was prominently used online as a meme. 

In the eyes of many, it has been developed as an alternative to another popular meme-token known as Dogecoin (DOGE, and has a community dubbed the SHIBArmy.

Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

The token was created by an individual or a group in August of 2020 that goes by the pseudonym Ryoshi.

Shiba Inu ecosystem development as a catalyst for growth

On January 3, we discussed if Shiba Inu could anticipate a new upsurge in values throughout 2022.

On December 31, Shiba Inu, through an official post on Twitter, announced the launch of the DOGGY DAO.

This has been a part of Shiba Inu’s plan for decentralization, where the DOGGY DAO was released in a stage-by-stage metric and phased approach.

In this first phase, DAO 1 is specifically focused on providing intermediate power to the community so they can decide which crypto projects and pairs on the ShibaSwap WOOF Pools will be, as well as how the BONE rewards will be distributed.

Through the newly created voting systems, users are able to distribute their voting power when they hold tBone, which is a staked form of the BONE token, into their preferred projects. 

All of this can contribute to the growth of the SHIB token’s value.

Should you buy Shiba Inu (SHIB)?

On January 6, Shiba Inu (SHIB) had a value of $0.00002979.

To get a better perspective into what this value point means for the SHIB token, we will be comparing it to it’s all-time high point of value alongside the performance it showcased in December.

The all-time high value of the SHIB token occurred on October 28, when the token reached a value of $0.00008616. This gives us an indication at its ATH value point; the token was $0.00005637 higher in value or by 189%.

In terms of the performance in December, the highest value point was on December 1, when SHIB reached $0.0000482.

Its lowest value point, however, was on December 20, when the token decreased to a value of $0.00002856. Through this, we can see that the token saw a decrease in value by $0.00001964 or by 40%.

This puts the SHIB token at a solid point in time through which it can be bought, as from $0.00002979, it has the potential to climb to $0.00004 by the end of January.

Where to buy right now

To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use:

1. Etoro, trusted by over 13m users worldwide. Register here >
2. bitFlyer, simple, easy to use and regulated. Register here >