In the past few weeks, chatter has once again begun to pick up about Shiba Inu (CRYPTO: SHIB), a top meme token in the crypto world. This cryptocurrency has surged to incredible highs this past year on bullish sentiment. With bulls back in full force, there’s now questions of just how high this dog-inspired crypto can go.
Let’s dive into what could be in store for Shiba Inu in 2022.
A broader rally in meme coins
As mentioned, Shiba Inu has been on quite the tear of late. Over the past week alone, Shiba Inu has soared more than 16%, at the time of writing.
That’s a pretty decent one-week gain. Considering the volatility in the overall market, investors and traders seem to have found something they like about this token. Accordingly, trading volumes appear to be picking up, and investors bullish on another rally have some positive price action to point to.
Of course, we’ve seen various near-term spikes fizzle out for Shiba Inu and its crypto peers. Perhaps this time won’t be any different.
However, meme coins in general are surging right now, as speculative momentum picks up. As potential “safe havens” relative to other financial vehicles that may be under stress from the various macro economic headwinds of late, investors have flocked to crypto in earnest. Shiba Inu remains one of the highest-beta ways to play this sector. Accordingly, there’s a tremendous amount of speculative capital looking for a home, with Shiba Inu seen as one of the key places for speculators to invest right now.
The dog in the metaverse?
One of the key catalysts many bulls point to that could send Shiba Inu on another run is the metaverse. Reportedly, Shiba Inu is working on a metaverse project — Shiba Lands. This project will allow users to buy digital real estate using SHIB very soon.
For those bullish on this high-growth space, this is another catalyst to consider. Of course, a growing ecosystem is good for any crypto project. Thus, perhaps there’s a fundamental utility argument that can be made for this token right now.
Earlier this year, Shiba Inu announced its own metaverse, the “Shiberse.” Indeed, Shiba Inu is a newcomer to this space. And the metaverse is a space that’s seen interest wane in recent months. However, this is yet another catalyst investors are keeping an eye on right now.
Bottom line
Personally, I’m not sold on the intrinsic value underpinning Shiba Inu. This token is highly speculative and should be viewed as a trading vehicle more than anything.
That said, this recent rally in the crypto world is noteworthy. It’s entirely possible Shiba Inu goes on another fantastic run from here. Right now, I’m watching the action comfortably from the sidelines.
