After a monster return in 2021, dog-inspired cryptocurrency Shiba Inu (CRYPTO: SHIB) has come crashing back to Earth. In 2022, SHIB, the native token, has lost 68% of its value (as of this writing). General weakness in the overall crypto market, coupled with more realistic expectations about this specific digital asset, are the reasons for the price drop.
After all this, Shiba Inu is still the 14th most valuable cryptocurrency, with a market value of $6.1 billion. But can it one day reach $1 per token from today's $0.000011? Continue reading to find out if Shiba Inu can make its biggest supporters rich along the way.
Seeing limitations in how Dogecoin was structured, the anonymous founder of Shiba Inu wanted to add greater functionality, so it was built on top of the Ethereum network. This makes it compatible with the Ethereum ecosystem, a strategy that was designed to draw more interest from developers and users in the crypto world.
Source Fool.com