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For a year-old token, Shiba is already achieving great milestones due to its popularity. It has the right market attention most cryptocurrencies crave for helping grow its value tremendously.
This is a result of a new trend where a new group of cryptos that most investors consider worthless are exploding in value. The last Shiba price rally saw the coin join the top 10 most valuable cryptocurrencies in the market. Hopefully, you understand what an achievement this is.
After the rise, the price is now on a downward phase and has already lost almost 40% of its peak price. So, what does this mean to the investors who are still holding Shiba tokens?
By evaluating critical market factors, some analysts believe it’s better to continue holding them.
Shiba is a Young Token
The Coin has been in the market for slightly over a year now. This makes it one of the youngest among the top coins. Hence, it is still very early to determine the direction it is likely to take in the future.
In comparison, some of the tokens leading the industry such as Bitcoin have been around for over a decade now and their value is still growing.
Hence, it is still viable to hold to your Shiba coins as there is huge room for growth. It takes time to introduce and operationalize all the services it intends to offer.
Within the short time it has been existing, it has already launched its Shiboshis Non-Fungible Tokens and the Swapping platform ShibaSwap. This is an indicator of a coin in its early growth stages. Hence, the need to allow it to mature.
Peer to Peer Transactional Capabilities
Cryptocurrencies are meant to offer an alternative to traditional fiat currencies through their decentralization capability. A Key characteristic Fiat Currencies lack. Although this functionality is yet to achieve meaningful results, it could be the next driving force of these currencies.
The benefits of decentralization such as openness, security, and inclusion are key in driving the use of such Tokens. Some signals are indicating this could become a reality soon. Some of these include the announcement by AMC entertainment it could start accepting Shiba tokens for payments.
If this goes mainstream, it will boost Shiba’s immensely. Hence, this is among the reason you should continue holding your tokens.
Shiba recently launched its first NFT tokens known as Shiboshis. These represent distinct images of the Shiba Inu. Their market reception was positive with their value growing by up to 30 % within a few days after the launch.
NFT is the next frontier that most investors are betting on to drive the growth in uptake and utilization of cryptocurrencies. It involves trading in digital assets such as art. A previously impossible undertaking.
By this launch, Shiba has become among the market leaders in this technology. It is an action that could heavily impact its price positively going forward.
Future of the Shiba Token
These are just among the few reasons that could help grow the coin’s price in the future. Hence, it is still reasonable to hold on to your coins. They could turn into gold mines.
As an investor, there is always a certain amount of risk you carry when you get into such investments. However, it also requires patience for the market to pay off. Get ready to hold your coins for up to 5 years for a better return.