Does This Leading Meme Coin Have a Future?

• Community volition astir apt beryllium capable to support Shiba Inu alive, but it whitethorn not beryllium capable to revive its price.

• Shiba Inu is down much than 90% from its all-time high.

• Inclusion successful T. Rowe Price's Active Crypto ETF could springiness Shiba Inu a short-term boost.

• 10 stocks we similar amended than Shiba Inu ›

There are thousands of meme coins successful the crypto-verse. They diagnostic everything from the archetypal Shiba Inu pup to politicians and penguins. However, lone a couple, including Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB), person marketplace caps of much than $2 cardinal and existent chances of lasting the trial of time.

Take Shiba Inu, which launched successful 2020. Its terms whitethorn beryllium down much than 90% from its all-time high, but the task is inactive connected crypto capitalist radars. That's mostly due to the fact that it has a loyal pursuing -- dubbed the Shib Army -- who support the imagination alive. To beryllium clear, I don't deliberation it is simply a bully investment. However, it doesn't request to beryllium a bully concern to enactment around.

It is casual to disregard meme coins for their deficiency of utility. That somewhat misses the point: Utility is astir an afterthought with meme coins similar Shiba Inu. Instead, they physique communities astir being accessible and fun. Brand designation and a consciousness of belonging are some almighty forces.

Shiba Inu has much than 825,000 followers connected X and an progressive Reddit community. Those are what assistance support Shiba Inu successful the apical 50 cryptos. It hardly seems to substance that radical hardly usage its ShibaSwap decentralized speech and its Shibarium Layer 2 suffered a information breach successful September.

If you're wondering however large that assemblage is, astatine points during its 2021 glory days, Shiba Inu had much than 100,000 progressive addresses, per Glassnode data. During the past year, ignoring the occasional breakouts, that fig has hovered astir 3,000 and 4,500. That shows radical are holding onto their Shiba Inu -- adjacent though the terms has fallen astir 75% successful the past year.

For context, we tin look astatine Chainlink (CRYPTO: LINK) -- a coin with inferior and a overmuch higher marketplace cap. Outside of a mates of melodramatic blips, the fig of progressive addresses has ranged from 2,500 to astir 10,000 truthful acold this year.

The Shib Army gives the coin staying power. However, adjacent the astir loyal assemblage volition yet slice without immoderate affirmative developments. Here are 2 caller pieces of quality that could springiness it a near-term boost:

• Potential ETF inclusion: Shiba Inu was 1 of the eligible cryptos successful T. Rowe Price's (NASDAQ: TROW) Active Crypto ETF exertion dated Oct. 22. That doesn't mean it will bargain Shiba Inu, but it mightiness -- assuming the filing gets SEC approval.

• Coinbase Markets volition connection Shiba Inu derivatives trading: On Dec. 12, U.S. customers volition beryllium capable to entree perpetual futures (perps) for Shiba Inu and respective different altcoins. Unlike accepted futures contracts, perps don't person an expiration day which gives traders greater flexibility.