Shiba Inu is considered by many to be a meme token. Given that, many investors think it's one they should avoid. However, if you look up SHIB on lists of current cryptocurrency prices, then you can see it actually has demonstrated potentially serious momentum.Recently, there's been an uptick in conversation about Shiba Inu. Even with its origins as a meme token, it's rocketed to impressive high points in the last 12 months due to bullish sentiment. The bulls seem to be lining up for it again, which means questions are being raised about just how far this crypto inspired by a dog might actually go.
Meme Coins Make a Rally
Shiba Inu has risen over 16% in just the previous week to this content being written. That's pretty good for a single week. The
crypto market certainly has lots of volatility, but traders and investors seem to like this particular token a lot. Trading volumes seem to be rising, and there are certainly some investors bullish about positive price action.Then again, near-term spikes have fizzled out before, not just for Shiba Inu but many cryptos. This time could turn out to be nothing yet again. Shiba Inu is famous for its origins and is related to a dog, but does that sentiment and popularity translate to actual momentum and serious investment?Meme coins as a trend are moving up fast right now. Much of this seems to be speculative momentum. Many macroeconomic trends have been proving to be headwinds slogging down traditional financial vehicles, so investors are turning to crypto as a potential port in the storm. This means there's a lot of speculative capital needing somewhere to land, and Shiba Inu seems to be a hot spot for such activity.
The Metaverse at Play
The bulls believing in Shiba Inu aren't doing so with some arguments in their favor, and the metaverse is one of them. Rumor has it that Shiba Inu has a metaverse project called Shiba Lands in the works where users can use SHIB to soon buy their own digital real estate.Anyone bullish about this particular high-growth possibility needs to think about this as a specific catalyst. Any growing ecosystem is fertile ground for a crypto project, so maybe being bullish about SHIB is smart right now.Shiba Inu already made a previous announcement about its own Shiberse metaverse. Interest has certainly waned in the broader metaverse the last few months, but Shiba Inu's arrival might jazz things up again.
The token is incredibly speculative right now. You might be best using it as a trading vehicle if anything else. The recent crypto rally is something to pay attention to, and Shiba Inu might have another great run coming up. However, it's far from a sure thing, so it's okay to be safe on the sidelines for this one.Keep an eye on it in case you want to capitalize on a run, but don't go all in either.-