The crypto crash of January 2022 took its toll on investors. However, DeFi is fighting its way back, with one unexpected coin getting a much-needed lift.
Man…trying to get a grasp of the crypto market turned out to be a lot harder than I thought it was going to be.
If you remember, when this journey started, we didn’t just dip our toes in the pool; we jumped into the deep end in an attempt to learn how to swim.
We learned how to paddle very quickly, and it may have given us (and by “us,” I mean “me”) a little too much confidence.
Just because we learned to doggy paddle doesn’t mean we were ready to challenge an Olympic swimmer…but that’s exactly what we did with a little over two months of practice.
Our test was simple: try to develop a system that would allow us to make a little profit from this blossoming market.
So, I came up with a plan: find coins that actually had a function or an asset as well as in the green for an extended period of time and then buy in.
It seemed simple…until the whole market buckled under the weight of a huge selloff and bids at regulating a currency that was never meant to be regulated by anything other than the collective.
Simple? Bullcrap.
This isn’t simple. It’s complicated, and we’ve got a lot more learning to do before we can consider ourselves proficient enough to TRULY enter a race and have a hope of winning.
Hope Returns As Crypto Battles Back
And there IS hope…
Especially after watching crypto crawl back from the gutter it was in during the first month of 2022.
Now, while we expect coins like Bitcoin (the godfather of cryptos) and Ethereum (the most used and accepted DeFi) to battle back, they’re the titans of the market. If any coins were to battle back to respectability, it’d be these two.
However, even though that’s happening–Bitcoin (BTC) and Ethereum (ETH) prices are up 13% and 17% respectively–they’re not the star of the show right now.
The real standout is none other than Shiba Inu (SHIB).
The price of the Shiba Inu shot up 12% on Tuesday, February 8th, bringing its weekly gain to a very surprising 52%.
That means that the little coin that could has recovered more than a third of what it lost. Before this recent rise, SHIB had fallen 75% from its all-time high in October of 2021.
Today, Shibu Inu is now trading at $0.00003277 per coin (as of this writing), making the meme coin the 13th most valuable cryptocurrency in the world with a market valuation of a whopping $17.9 billion.
Why Shiba Inu Could Be Surging
Why is this happening?
Well, if you ask crypto hedge fund partner Ishan Arora, he’d say, “Bitcoin and Ethereum both bouncing off the lows have again given investors confidence in other coins such as Shiba Inu, which have also bounced off weeks of downtrend.”
That may be some of what is going on with SHIB, but there are other things happening that could be pushing the tiny little meme coin up–and that’s called “purpose.”
As I said earlier, if you buy crypto, you need to make sure it has a purpose–and while SHIB was cute as a meme coin, it looks like it may finally be getting its purpose.
Unifications, a Singapore-based blockchain solutions provider that has worked with companies like Amazon and Google, announced that it has been working with the Shiba Inu community to develop Shibarium.
Shibarium will be a “Layer Two” blockchain, meaning it is built on top of Ethereum’s blockchain but will exclusively support trading and other transactions in the Shiba Inu ecosystem.
According to Unification, Shibarium will enable “rapid low-cost transactions optimized for gaming,” finally making SHIB more than just a meme coin.
But that’s not all Shibu Inu has going for it. There was another announcement that is a little more apropos.
Shytoshi Kusama, SHIB’s top influencer, announced that the coin is officially partnering with a hamburger restaurant in Italy called Welly’s.
Partnering how?
Welly’s says SHIB will handle payments for the chain, integrate NFTs and Shiba Inu’s blockchain into Welly’s business, and guide Welly’s business strategy.
If that doesn’t make this meme coin sound like a legitimate currency, I don’t know what will.
Now, while I’m sure this news isn’t enough to get people outside of Naples, Italy, to buy any SHIB, it’s STILL news, as it shows that even something as small as SHIB can find a purpose.
Of course, how that goes remains to be seen.
However, if you bought Shibu Inu before, this is GREAT news.
But you know what would be even better news? If they partnered with a REAL burger joint. Could you imagine a SHIB/Burger King announcement?
I can see it now: Burger King: Home of the Whopper… and Shibu Inu.
Well, on second thought, that could lead to some incredibly inappropriate misunderstanding about the burgers they serve…
Either way, it’s good to see crypto battling back. Makes me feel like less of a sucker.
We’re still in the race, folks.
But we can only go so fast doggy paddling. Give us time. We’ll develop a nice breaststroke soon enough.
“The purpose of life is a life of purpose.” – Robert Byrne
This news is republished from another source. You can check the original article here