The objective looks complicated for
both cryptocurrencies as their market value has been volatile with a moderate
trend for the coming months.
Since last year, the fear of
several investors that the pandemic would have devastating effects on the
economies of the most powerful nations in the world caused them to seek refuge
for their investments. As an alternative, they found it in some
cryptocurrencies that, although in a matter of months they provided a
surprising return, at the end of the year, this plummeted sharply, producing a
bittersweet taste among those who believed in values such as Dogecoin and Shiba
Inu, to cite a few examples.
Investment shelter
The adoption of cryptocurrencies is
reflected in the fact that various specialists consider that between 2017 and so
far this year, it went from $18.5 billion to $2 trillion, and of that amount. However, a minority, a certain percentage, corresponds to those who bet on the
image of a dog as its icon or distinctive image.
Dogecoin was created by Billy
Markus and was launched with the logo of a dog on December 6, 2013, as an
alternative to Bitcoin.
This year, it is listed as
the eleventh most valuable cryptocurrency globally, with a market
capitalization of about $20 billion and profitability that reached 72,000%,
but with a significant plunge of 77% during the last nine months.
Shiba Inu is a
decentralized cryptocurrency created in August 2020 by an anonymous person or
group known as "Ryoshi," who decided to adopt the name of a Japanese
dog breed originating from the Chbu region incidentally and is also the
symbol of Dogecoin.
Surprisingly, in early October 2021, its exchange price shot up to 240%, but by the end of the same month, it lost up to 55% of the value it had managed to achieve.
Volatile
appreciation
Therefore, both Dogecoin and Shiba
Inu are examples of the volatility the cryptocurrency market faces, as
neither of them ever reaches a dollar. Hence that turns out to be their primary
target.
Since Dogecoin's price reached an
all-time high of almost $0.74 in May 2021, it has fallen to trade at around
$0.15, although companies such as Tesla and the NBA's Dallas
Mavericks team accept it as a form of payment.
However, its average number of
daily transactions has remained in the range of 20,000 to 40,000 throughout its
history, which means that it currently manages 133 billion Dogecoin. To reach a dollar per token, it would have to register a growth of
525%.
About Shiba Inu, its
maximum value reached $0.00008 per token, but it plummeted to $0.000027, two-thirds less than it was worth.
This cryptocurrency would have to jump 37,000% to reach one cent. From there, it would require another 10,000% to get $1.
