Shiba Inu is down 75% from its maximum. Here are some cryptocurrencies with better potential.
- Meme coins like the Shiba Inu have been hit hard by the recent cryptocurrency price crash.
- Put Avalanche, Cardano, Livepeer and Sandbox on your 2022 watch list.
Shiba Inu (SHIB) had an extraordinary run in 2021. Earlier in the year, the popular pet coin the market capitalization was so small that it barely registered on CoinMarketCap or CoinGecko price data. And yet, in October, Shiba Inu had overtaken Dogecoin (DOGE) to briefly sit in ninth place by market cap. However, SHIB has suffered greatly in the recent cryptocurrency crash, and its price is now 75% below its high.
Most cryptocurrency prices have seen significant losses in recent months as a change in economic conditions makes investors nervous about riskier asset classes. Shiba Inu and other meme tokens were some of the hardest hit, in part because they don’t have very strong foundations. With anonymous founders and misleading language, the Shiba Inu is a highly speculative investment that raises several red flags.
With that in mind, here are four altcoins with strong use cases that are most likely to do well in the long run.
1. Avalanche (AVAX)
avalanche is a smart contract cryptocurrency which has gained traction as an Ethereum alternative. Ethereal It struggles with network congestion and high fees, meaning several other programmable cryptos have been able to capture market share. Avalanche has already surpassed 3,000% in 2021 and is now the 12th largest cryptocurrency by market cap.
Two important metrics when it comes to smart contract cryptos are how many applications are running on the network and the amount of money that is deposited into its ecosystem, known as the total value locked. avalanche it has 160 applications running on its network and, according to DefiLlama, it is the fourth largest chain in terms of total value locked.
2. Cardano (ADA)
If meme coins are at one end of the spectrum in terms of utility and seriousness, Cardano it is in the other. With popular and well-respected leadership, Cardano has a grand vision: it wants to use blockchain technology to make the world a better place. It already has a number of partnerships in Africa, including one with the Ethiopian Ministry of Education to record student academic records on its blockchain.
This cryptocurrency takes a slow and steady development approach, which has received both praise and criticism. just started up smart contract capacity in September 2021 and plans to release a number of apps in the first half of the year. The biggest risk for Cardano is that if it is too slow, it could be overtaken by new cryptocurrencies before it can fully establish itself.
livepeer it is one of several decentralized networks and protocols that are starting to gain some attention. These decentralized systems use a network of computer processing power or people storage to provide storage, streaming, or other services. In the case of Livepeer, it transcodes videos, which means that it reformats the videos so that they can be played on different bandwidths and on different devices.
Transcoding can be extremely expensive, but Livepeer’s decentralized model allows people to contribute their computer’s processing power. Those people get LPT tokens as a reward and businesses can significantly reduce their video streaming costs.
4. Sandbox (SAND)
Sandbox is a metaverse token that increased in price last year due to Facebook’s Meta rebranding. Metaverses are virtual worlds where people can hang out, spend money, work, and play; in fact, people can do many of the same things that they would in the real world. Ark Investment Cathie Wood thinks metaverses could eventually be worth trillionsand she is not the only one.
As a result, everyone and their dog wants to play the game of the metaverse. And that includes the Shiba Inu, who recently announced plans to create a metaverse called Shiberse. Since there is a lot of uncertainty about how the world of the metaverse will play out and which of the myriad projects will succeed, it makes sense to stick with bigger players like Sandbox that have a proven track record of delivering.
cryptocurrency prices skyrocketed in 2021 as the industry attracted new investors and made huge strides toward mainstream adoption. However the Federal Reserve is withdrawing its stimulus measures, and now we find ourselves in a very different economic climate. Talk of a crypto winter may be an exaggeration, but profits of more than 5,000% may be less realistic in 2022.
This is particularly true of meme coins that don’t have much utility. There is a possibility that the Shiba Inu could return to competition in 2022. A pilot could appear in more cryptocurrency exchanges. For example, while Robin Hood has consistently said that it will not include the token, maybe will change your mind. The Shiba Inu Metaverse might turns out to be a winner, especially if the Shib army backs him up. But cryptocurrency investments are risky enough to place additional bets on things that might occur.
Instead, take a closer look at the altcoins listed above. They all have strong use cases and reputable teams. But keep in mind that this is still a relatively new and untested industry, so it’s important to only invest money you can afford to lose. However, if meme coins like the Shiba Inu originally drove you to invest in crypto, why not make 2022 the year you explore some of the other possibilities in the world of crypto?
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