Does the Shiba Inu really have 10x the potential?

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After a steep drop in price, what could boost the dog-themed altcoin Shiba Inu (SHIB-USD) post 10x returns? This is the billion dollar question, and there are two possible answers on the horizon. First, in a time of rapid inflation, the Shiba Inu looks attractive as a token-burning effort is already underway. What’s more, buzzworthy Ethereum (ETH-USD) The merger is likely to boost SHIB.

Recently, the Shiba Inu made not one, but two major 10x potential lists. Faisal Humayun observed SHIB “great community” and value as a “deflation token” – fair points, indeed. meanwhile, Chris MacDonald noted that the token “has seen 10x returns several times in the past.”

So will crypto traders finally let the Shiba Inu out of the doghouse? Sooner or later, the persistent determination of supporters may push the price of this promising coin above $1 once and for all.

What is going on with the Shiba Inu?

Just under a year ago, Shiba Inu peaked at around $0.00008. Recently, however, it has been trading closer to $0.00001. Therefore, a return to the peak in 2021 and then an encouraging push higher with momentum could conceivably give SHIB holders a 10x return on their investment.

Of course, this is easier said than done. Still, if you’re aiming for 10x gains, the time to enter is after a strong bullish asset crashes.

And if any altcoin is very compelling, it would be the Shiba Inu – or at least there is a thriving community that will stand by the token through its ups and downs. Part of this community is the team at SHIB burn tracker Shibburnwho frequently posts on social media.

For example, va Twitter (NYSE:TWTR) post from September 16, Shibburn announced, “In the last 24 hours, there were a total of 136,821,030 $SHIB chips burned and 11 transactions.” This tweet has already received hundreds of likes on Twitter. But the question remains: why would people celebrate the destruction of these tokens?

This is because the reduced SHIB supply means inflation will hopefully not be an issue for investors. Various reports indicate a one-day burn of around 170 million or even 200 million Shiba Inu tokens — the best examples of constructive destruction.

After the merger, Shiba Inu can follow Ethereum’s lead higher

On September 15, an important event of the cryptosphere took place. I was mergerin which the Ethereum network finally got its “upgrade from the original proof-of-work mechanism to proof-of-stake.”

This change is expected to reduce the power consumption of the Ethereum network by about 99%. InvestorPlace Financial News writer Brenden Rearick further explained that this change will “reduce transaction times and gas costs for network users, making many investors happier.” Clearly, the shift from proof of work to proof of stake has its advantages.

William White, an InvestorPlace the associate connected the dots between the two tokens:

“The SHIB token, which means that everything connected to it is powered by this network… One point worth mentioning is distribution. This will increase the speed of transactions on the Ethereum blockchain. This could also benefit SHIB with higher speeds at lower fuel costs.”

So there you have it: Ethereum’s Merge will also benefit Shiba Inu users. With this, the price of SHIB could follow higher ETH. White actually reported several notable price predictions, including one of the DigitalCoinPrice which means significant profits.

What you can do now

Don’t get the wrong message. Shiba Inu is volatile and there is no guarantee that it will provide 10x returns or any returns at all.

Still, there are reasons to consider a very small position in SHIB. There’s a loyal community, along with a token-burning task, that should allay concerns about inflation.

Additionally, Shiba Inu should benefit from the headline-grabbing Ethereum Merge. So, don’t rock the boat with this volatile cub token, but consider a small position for potentially big community-driven gains.

On the day of publication David Moadel did not hold (directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer and are the subject of InvestorPlace.com Publishing Guidelines.

David Moadel has provided compelling content—and occasionally crossed the line—on behalf of the Motley Fool, Crush the Street, Market Realist, TalkMarkets, TipRanks, Benzinga, and (of course) InvestorPlace.com. He also serves as Principal Analyst and Market Researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets.

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