Shiba Inu was one of the most followed cryptocurrencies on Binance in 2022
The Shiba Inu continues to be the focus of investors' attention.
According to data provided by Binance, Shiba Inu (SHIB) has been among the most followed cryptocurrencies on the world's largest cryptocurrency exchange in terms of reported trading volume.
Shiba Inu is one of the most popular cryptocurrencies on Binance
According to data provided by Binance, the popular meme-inspired cryptocurrency that launched in August 2020 is one of the most popular and at the same time the best cryptocurrency projects in the world in terms of market capitalization.
2021 turned out to be a breakthrough year for Shiba Inu owners who made huge profits thanks to SHIB. Interest in the digital asset exploded as many investors bought up the coins to make quick profits. Last October, the price of the meme coin peaked at $0.00008616, turning some buyers into millionaires.
This dynamic growth has led many investors to invest in Shiba Inu, hoping that SHIB prices will rise even faster in the near future. However, those hopes were quickly dashed when the hawkish policy stance of the Federal Reserve contributed to a sharp decline in cryptocurrency prices in 2022.
The tightening of global monetary policy has increased the cost of borrowing and reduced investors' appetite for risk. Moreover, in 2022, many events on the cryptocurrency market itself also contributed to the deepening of the declines: these were, among others, spectacular collapse of Terra (LUNA) or the recent bankruptcy of the FTX digital currency exchange.
The Shiba Inu is already more than 90% below its ATH, which means that many investors who bought the digital coin during the market's euphoria likely saw a significant loss.
Despite the massive correction, the popular altcoin has managed to maintain a vibrant community that continues to keep SHIB afloat.
As reported by U.Today, the team behind the Shiba Inu cryptocurrency recently "teased" its community with a countdown to what some see as a major announcement. Some members of the SHIB community speculate whether developers are ready to introduce a 2nd layer solution.